“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are Life, Liberty and the Pursuit of happiness. Declaration of Independence
Today, the United States celebrates 244 years of becoming an independent country. The original founders came here and declared themselves free from Britain in order to attain their religious freedom and rid themselves of tax burdens from the mother country. Independence is a quality people all over the world cherish. There are different forms of independence. Young people often chafe at being overseen by their parents, so leaving the nest is seen as a form of independence. An employee who has been at a company for enough time to learn an industry, makes plenty of connections, and believes they can go out on their own and make a go of it is another form. A large division of a company that has grown to the point where it can stand on it’s own as a public company is also a form of independence. Clearly, in whatever circumstance we are looking at, self sustainability is the goal. Advisers have many reasons why they may enter the profession. Many people get caught up in the performance numbers of investing, which is understandable. Personally, helping people grow their capital so they reach financial independence, or some other goal, is a very satisfying feeling. When clients buy houses, help put their kids through college, retire early, or whatever the case may be, there is a tangible outcome for your friends which investing has helped contribute to. On this independence day, keeping perspective of what matters and what is trivial is part of the joy of the occasion.
It was a quiet week in the markets with a strong finish to an excellent second quarter. The June jobs report came in much better than expected (4.8 million jobs) and it shows there certainly is a chance the economy will rebound quicker than many expect. On the earnings front, Micron, Jeffries, and Federal Express all beat expectations. As we head into the meat of August, the banks will kick off earnings season, followed by the technology sector. In the mean time, I hope you enjoy your hot dogs, hamburgers, sunshine, and fireworks. Stay safe and best from Las Vegas.
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Yale Bock, Y H & C Investments, its clients, and the family of Yale Bock have positions in the securities mentioned in the blog, Investing in securities involves risk and the potential loss of ones principal. Past performance is no guarantee of future results. All investment decisions should be considered with respect to ones risk tolerance, return objectives, liquidity needs, tax considerations, and one’s overall financial situation. The fact that Yale Bock has earned the right to use the CFA designation does not mean Y H & C Investments will outperform broad market indexes.