October 10 Email to Clients: “Early Morning Calls”
Good morning… I apologize for filling up your email box with so much information but between last evening and since 6:00 am this morning, I have heard from many clients and just received the attached commentary from Professor Jeremy Siegel that I wanted to share with you. Every client whom I’ve talked with is nervous, some feel that the pain is too great to bear and others are wondering how they can get money to us so they can take advantage of the markets being so low.
The following short quote from Professor Siegel adds a different perspective and I hope with all of his experience he is correct:
“It is foolish to try to pick the bottom of either the stock or other financial markets in today’s environment. In the short term, anything can happen, since emotion dominates economics. Yet at these levels it is virtually certain that stocks will be a rewarding investment for long-term investors. Stock prices relative to earnings have rarely been lower, not only in the U.S. but throughout the world. This liquidity crisis will be solved without precipitating a financial collapse. History has rewarded investors who had the fortitude to step forward in this environment.” Professor Jeremy Siegel 3q WisdomTree Commentary (10/2009)
It looks as though the markets will open the same way they closed yesterday and we will wait and see if they get better during the day. In the meantime, please call or email me with any questions or concerns which you may have, I am here all day and will be this weekend. The weekend may be what the markets need, two days of no trading where everyone can step back and take a deep breath.
On a lighter note, I saw Annie on Broadway 3 different times because I loved the storyline, and the last words of the theme song sums up how I feel about the markets and knowing that the world isn’t going to end …..The sun’ll come out Tomorrow…. So ya gotta hang on ‘Til Tomorrow….Come what may….. Tomorrow! Tomorrow! I love ya Tomorrow! ……You’re always A day away!!!
Or should we replace Sun with Dow???
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