Market Commentary

As time goes on, I am seeing more of these “Armageddon” type newsletters. Of course, know one knows if any will be right, or to what degree the things they are saying will come to pass. What I do know is that the markets will react to these developments and will give indications of problems ahead. As those indications manifest themselves, I will of course react as I always have to move away from those things that look like they will move money and reallocate to those investments that are making money or providing a safety net. 
As these letters multiply in tough economic times, I try to stay focused on the actual results over the years I have been managing money, as well as the history of the US. Warren Buffet is fond of saying that it is not a good idea to bet against America. Indeed, over the years, the US investment markets, especially equities, have been the best place to be for growth that exceeds inflation. While we may experience ups and downs, long term growth with reduced volatility is my goal. In fact, a typical account managed by fortress is just a couple percent off the all time highs reached in April 2011.