Let’s put this bear market in perspective. On June 13, 2022, the bear market that began on January 3, 2022 was confirmed by the S&P 500.

Let’s first ask this question: If in June 2012 you invested $500,000 [measured by the S&P 500] in your retirement account, how much might it be worth today?

During these last few days, weeks, perhaps even months of higher volatility than we're accustomed to, I know that you're concerned. You should know I'm concerned even if we don't show it here all the time, what we're seeing in the market certainly gets our attention.

I am considering starting an investment forum about inflation. I am concerned because I do not believe inflation is going away soon. History tells us inflation is a long wave cycle that will take many years to be controlled. My sense is most people believe it is simply another challenge facing us that will not be impacting our long-term lives and our investments. Nothing could be further from the truth.

When I graduated from Wharton, my first job was Assistant Town Manager in a Connecticut suburb. Before I reported for work, the Town Manager called to tell me there had been an election and the “other” party won. He explained he was sure he would be replaced but he was not sure about me.

Well, 50 years ago, when I was in training to become a financial advisor, a friend told me the only thing that matters when it comes to making money was: How much do you keep?

Inflation: you must think about it. More importantly you must act to minimize its impact on your life. Let us suppose 10 years ago you received a windfall of $1,000,000.

Do not look now but the flight to US Treasuries trade, which we had become conditioned to expect during market selloffs, no longer appears to be working, and interest rates no longer are trending lower.

I want all of you to know we are keeping up with all the latest news about Ukraine and how it is affecting the global economy and the markets.

As I have said many times in the past, inflation is a long cycle and not a short cycle phenomenon. So is disinflation. The disinflation cycle that ended last year began around 1981. It lasted about 40 years.