The daily volatility in the equity markets continues due to the uncertainty surrounding the spread and economic impact of Coronavirus. The additional news of increased oil production by the Saudis in a time when oil demand is declining added more concerns to an already jittery stock market yesterday. While it never feels good to see portfolios decline, it is important to keep in mind that neither of these issues are permanent. Equity market corrections are normal, with declines of greater than 10% typically occurring once per year and declines of greater than 20% typically occurring once every three years. Adhering to the long-term strategy and taking advantage of these opportunities to rebalance and implement tax loss harvesting are the cornerstones of our long-term investment philosophy.

If you have questions, please reach out to your Summit team.