{3 mins to read} Market prices will always fluctuate. They rise and fall in good times and bad, during periods of optimism and fear, and sometimes for reasons that only become clear in hindsight. This is a normal part of investing—not a sign that the financial system is failing.
Every day, roughly $1 trillion is traded across global markets. Buyers and sellers include individual investors, institutions, pension funds, hedge funds, corporations, governments, and investment professionals from around the world. All of these participants are evaluating the same information and competing to determine what securities are worth. Because of that intense competition, we believe market prices are generally “fair” in the sense that they reflect the collective judgment of millions of investors at any given moment—even though, with the benefit of hindsight, those prices may later prove to have been too optimistic or too pessimistic.
Importantly, broad stock markets are priced to provide investors with an expected return over time. If investors did not expect to be compensated for taking risks, they would have little reason to own stocks in the first place. That expected return is never guaranteed, nor does it arrive in a straight line. It is, however, the reason investors are willing to accept the uncertainty and volatility that accompany ownership in businesses.
This is why we do not believe successful investing depends on predicting the market’s next move. Decades of research have shown that, in aggregate, professional money managers have not consistently outperformed broad market benchmarks after accounting for fees, trading costs, and taxes. This is not because professional investors lack intelligence or discipline. Rather, they compete against one another, and together they constitute the market. For one investor to outperform, another must underperform.
Our approach is different. We believe in trusting market prices, maintaining broad diversification, keeping costs as low as practical, and remaining disciplined through both good markets and bad. A successful investment strategy does not require accurate market forecasts. It requires a thoughtful portfolio, patience, and the discipline to remain invested when headlines become unsettling.
There will always be reasons to worry, just as there will always be reasons to be optimistic. Markets will continue to fluctuate—sometimes dramatically. That is not an anomaly; it is the nature of investing.
Our role is not to react emotionally to every market movement, but to help you stay focused on the long-term plan designed to achieve your financial goals.
Thank you for your continued trust and confidence.
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The commentary on this website reflects the personal opinions, viewpoints, and analyses of the VIA IV Investments, LLC employees providing such comments, and should not be regarded as a description of advisory services provided by VIA IV Investments, LLC or performance returns of any VIA IV Investments, LLC Investments client. This should not be construed as an offer, solicitation, recommendation, or endorsement of any particular security, product, or service. There is no guarantee investment strategies will be successful. Investing involves risks, including possible loss of principal. Performance may contain both live and back-tested data. Data, if provided, is for illustrative purposes only. It does not represent the actual performance of any client portfolio or account and should not be interpreted as an indication of such performance. VIA IV Portfolios are recommended based on time horizon and risk tolerance. For more information about Index Fund Advisor, Inc. please review our brochure. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data, or any recommendation that any particular security, portfolio of securities, transactions, or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. VIA IV Investments, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
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Jeff Holland
VIA IV Investments
http://viaiv.com
Accredited Investment Fiduciary®