Market Commentary

This is turning out to be a summer of discontent for stocks. Since mid-May, the Dow Jones Industrial Average is down 8%, giving up nearly all the gains for 2006. The Nasdaq has fared even worse, declining nearly 15% from its highs and now down over 7% for 2006.  
Fortress has moved to a more cautious investment approach, raising cash in money market funds by reducing exposure to stocks. Protecting client assets is one of the primary goals of Fortress, to preserve investment dollars for the next market advance.