Market Commentary

For the first half of the year, stocks experienced the worst performance since 1970. Equities are now in a bear market, with all major indicies down ≈ 20% YTD with the Nasdaq index down 30%.  
 
Fortress began reducing stock holdings in January. Without making these exchanges, accounts would be down even further, approaching a loss of 25%. A typical portfolio now is positioned for safety, with most of the money invested in money market funds (Cash) along with the best performing bond funds.  
 
Eventually, the market will stabilize and the outlook for stocks will improve allowing us to invest at much lower prices. But for now, patience is paramount.