Market Commentary

Like a rollercoaster, the markets started 2018 with a strong climb in January only to fall back quickly in February. The spring and summer were better months for stocks, climbing gradually to record highs in late summer. However, as the calendar turned to October, the market began to decline, leading up to the worst December since 1931 and the worst quarter for stocks since the financial crisis of 2008. As we head into the New Year, the federal government shutdown, trade disputes and interest rate policy all provide a level of uncertainty that we must pay attention to. 
Fortress continues to monitor markets for evidence that volatility is subsiding and risk diminishing. Until then, your account is positioned in a conservative manner, with the majority of the account in the safety of money market funds and / or US government bond funds. We have confidence in these holdings and look for the next opportunity to take advantage of positive trends that develop in the markets.