DWM Blog 2021 Mid-Year Update

As America continued to recover from the COVID-19 pandemic in the first half of 2021, the economy and the equity markets made significant progress. My midyear report to you is, as always, divided into two parts. First is a brief recap of our shared investment philosophy; second is my perspective on where we are today. As always, I welcome your questions and comments. Guiding Principles You and I are long-term, goal-focused, planning-driven equity investors. We have found that the best course for us is to formulate a financial plan-and to build portfolios-based not on a view of the economy or the markets, but on our most important lifetime financial goals. Since 1960, the Standard & Poor's 500-Stock Index has appreciated approximately 70 times; the cash dividend of the Index has gone up about 30 times. Over the same period, the Consumer Price Index has increased by a factor of nine. At least historically, then, mainstream equities have functioned as an extremely efficient hedge against long-term inflation and a generator of real wealth over time. We believe this is more likely than not to continue in the long run, hence our investment policy of owning successful companies rather than lending to them. [...]The post 2021 Mid-Year Update appeared first on Doyle Wealth Management.