It took the Dow Jones Industrial Average until September 20th to rise to a height not seen since January 26th of this year. It got up to 26616 last January before falling 12%. On September 20th the Dow finished at 26656, and on the 21st got up to 26743. Since then it has fallen back below the January highs and on September 28th, the last market day of the month, it finished at 26458. The S&P 500 ended the month at 2914, up 0.41% for the month, the NASDAQ was down 0.79% and the Russell 2000 was down 2.53% in September. 2018 has been an unusual year so far. The first quarter of most years is usually where the market rises, then as we settle into the summer and fall the stock market usually wanes. September is historically the worst month of the year for the stock market. But it was February this year, at least so far, with the Dow losing four and a quarter points of value.
We manage millions and millions of dollars for the best people in the world, our clients. We employ active management strategies. The difference between Active and Passive management is vast. With Passive management, you pick some investments and leave them there through big up markets and big down markets. Some advisors will pick some actively managed investments for their client portfolios and call themselves active managers. But they’re not. They are passive managers choosing actively managed mutual funds or separately managed accounts. They don’t make the trades. They don’t choose the stocks or bonds. On the other hand, we buy lots of research, we choose the different strategies we employ on behalf of our clients, and we make the trades. It’s a lot more work, but in turn we know more about our portfolios and we’re able to cut out the middle men, which in turn can save our clients a significant amount of fees.