October 2015 Commentary
After a flat first half of the year, the U.S. stock market realized its first 10% correction since 2011. Although this correction was overdue (and probably healthy), it is still hard to stomach. Five of the last six years generated double digit stock market returns, and investors have encountered almost no bumps in the road over the last four. The equity pullback was driven mostly by global concerns. Economic slowdown in China, continued turmoil in Greece, chaotic energy markets, and stagnant conditions in Europe threatened modest but steady growth in the U.S.