Quarterly Client Letter — 2019 Q2  

Created: July 2, 2019

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Description: Use this 632-word quarterly client letter for Q2 2019 to describe Daniel Kahneman's research into decision-making "noise," and how it can be employed for improved investing.

Quarterly Client Letter — 2019 Q1  

Created: April 1, 2019

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Description: This 520-word quarterly client letter reflects on the differences between breaking news and timeless investment tenets, noting in particular the contrast between Q1 performance and recent volatile returns just prior.

Quarterly Client Letter — 2018 Q4  

Created: January 2, 2019

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Description: This 515-word quarterly client letter offers two talking points on how to consider current market conditions in the context of long-term market performance. "Average" returns aren't the norm, and recency bias is a risk.

Quarterly Client Letter — 2018 Q3  

Created: October 1, 2018

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Description: This 530-word quarterly client letter offers three reasons investors should avoid the temptation to engage in market-timing by abandoning their existing plans and investments out of concern that the market may be "overpriced" and headed for a fall.

Quarterly Client Letter — 2018 Q2  

Created: July 3, 2018

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Description: This 400-word quarterly client letter reflects on the mixed bag of scary and enticing market news from the quarter, encouraging clients to stay on course with their well-built portfolio to maintain the highest odds of achieving their personal goals.

Quarterly Client Letter — 2018 Q1   Free Sample (Click on title to download)

Created: April 2, 2018

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Description: This 500-word quarterly client letter reflects on the recent uptick in market volatility, encouraging clients to be in touch with you if they need a "pep talk," a shift in their investment plans, or both.

Quarterly Client Letter — 2017 Q4  

Created: January 1, 2018

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Description: This 425-word, fourth quarter client letter reminds clients of the importance of adhering to their Investment Policy Statement using disciplined rebalancing in the context of strong 2017 market returns.

Quarterly Client Letter — 2017 Q3  

Created: October 1, 2017

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Description: This 330-word, third quarter client letter reminds clients why an evidence-based investment approach remains in their best interests, using an illustration from a Russell quarterly report based on less-dependable advice.

Quarterly Client Letter – 2017 Q2  

Created: July 4, 2017

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Description: This 440-word, second quarter client letter reminds clients to avoid market-timing and focus instead on asset allocation and rebalancing -- in good markets and bad.

Quarterly Client Letter – 2017 Q1  

Created: April 4, 2017

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Description: This 525-word, first-quarter client letter summarizes some of the noteworthy market and economic events in Q1 2017 and puts them into the usual "stay the course" context.

Quarterly Client Letter – 2016 Q4  

Created: January 3, 2017

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Description: This 425-word, fourth quarter (year-end) client letter acknowledges that 2017 remains an unknown and reminds investors of the durability of what really drives market returns -- which is global human enterprise.

Quarterly Client Letter – 2016 Q3  

Created: October 4, 2016

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Description: This 480-word, third quarter client letter reflects on a relatively quiet summer, celebrates some recent market milestones and reminds clients that, despite continued domestic and global uncertainties, the best approach is the long-term, evidence-based strategy.

Quarterly Client Letter – 2016 Q2  

Created: July 4, 2016

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Description: This 360-word, second quarter client letter reminds clients that the markets' responses in the aftermath of the Brexit referendum illustrate the inherent uncertainty involved in maintaining a disciplined, globally diversified portfolio designed to manage risks and capture expected market returns.

April Q1 2016 Client Letter (Guess the Media Source)  

Created: April 1, 2016

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Description: This 445-word, first quarter client letter reinforces the importance of staying invested according to plan. It juxtaposes distracting headlines from the popular press with timeless advice from solid sources such as WSJ's Jason Zweig as well as your own evidence-based investment advice. It also reminds clients that you are there to serve their highest financial interests (in case they've been seeing the news about the DOL's impending fiduciary regulations).

January Q4 2015 Client Letter (Peek-a-Boo Markets)  

Created: January 4, 2016

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Description: This 420-word year-end client letter observes that 2015 markets were like a game of peek-a-boo with respect to global returns. It reminds clients how "recency" can trick them into making the wrong moves at the wrong time, and why it's important to stay invested in their personalized, evidence-based, globally diversified portfolio.

October Q3 2015 Client Letter (Google Hits vs. Long-Term Investing)  

Created: October 3, 2015

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Description: This 470-word article looks at how popular Google results, similar to other forms of headline news, may distract investors from their long-term strategy. It provides salient recent quotes on the importance of remaining disciplined during market uncertainty.

July Q2 2015 Client Letter (What We Know Now)  

Created: July 3, 2015

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Description: This 400-word letter reminds clients that current market conditions fueled by the Greek debt crisis are an illustration of how and why (1) market risk contributes to future expected returns, and (2) they are probably already best prepared to ride out the risks with their existing, globally diversified portfolio. Use this letter with your quarterly client reports to share a timely message with your clients.

April Q1 2015 Client Letter (Relevant/Fiduciary Advice)  

Created: April 2, 2015

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Description: This 350-word client letter addresses the timeless relevance of robust advice versus secondary and/or "robo" advice. It describes how the advice you offer complements evidence-based investing and best serves adviser and investor alike. Two versions of the letter are bundled into this downloadable zip file: The US version uses the term, "fiduciary." A global version references transparent, objective advice.

January Q4 2014 Client Letter (Recency & Tracking-Error)  

Created: January 4, 2015

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Description: This 390-word client letter can be used as a cover letter to accompany your quarterly client reports or as a stand-alone communication. It advises clients to avoid recency and tracking-error regret as they consider 2014 annual returns (when a concentrated large-cap U.S. position outperformed the typical globally diversified strategy).

October Q3 2014 Client Letter (CAPE ratio)  

Created: October 2, 2014

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Description: This 420-word client letter can be used as a cover letter to accompany your quarterly client reports or as a stand-alone communication. It presents recent media coverage of Shiller and Malkiel's assessments of the CAPE ratio and stock pricing, and why it remains prudent for clients to stick with their long-term globally diversified portfolio.

July Q2 2014 Client Letter (Wm Sharpe)  

Created: July 1, 2014

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Description: This 375-word client letter can be used as a cover letter to accompany your quarterly client reports or as a stand-alone communication. Based on a SensibleInvesting.tv interview with Nobel laureate William F. Sharpe, it reminds readers that, even as time, technology and terminology march on, some investment essentials remain as strong as ever. (Ties well with recent Evidence-Based Investment Insights series covering the benefits of diversification.)

April Q1 2014 Client Letter (Michael Lewis & HFT)  

Created: April 3, 2014

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Description: This 475-word client letter can be used as a cover letter to accompany your quarterly client reports or as a stand-alone communication. It addresses Michael Lewis' March 30th, 2014 "60 Minutes" discussion about his new book on high-frequency traders. The incident is a good lesson on why clients need to be aligned with a fiduciary advisor like you to look out for their interests in a market that is expected to reward patient investors, but that clearly has its dark side.

January Q4 2013 Client Letter  

Created: January 5, 2014

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Description: This 350-word (one page) client letter can be used as a cover letter to accompany your quarterly client reports or as a stand-alone communication. It reminds clients that, in the context of great 2013 returns but an uncertain future, it's better to base one's decisions on the durable science of investing than on past performance or attempts to time the market.

October Q3 2013 Client Letter  

Created: October 4, 2013

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Description: This 340-word (one page) client letter can be used as a cover letter to accompany your quarterly client reports or as a stand-alone communication, reminding clients to stick with their disciplined plan in the face of current political and economic uncertainty (government shutdown, debt ceiling, interest rate climate, etc.)

July 2013 Client Letter  

Created: July 2, 2013

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Description: Overview of market conditions in Q2, 2013.

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