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To Saturday, March 12, 2011
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Saturday, September 27, 2008
To Tuesday, October 27, 2015
A Note from Stanley Funches on the Economic Market
Good Day,
With all of the recent headlines dealing with market volatility, I wanted to offer some perspective on these events. The headlines are indeed disquieting and I want to answer a few questions that some investors may have.
Is this as bad as it sounds?
For years, investment markets have dealt with numerous challenges. Along the way, we have heard calls for the "end of the world" dozens of times. While there have been some stressful moments and disappointments, the financial world is still turning despite the predictions of Armageddon.
How can you say that? This has never happened before!
True, the specific institutions that have encountered trouble have changed. However, financial disruption and failure have occurred with some regularity over the years. Many major firms have fallen due to regulatory or financial dislocations. These firms have included venerable names like Drexel, Burnham, Lambert, E.F. Hutton and many others. While we have no guarantees for the future, the financial world as well as the "real" world continued to function and even prospered over time in each of these cases.
Are there any upsides to this?
Yes, but it will be difficult for many to see them. Markets are most vulnerable when participants are giddy and oblivious to risk. Over the past year markets, companies, and investors have become increasingly aware of the risks of leverage and concentration. The concepts of diversification and risk control are not new to us. Awareness of these issues is embedded in our approach.
Over time, the financial system will address excessive risk taking and leverage by companies. In a form of "creative destruction", poorly run firms will be punished by the marketplace. Better companies and better practices will emerge. Over time, the markets can be cleansed and become stronger.
What should I do in response to all of this?
We take a long-term view. We do this because we know that reacting emotionally to short-term news or movements can be detrimental to long-term results. We also tend to use a broad mix of assets to build portfolios. We tend to discourage concentrated positions in financial stocks or any other sector for that matter.
We strive to be mathematically based stewards of wealth. As such, we design portfolios in anticipation of volatility - not in response to it. Please understand, I am not merely "whistling past the graveyard." I am constantly studying market conditions and the effect on your capital. I will be in contact with you shortly to discuss your portfolio. In the meantime, please feel free to contact me with any questions or concerns you may have.
Sincerely,
Stanley T. Funches, CFP®, ChFC | First Financial Group of the South, Inc. | A Wealth Management Firm
Friday, December 19, 2008
To Monday, December 19, 2011
Broker Report:
Year-To-Date and November 2008 HOME SALES
Year-to-date and November home sales in the Birmingham area are down, as are prices, but we have some positive news. MLS inventory continues to move in the right direction with 10,994 listings in November compared to 12,979 in November 2007. This represents 1,985 fewer listings in MLS now compared to one year ago or a 15 percent drop. The Year-to-date report shows the average price of BIrmingham area homes has dropped 4.5% which is less than other markets around the country.
When will the home sales market rebound? No one knows. Rob Couch, former General Counsel for HUD for the Bush Administration, was guest speaker at the BAR Broker Meeting held November 24th. He indicated that there are many variables affecting the economy. In addition, reporting of negative economic news continues to shake consumer confidence. As a result, buyers are sitting on the fence, waiting to see what happens. Some are concerned for their job stability, or they believe they will be unable to sell their existing house quickly, so they are waiting to buy. "The most important thing we can do is tell our U.S. Senators and Congressman what we see happening to the local housing market."
SmartMoney Magazine ((Nov 2008 issue) lists Birmingham as the number 2 market in the nation in a survey of the top 25 cities "ready to rebound."
Seller, worried about getting less than the asking price for their existing homes, may be able to make up the difference with the current lower mortgage rates and a more affordable price on their next buy.
The Birmingham area market offers a wide variety of homes for sale in prices and in architectural styles.
Foreclosures are not as difficult a factor in the Birmingham area market as in other areas of the country.
As the current buyers market gives way to a more balanced market, demand for homes will increase.
When buyers get back, competition for available homes will increase and prices will be affected.
Real estate remains the best investment as person can make and we believe that housing will lead the way to a national economic recovery.
