Last week Jeremy quoted one of our heroes, Dale Carnegie, on humility. Then he spotlighted his business partner (a bit too much, in the author’s opinion), before relating important market news.
Well this week, it’s my turn.
I think you’ll enjoy reading about some things Jeremy is very quietly accomplishing in his 11th year as an advisor…. Things he’d likely never tell you about. As well, I think you’ll enjoy hearing about the events of the last week in the markets.
Exciting, to say the least!!
All the best,
Lee
PS Next week, we promise to get back to the regular diet of uplifting stories, interesting financial topics and educational items you’re used to in the Update! In the meantime, please jot us a return note on the types of topics you enjoy most…. We are listening! -L
This Week’s Quote:
"The first sign of greatness is when a man does not attempt to look and act
great.” -Dale Carnegie
J.L. Davis Thoughts This Week:
Mr. Carnegie said a lot of powerful things in his writings, but none more so than this one. In our practice we’ve had the pleasure of working with some real titans of business, as well as with great people in many different walks of life. The greatest among them, in our experience, say little about their station in life or accomplishments. They let their actions and their behavior do the talking.
My business partner is like that.
In eleven short years, Jeremy has become a sought after advisor as a result of his actions and behavior. In addition to his often 60 plus hour work weeks, he focuses on education and staying sharp. Early on, he completed all of the courses and degree requirements for the Certified Financial Planner designation program through the College for Financial Planning and received the coveted CFP®. Recently, he completed all the degree requirements and received the Chartered Financial Consultant (ChFC®) designation from the American College in Bryn Mar, Pennsylvania. The (literally) hundreds of hours of study were also done while being a Dad and hubby. He’ll most likely not mention these degrees and designations when you talk with him.
Even more remarkably, he did all this while amassing and maintaining over 300 client relationships. His recent recognition as being within the top 20 of Cetera Advisor’s approximately 1300 national representative in percentage increase (2012 over 2011) is remarkable, considering 2011 was a record year for him and our firm. He’d tell you this was no big deal, either.
So the next time you chat with Jeremy, have a little fun and mention some of this. See if he gently changes the subject with you as he always does with me!
Our team here at JL Davis is exceptionally proud of the dedication Jeremy brings to his family, his industry and his clients here at JL Davis.**
Market Week: March 18, 2013
The Markets
The S&P 500 came tantalizingly close to its all-time high but couldn't quite manage to top it. Meanwhile, the Dow's 10-day winning streak finally came to an end on Friday. Nevertheless, all four domestic indices pulled off a positive week, with the small caps of the Russell 2000 in the lead once again.
Last Week's Headlines
• A 9% spike in gas prices was largely responsible for pushing consumer inflation up by 0.7% in February; that's the biggest monthly increase since June 2009. The Commerce Department said consumer inflation has increased prices overall by 2% since February 2012. Not including food (up 0.1% because of higher produce costs) and energy, prices rose 0.2% during the month. Meanwhile, wholesale prices also were up 0.7%, for a 1.7% annual inflation rate.
• U.S. industrial production rose 0.7% in February as utility output returned to normal seasonal levels. The Federal Reserve said utilization of the nation's manufacturing capacity rose to almost 80%, only slightly below its long-term average.
• Consumer spending rose 1.1% in February--the biggest increase since September, according to the Commerce Department. Though increased spending at gas stations accounted for part of the increased spending, retail sales other than gas also were up 0.6%, according to the Commerce Department. Total spending was 4.6% higher than last February.
• Testimony at a U.S. Senate hearing showed that J.P. Morgan Chase failed to give regulators timely information about the scope of its 2012 losses on its "London Whale" trades in credit default swaps, which cost the bank billions. The hearings have fueled renewed discussion of the so-called Volcker rule, which would restrict banks' ability to make certain speculative investments.
• The International Monetary Fund said that though banks in the European Union have made progress in stabilizing themselves, they still face substantial risk from lending losses resulting from continued weakness in the EU economy. Meanwhile, the Federal Reserve agreed to allow 14 U.S. banks to increase dividends or repurchase shares, but expressed concerns about the plans of 4 others.
• The tiny island nation of Cyprus may be required to tax bank depositors in order to qualify for a €10 billion bailout of the country's banks by the European Union and the International Monetary Fund. The Cypriot parliament is scheduled to vote on the bailout package Tuesday when banks reopen after a three-day holiday.
Eye on the Week Ahead
Investors will be watching Tuesday's vote in Cyprus because of its potential for a ripple effect in global markets if a rejection of the bailout package destabilized the country's financial system. Wednesday's Federal Open Market Committee announcement is unlikely to call a halt to quantitative easing, but could review some of the options for doing so at some point.
Key dates and data releases: housing starts (3/19); FOMC meeting (3/20); home resales (3/21).
Data sources: Includes data provided by Brounes & Associates. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indexes listed are unmanaged and are not available for direct investment.
Prepared by Lee Davis** and Broadridge Investor Communication Solutions, Inc. Copyright 2013
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