US stocks ended September with their biggest monthly decline since December 2022, with the S&P 500 and Dow dropping by 4.8% and 3.4%, respectively, while the technology-heavy Nasdaq lost 5.8%. The expectation of “higher for longer” interest rates put pressure on markets. With hawkish commentary from several Fed policymakers, investors are worried that a pivot toward lower rates will not happen any time soon.

“To everything (turn, turn, turn). There is a season (turn, turn, turn). And a time to every purpose, under heaven.” ~ The Byrds

"When I started counting my blessings, my whole life turned around." ~ Willie Nelson

"Lighthouses don’t go running all over an island looking for boats to save; they just stand there shining" ~ Anne Lamott

I have always loved the lighthouse metaphor for what we do at NorthCoast. It’s my belief that managing money requires guiding lights or foundational principles to help navigate the never-ending day-to-day financial crosswinds. This year the storms we’ve faced have been historically intense with unprecedented market, economic, and political action and reaction:

The Rules of Navigation Never Navigated a Ship ~ Thomas Reid

Navigating Through Historical Levels of Uncertainty

In what was an incredibly tragic quarter in global history, it’s impossible to quantify the cost of the medical crisis. We have, however, been doing our best to keep clients fully informed about economic events arising during this time, along with our strategic approaches during each development. I hope these commentaries have been helpful in this time of global uncertainty.

“Keep cool; do not freeze.”  Printed on the top of the old metal lids of Hellman’s mayonnaise.

A client of mine for over twenty years shared this anecdote about Hellman’s mayonnaise with me in 1999 and I’ve never forgotten it. He picked it up from his boss at Exxon who would quote it to young managers who were rising up the corporate ladder, and now to me, it seems to perfectly capture my view on the market.

President & CEO Dan Kraninger reflects on the 3rd quarter of 2019 and provides insight moving forward.

“People only see what they are prepared to see.”   - Ralph Waldo Emerson