For several weeks we have reported to our constituents that markets were fully valued and that there would be opportunities to add to equity allocations in the markets. Since then, the Emerging Markets index is down approximately 8%, the small cap index is down over 10% and the S&P is down almost 4% in just a few weeks. These benchmarks are technically oversold, but fundamentally fairly priced. We do feel there will be upside in the coming year, so this may be a good time to dip a toe in the water. Clearly this is a better entry point, but there could be further downside.
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