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☕ The markets reopen, but now what?

Jan 21, 2025

Good morning! 👋

Keith continues to soak in the beauty of Italy, enjoying the Da Vinci Museum, The Vatican, and, of course, the delicious food.

Meanwhile, the markets are back in action today, with all three major indices showing premarket gains.

I wanted to share some important ‘Keithisms’ with you to help you navigate the markets wherever they go from here. I hope you can almost hear Keith's voice in your head as you read these:

1. Buy the best, ignore the rest.

Companies making "must-have products and services" don’t turn into bad investments just because rates edge higher, or another macro-related event comes along. However, they regularly do turn into bargains when prices drop lower.

2. The markets have an upward bias over time.

In fact, the S&P 500 has spent 83% or more of its time since 1927 at or within 10% of all-time highs. Even more impressively, since 1871, it has set a new high roughly once a month. History shows us the long-term trajectory of the markets is upward. Return to this whenever you feel anxious.

3. Mindset matters.

Big down days can be rough, but they don’t change the fundamentals (see #1). The markets are the only 'store' in the world where people fear a sale. As investors, embracing these moments as opportunities is key to long-term success in the markets.