Discussions about investing often overlook the obvious fact that stocks are businesses. Although we invest in mutual funds and ETFs (baskets of stocks), individual stocks can help illustrate the long-term case for investing and why, in part, the market is down.

Most everyone is tired of hearing about the election. We are too. Still, considering the event’s significance and our conversations with worried investors, we want to share some thoughts and information.

Last year reminded everyone that investing is hard. It can be uncomfortable and unpleasant. Market volatility can diminish willpower and cause determination to waver. The main risk is not portfolio declines. The real risk is that instincts override the discipline investors need to achieve their long-term plan.

In wrapping up your 2017 taxes, you may have noticed that your account produced more taxable income than in previous years. Much of the reason may be capital gain distributions, a negative symptom of a positive trend.

In sum, everyone should take a moment to appreciate 2017 and pat themselves on the back. As always, the world offered many causes for concern. You overcame skepticism, remained disciplined, and profited.  

"Anyone who isn't confused doesn't really understand the situation." -Edward R. Murrow

Naturally, Dorian Gray came up in a discussion about emerging market currencies (the connection is obvious right?!). Andrew Foster, founder and portfolio manager of Seafarer Funds, was explaining to us his outlook when impromptu he launched into Dorian Gray.