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Davis Advisors Essential Wisdom for Today's Market

Fund Manager Updates

Recognize That Historically, Periods of Low Returns for Stocks Have Been Followed by Periods of Higher Returns

History shows that disappointing 10 year periods for stocks, though rare, do occur. While such stretches can test an investor’s conviction, long-term investors should recognize that these poor periods have always been followed by periods of recovery.

In every case, the 10 year period following these disappointing stretches produced satisfactory returns. For example, the disappointing 1.2% return for the 10 year period ending in 1974 was followed by a 14.8% return for the 10 year period ending in 1984. Furthermore, these periods of recovery averaged 10% per year.

While no one knows what the next 10 years will bring, history shows that investors with long-term goals should consider maintaining or adding to their stock holdings after a prolonged period of poor market returns.

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