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Letter From the Chairman

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As a client or professional partner of DHG Wealth Advisors you’ve been part of a wealth management experience focused on your goals and objectives, not one focused on products.   As a part of implementing an appropriate solution for our clients based on their needs, risk tolerance, and feedback; our Investment Policy Committee seeks out investment solutions that have stood the test of time.   A long standing part of our client portfolios has been Dimensional Fund Advisors (DFA).   We’ve attached this year’s “Letter From The Chairman”, penned by DFA Chairman David Booth for your review.The article outlines how DFA’s long term investment success has been built on a philosophy which takes advantage of academically proven risks and remains committed to them during cycles that have not been favorable.   These are similar to the tenants of long-term individual investing success; selecting an investment strategy that ...
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Look Out Below!!Did that get your attention?  Sorry, we just couldn’t help ourselves.  The clever title is supposed to scare you into thinking we were talking about the market going down.  If you read or listen to just about any news source, you have undoubtedly heard some expert warn about stocks going down.  They have been doing this for several years.  After all, we are in our ninth year of a bull market.  It makes sense that we should get a meaningful downturn sooner than later.  Doesn’t it? The fact is that we will indeed have a meaningful market correction – sometime.  Whether it is next month, or next quarter, next year or a few from now, we will indeed have a bear market, defined as a correction of at least 20% from a recent high.  And when it comes, it will take many people by surprise.  Most likely it will start innocently, with a pullback much like others we have experienced over the last few years.&nbs...
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Old, Bloated, Slow and ScaryNo, we’re not talking about some of your in-laws.  Rather, we are discussing the US economy and its stock markets.  Let’s take them one at a time.OldThe current bull market started in March of 2009.  After the worst bear market in most people’s lifetimes, the bull started its upturn and hasn’t stopped since.  The older this bull market gets, the closer it moves to its eventual top, right?  Well, all things must end, but just when the ending occurs is really tough to determine.  See Chart 1 below:Chart 1As you can see, this is the second longest bull market in the last 60 years.  But what does that mean?  There is no reason why it cannot continue, and to make matters more difficult, often the last year or two of a bull market offers excellent returns.  Bailing out early might insure a lower average annual return for a long-term investor.  Clearly, time alone is not a meaningful determin...
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Prognostication2016 may go down in history as the poster child for the axiom that it is impossible to magically predict how the stock market will perform.  Of course, that makes much of the print you read, or gurus you watch or listen to, meaningless.  But don’t take our word for it.  At a presentation at the University of California on April 15, 2003, Steve Forbes, publisher of Forbes Magazine said:             “You make more money selling advice than following it. It’s one of the things we count on in the magazine business—along with the short memory of our readers.”Forbes is basically saying most investors would be better off if they covered their eyes and ears when any predictive information on the stock market appears on a screen or in written communication. Contrary to this meaningless daily dribble, our advisors consistently share with clients the empirically proven investment truths backed with fina...
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The Employee Retirement Income Security Act, commonly referred to as ERISA, sets standards of conduct for those who manage an employee benefit plan and its assets. Such a person or entity performing many of the duties required in operating and managing a plan is known as a fiduciary.
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Private Client Services

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Recognizing that privately owned businesses are the backbone of our economy, DHG offers assurance, tax and advisory services designed for every stage of a company’s lifecycle. Our professionals have extensive experience working with clients in various industries to build, manage and protect their wealth.
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Trumping the MarketHow will the market react if Donald Trump wins the election?  That is the most popular question our advisors have been hearing over the past few months, especially as more states appear as “toss-ups” and their Electoral College votes going in either candidates’ direction.  Some investors think the market would tank were Trump to be elected.  Some think the opposite.  Most have no idea what will happen.  All are concerned.    Here is a partial list of items that could affect the economy and/or the stock market’s direction if Trump wins with a Republican-controlled Congress. Taxes – Trump’s desired lowering of individual and corporate income and federal estate taxes would put more money in people’s pockets.  This could result in a high degree of productivity gains, or leave the country with a multi-trillion dollar increase in the US deficit.   Either of those results would ...
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It’s Been Two Years and I’m Still Not Rich(er)!?Perhaps you’ve noticed that your portfolio’s value hasn’t been doing anything special for several quarters.  And if you are paying attention to the Dow or S&P 500, you may be wondering why your portfolio hasn’t kept up.  To get some idea of what is happening, review Chart 1 below, which shows some cumulative asset class returns over the last two years.  (All charts courtesy of Yahoo! Finance.)Chart 1The blue line represents US Large Cap stocks, the red line shows US Small Cap stocks, and the green line shows all Global stocks not in the US (Global ex US).  In fact, from their high in 2014, Global stocks ex-US have been down over 25%, which of course means they have experienced a bear market (defined as at least a 20% pullback) over that time period.  It helps to look at the bigger picture to fully understand what is happening.  See Chart 2 below.Chart 2Again, the b...
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And Lady Liberty Wept...Politics has always been a rough and tumble business. This year’s Presidential Primary season has proved no exception, and has been both hostile and humorous at the same time.    Certain candidates’ policy platforms include various proposals which would exclude certain groups of foreigners.    Without taking sides in this issue, it seems as though a meaningful percentage of voters agree with at least some of these proposals. You don’t have to be a xenophobe to think that the US might be safer, or stronger, if it isolated itself from certain groups of people.  At the same time, how can you argue with the inscription at the bottom of our most famous statue? “Give me your tired, your poor, your huddled masses yearning to breathe free.” It is at least a two pronged issue, dealing with both financial (taking our jobs) and physical (taking our lives) security.  Only time will tell who will be e...
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Cheap and PopularFirst Lady Kim Kardashian West. It has a nice ring to it, don’t you think?  A few months ago, Kim’s husband Kanye West -- a rapper, record producer and clothing designer, announced that he would be running for U.S. President in 2020.  Before you snicker, don’t forget about a current poll-leading, ultra-wealthy Republican candidate with huge ego and no political experience. Back to Kim. Her popularity was immense even before her third marriage and two children, before her $200 million video game smart phone app and her fashion magazine covers, and before her family’s reality TV show and retail stores.  Her fame started when her bombastically-enhanced hourglass figure was viewed in an erotic rendezvous that was “leaked” onto the internet over a decade ago.  Add a very suggestive wardrobe to the mix and you have that perfect combo – cheap and popular. In a somewhat different vein, cheap and popular is...
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