Whether its Uncle Billy misplacing the money, a tweet from a venture capitalist, poor management, or the lack of hedging a balance sheet to protect against rapidly rising interest rates that cause a run on a bank, at the end of the day its no small matter.

From what I have been able to gather so far the current anxiety surrounding the financial sector and specifically the regional banks seems to be symptomatic not systematic. It does not seem like we are looking down the barrel of 2008. But, where there is smoke there is fire. So, we will have to see how this plays out. But, I think it should be pretty contained to a handful of poorly run regional banks that cater to tech start ups. It looks like for now the government response was swift and adequate enough to slightly calm the waters.

As leaks in the economic canoe continue to spring up here and there driven primarily by the Federal Reserves aggressive rate hikes over the last year, it will remain important to focus on strong investment fundamentals, steady and predictable investment cashflow, broad diversification and asset allocation. Other than that, please try to ignore the craziness.

I'm attaching a letter from Marc Zabicki, LPL's Chief Investment Officer for your review. As always feel free to reach out to me with questions pertaining to your specific investment strategy.

peace, cw