A Paradigm Shift in Energy!

Six or seven years ago, the U.S. was very concerned that the balance of payments was showing large deficits year after year. Much was attributed to importing oil from overseas.  Oil production in the U.S. was in decline and the large reserves found in Alaska were beginning to dwindle.  The picture was not good. A byproduct of this was that energy costs in the U.S. were going up, reducing the capital spending of corporations and consumers as they spent more on energy.

Equities vs. Bonds

Third Quarter 2013
When you sit back and look at the stock market over a sufficient period of time, you can develop perspective. When you are looking at it daily, however, you may lack perspective and become emotional. The third quarter was a period that requires perspective to remain objective.