As the chart below shows, the economic problems in Spain are wreaking havoc on the financial markets.  With the 12%+ drop in the value of their stock market this month, Spain’s stock market will close at the lowest monthly close since 2003.   What is more disconcerting is that their market is lower than what it was at the end of March of 2009.  The crisis is far from over, that is what the Spanish market is telling us.

What does this mean for our market?  It still means that there is much risk in the financial markets, even though at times it may appear to be calm.  The one thing most investors forget is that the market moves up like a tortoise, but down like a rabbit.  For example, when the Asian markets crashed in 1998 due to currency problems, the market fell much more severely and swifter than most pundits were espousing.  That same scenario could unfold in Europe.

A 20th Anniversary Thank You

An idea (THOR’s investment process) was hatched more than 20 years ago from many late night hours on a Radio Shack 286 computer.  Officially, THOR opened for business 20 years ago today on a shoe string budget and support from a loving family.  We have since grown to a family of nine employees and almost $300 million in assets under management.  We want to thank all of our clients for their support and the trust they have placed in us throughout the years.  We especially want to thank those that joined us shortly after our doors opened – John & Sue in Maryland, Lorraine in Chicago, Ted & Pia in Syracuse, Ron & Tanya in Indiana, Mary & Frank in South Carolina and those in Ohio – Geof, Mary & Jack, Donnie, Bob & Dianne, Mark & Kathy, Judy & Tom and Ollie.  We understand that we would not be around without the opportunity you gave us.  We look forward to the next 20+ years with a renewed focus on providing the best investment management and wealth services to you – our clients.  Thank you for a great 20 years!

Sincerely,

Your THOR Team