Executive Summary

2016 continues to play out as expected, with US stocks hitting new highs but gradually ceding leadership to non-US stocks, where we expect the real action to be in the years to come. Value investing – looking to buy quality assets cheap – we think will be the best protection to ride out market volatility and the inevitable US correction or bear market. The US economic recovery will keep puttering along, but inflation will start to creep up, becoming a real problem for bond values and retirees getting by on shrunken fixed incomes. The statements that Camarda generates for clients are much more informative than the brokerage statements from firms like TD, and should be your primary source of investment info. Don’t forget that Camarda offers total wealth care services, and that input on estate and asset protection planning, tax control, retirement plans and income planning, insurance and risk control, and more are included at no additional charge for existing clients – so ask! The rules are changing for estate tax planning, with effective rates going way up due to new Treasury rules. Powers of attorney often don’t work as planned, and are not substitutes for living trusts for most people. For internet security, be careful of your PIN #’s!