Market Recap - May 2024

Jeff McClenning |

Successful investing

2022 was a difficult year for investors, and we recognize that detours on the road to your financial goals are not uncommon.

Legendary investor Warren Buffett opined, “Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it's imperative that we rush outdoors carrying washtubs, not teaspoons.”

Our goal is not to time markets, and Buffett would agree. He counsels that “it’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

But he recognizes that stocks aren’t immune to significant pullbacks. He would caution that a bear market isn’t the time to bail on stocks.

In his 2013 letter to shareholders, he noted, “The goal of the non-professional should not be to pick winners—neither he nor his ‘helpers’ can do that—but should rather be to own a cross-section of businesses that in aggregate are bound to do well.”

2022 may have tried your patience, but patient investors were rewarded in the following year. The skies cleared, and those who were invested in that “cross-section of businesses” were handsomely rewarded.

In 2024, a well-diversified portfolio has continued to perform well. But we are also aware that pullbacks can never be discounted.

Adhering to a long-term strategy takes discipline. And much like the turtle in the fable of the tortoise and the hare, those who have taken the steady and disciplined road have reaped their rewards.

Yet, we understand that the noise from the 24-hour news cycle can throw up roadblocks, even for the most patient investor.



Avoiding distractions, stay focused

  1. Skip the fads. Jumping into cryptocurrencies or playing the “meme-stock” game offers the allure of overnight riches. But these trains can turn quickly, and you can end up with big holes in your portfolio that aren’t easily plugged.
  2. We’re human. Humans sometimes let emotions get the best of them. But we caution you to avoid the temptation to move away from stocks in down markets. Conversely, when stocks are surging, avoid going “all in.” We urge you to maintain the appropriate mix of stocks and income-producing investments.
  3. Balance and re-balance and re-balance again. For example, a 60/40 portfolio of stocks and income-producing investments will eventually drift out of alignment. A 60/40 may become 70/30 or 80/20. Make adjustments that re-align your portfolio with your long-term strategy and tolerance for risk. Otherwise, you may find yourself in deeper, riskier waters.
  4. While we encourage you to stay with your plan, no plan is set in concrete. When life changes, let’s make adjustments that mirror your new circumstances.

Key Index Returns




Dow Jones Industrial Average



Nasdaq Composite



S&P 500 Index



Russell 2000 Index



MSCI World ex-U.S.A.**



MSCI Emerging Markets**



Bloomberg U.S. Agg Total Return



Source:, Bloomberg, MarketWatch
MTD returns: April 30, 2024–May 31, 2024
YTD returns: December 29, 2023–May 31, 2024
**in U.S. dollars

I trust you have found this review to be informative. If you have any inquiries or wish to discuss other matters, please don’t hesitate to contact me or any team member.

As always, thank you for choosing us as your financial advisor. We are honored and humbled by your trust.