Investment Biking

The market’s shakiness has a lot of people worried? Should they be?

Many folks who got into the market in the late 90s are frustrated. Over the last 10 years, the stock market has gone up only a little less than 4% per year. Where are those long-term 10% returns?

People who started investing just as new technology was emerging remind me of when I started to bicycle seriously. I worked out and thought I was in pretty good shape until I moved from Minnesota to New Hampshire. Then I learned what real hills were. The constant fight against gravity taught me that my legs weren’t as strong as I thought.

It’s like that with investing. If you think that you’re long-term but start with the easy glide of an inflating bubble, you don’t know how strong your convictions are until they’re tested by a little volatility. The New Hampshire mountains gave me a quick lesson in humility. The recent market ups and downs are giving many investors a similar exercise.


Douglas R. Tengdin, CFA
Chief Investment Officer
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