“Fear is a Reaction. Courage is a Decision.”

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This is a quotation attributed to Winston Churchill.  It may well have some relevance today.  Taken at face value, the quotation has considerable merit.  But left unsaid, is the importance of information.

Investors should be careful to not overreact to scary events and while courage can be a valuable attribute, informed courage is more likely to produce positive portfolio decisions.

All comments and suggestions are welcome.

Walter J. Kirchberger, CFA

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