Volatile Stock and Bond Market

 8.5% inflation, rising interest rates, high oil prices, and the war in Ukraine are causing the stock and bond markets to be very volatile. I have taken a very defensive position in your Folio accounts. I sold out of all bond positions a couple months ago. I have also reduced equity position to about 25%.  

Your Folio accounts have held up very well (close to all time highs). We had nice gains in oil an gas positions. Overall our strategies have worked well. 

I will continue to carefully manage your accounts.

Stephen L Gerritz