Quarterly Update

We have endured so much over the last two years that we wanted to send a shorter letter than usual this quarter to simply say: thank you.

For sticking with us through Zoom meetings. For sticking to the plan when the market looks scary. For sharing your triumphs and losses with us during one of the toughest times the world has ever faced.

We are so grateful that each year since we founded Horst & Graben, over 99% of you have continued to work with us each year.

2021 was another year of hesitant upward trajectory in the markets as we faced continued mutations of the coronavirus. The chart below shows how each successive mutation of the coronavirus has caused a decline in the stock market that is smaller than the last, as well as of shorter duration. The “New Normal,” or as much as we have established one during this difficult period, is taking some of the sting out of each new wave. And while daily new cases numbers are by far the highest they have ever been, thanks to vaccines and new medications and other treatment options available, the daily deaths are nowhere near their peaks from summer 2020 and early 2021.

As always, I am sending my best wishes to you and your loved ones. Please do not hesitate to reach out if we can be of help.