Q3 2018 market commentary
By: James K. Tonrey, Jr., Chief Executive Officer
Ten years ago our country experienced one of the worst financial collapses in our history.
Liquidity in the markets dried up and lending of all kinds grounded to a halt. Personal and corporate bankruptcies almost took down the equity markets. The S&P 500 index suffered a 54% peak-to-trough drop from October 2007 to March 2009. By the time it was all said and done, the S&P 500 index had declined almost 40%. In October 2008, Lehman’s bankruptcy shattered all confidence in the markets and remains the single largest failure in U.S. history. We have all aged quite a bit from that March 2009 day when the S&P 500 index closed at a low of 676.53.
It certainly was a time that we will not easily forget.