The trade deficit remains front and center as we near the end of the second quarter. Every day seems to bring out a new proposal or modification to what was discussed previously. Almost everyone I listen to agrees: free trade is good. But the idea of this accounting imbalance seems troubling for many. Over the past 20 years, opening borders among countries has helped lift the standard of living of much of the world’s population. Comparative and relative advantages have been front and center in bringing prosperity to the world. In most countries today there are more goods and services available due to the benefits of free trade, versus going it alone. Trade deficits matter, but to a country like the US…not nearly as much we might think. After all, we have been running large deficits for quite some time and the predictions of dire consequences have not been seen. Certainly, having the world’s reserve currency doesn’t hurt. But it’s also worth noting that, as foreigners accumulate our dollars from the trade they get recycled back to our country in the form of capital inflows, these dollars get invested in the stock market, in new businesses, in bonds and all sorts of investments that are good.
While trade deficits are important, what matters most is how you conduct yourself day-to-day with your clients. Keeping in mind their goals and objectives, having a disciplined approach to your methodology and being adaptable to changing markets ensures that your clients’ needs are being guarded. Trade deficits matter… but not nearly as much as your responsibility to your clients.
SCI HIGHLIGHTS
SCI Monthly Webinar
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In our next session, we will speak to Billy Hwan of Parnassus Investments.
Mr. Hwan is the Portfolio Manager of Parnassus Endeavor Fund (PARWX), a fund currently held by all SCI models.
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Meet Dr. Ken Sleeper
from Ocean Park Asset Management
You’re Invited!
FRIDAY, OCTOBER 12th
@ 10:00 AM CDT
LaSalle St. Securities Home Office
940 N. Industrial Dr. Elmhurst, IL 60126
Dr. Ken Sleeper will be visiting the LaSalle St. Home Office to discuss the Ocean Park Strategic Income Strategy, fixed income investing in today’s markets and the advantages of Post-Modern Portfolio Theory.
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940 N. Industrial Dr.
Elmhurst, IL 60126
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