Remember the financial crisis of 2007-2008? Of course, we all do. Built on the assumption that property values can never go down, people with no income or assets were getting mortgages. Then institutions were bundling up these bad mortgages with some good ones and selling bundles to each other. And they also were getting these bundled mortgages insured against default. Then one day, when defaulting borrowers reached critical mass, the whole system built around these mortgages failed. Then began the Great Recession of 2007 and 2008. Described as the worst financial crisis since the Great Depression in 1929. The effect on markets was dramatic, The US stock market peaked in October 2007, when the Dow Jones index exceeded 14,000 points. By March 2009, the Dow Jones average had reached a trough of around 6,600. Which brings me to the title of this update. We are now just about 10 years after the lowest point in the markets. Since then the markets have steadily gone up as a result of the actions taken by central banks. Right now, all 10-year performance numbers for funds with equities are going to look good. So, when choosing portfolio managers, perhaps ignore their 10 year number. However, if you find a 10 year number that isn’t good, definitely stay clear! Take care, Scott Edgington Regional Wealth Manager, Ontario Qualified Financial Services scott.edgington@qfscanada.com