My good friend, Cary, made the trip to Pamplona, Spain, last year to watch the running of the bulls. I still have the text he sent me from overseas, which read: “There were two guys gored by these bulls – but they’re going to be okay." They’re still going to be stupid, but they’ll be okay, I thought to myself.
Bulls can lead to pain. The equities markets can work that way, too. We’re in the midst of the longest-running bull market in history, which will mark its 11th anniversary on March 9. Very few believe that this bull run will go on forever. Typically, bull markets end with recessions – and cracks are starting to show with the effects of the coronavirus worldwide and, closer to home, the impact on our rail networks of the protests we’ve seen.
Two things can help in times like this. First, build an all-weather portfolio that is less correlated to the markets than you might be today and, second, be prepared to make lemonade when the market hands you lemons. Today, I want to talk about this second idea – how to make the best of market downturns when it comes to your tax and estate planning.
Tim Cestnick, FCPA, FCA, CPA, CFP, TEP, is an author, and co-founder and CEO of Our Family Office Inc. He can be reached at
globeinvestor It's always a good time to buy