Dear Valued Investor:

We are walking through life with you and managing your wealth as we have with our clients for over 40 years. Our commitment is to adhere to the same consistent and disciplined approach WEALTHSTONE ADVISORS has employed to overcome 22 previous declines of over 10% in the stock market. We will remain steadfast as we see you through this current environment.
This is an unprecedented time. The monetary policy and proposed fiscal policy responses have been unprecedented in magnitude to address the fastest market selloff in history.  Despite government and central bank intervention, the past two weeks were historically volatile, and March 12th was the worst day for stocks since 1987. The challenge has been compounded by a historic oil price shock, sending shockwaves through equity, fixed income, and commodity markets. We are facing a demand-side crisis, so even zero interest rate policy (ZIRP) has had little effect on boosting asset prices.

When the stock market is in turmoil, human instinct tempts us to go to cash and wait for certainty before getting back in. The issue here is how to time your exit and re-entry into markets. This is a strategy that has caused the average investor to miss significant gains as the market recovers. As long-term fundamental investors, WEALTHSTONE does not utilize such an investment strategy.  

We are witnessing the Federal Government take determined steps to support the economy. The Federal Reserve came out with emergency measures slashing interest rates and unleashing additional Quantitative Easing, consisting of purchases of $500B of Treasuries and $200B of mortgage-backed securities. The US Government is proposing ever-growing fiscal stimulus packages, including provisions to provide checks directly to Americans as a way to combat deflationary spiral. The Treasury Department has pushed tax filing and payments beyond the April 15 deadline, and student loan interest payments are suspended.

With all the turmoil in the markets, our focus is on opportunities and the things we can control. One of the cornerstones of WEALTHSTONE’s strategy is tax efficient investing. Tax loss harvesting is one of the principal ways to execute this philosophy by harvesting losses to offset future gains. This is a strategy that WEALTHSTONE consistently applies that we believe adds value to clients’ net return over time. Our Investment Committee is meeting regularly and has decided that the current market conditions provide an opportunity to execute on this strategy.   If you have a taxable account with us, you will notice this in your account in the days to come. 

The Investment Committee will also be watching closely to decide the appropriate time to rebalance the portfolio into line with the specified Investment Policy unique to each client. This provides the opportunity to purchase undervalued securities and align risk appropriately.

Operationally, many Wall Street firms have gone virtual, with trading desks and portfolio management teams working from home. At WEALTHSTONE, we too continue to operate without disruption. Our investment teams meet by video conference, and communication with investment managers are taking place virtually. We have increased the frequency of our risk reviews during this period of greater volatility. In these turbulent times, dislocations often arise, and we are combing markets for interesting opportunities that will benefit you.

We trust you are doing everything necessary to keep yourself and your loved ones healthy physically, emotionally and spiritually. As always, we are here to serve you. If you would like to have a conversation about your specific situation, feel free to reach out to your advisor. We are happy to set up a call or video conference to discuss your specific situation.


Norm Cook
President & CEO

This was prepared by WEALTHSTONE ADVISORS, a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. For more information please visit: and search for our firm name. This is for informational purposes only.  Past performance is not indicative of future results, and no investment strategy or risk management technique can guarantee return or eliminate risk. All opinions and estimates constitute the firm’s judgment as of the date of this report and are subject to change without notice.