Testing Investor Resolve

After nine quarters of fairly robust equity returns, the third quarter of 2011 resurrected the painful memories of a not so distant bear market. As the quarter began, everyone was focused on the looming deadline for a budget deal in Washington. Would the U.S. default on its debt? Would the government run out of funds and shutdown? Would the rating agencies downgrade the U.S. debt rating? By early August, all of these questions were answered and despite the S&P downgrade of U.S. Government debt to AA+, the world did not end.

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Adagio Capital Advisors is based in Southwest Florida.