Following a third straight month of negative stock and bond market returns, investors, especially those invested in classic risk-based programs (think 60/40), are starting to feel nervous, as those bricks in the metaphorical wall-of-worry are piling up. 

Global equity markets gave up more ground in October although markets rebounded from initial selling pressure following the breakout of hostilities between Israel and Hamas in Gaza earlier in the month. The MSCI All-Country World Index (ACWI) returned -3.0% for the month of October.

By Benjamin M. Lavine, CFA, CAIA, RICP
Chief Investment Officer (3D)
Freedom Investment Management