Investors are oftentimes confused and paralyzed at critical market turning points. Sudden news events and sensational media coverage add a crippling emotional dimension to the investment decision-making process that predictably derails the average investor. We view one of our most critical responsibilities, as a trusted investment advisor, is to inform and educate clients to make them more comfortable with their portfolios-especially during chaotic and unsettling periods. What was Pring Turner Capital Group telling clients at crucial market turning points of the last several years? We have summarized a few of our timely client newsletters and reports below. To read the full report simply click on the link.


- We believe we have witnessed the end of the second most vicious bear market of the last century. The stock market will climb a “wall of worry” even as unemployment worsens.
- We do believe the bottoming process is now complete and a durable bull market has begun.
  - We believe, after five months (and a lot of stomach-churning), we are finally completing the bottoming process.
- You have endured the worst market in over 70 years. The nightmare is ending. All of our work, indicators, and experience tell us the bottoming process is nearing completion
  - Clients have asked us the question, “Could this be a repeat of the 1930’s Great Depression?” In a word, NO!
- Not withstanding further short-term volatility and frustrations, we are setting up for a number of above average profitable years for the stock market.
  - The velocity of the [stock market] price decline has literally been historic.
- We do expect volatility to remain high a little while longer, then settle down before the market embarks upon a substantial multi-year advance.
  - The opening days of 2008 find the financial markets suddenly realizing an economic slowdown is taking hold and recession is on our doorstep.
- The oncoming recession is a painful mechanism that clears out the excesses of the previous business expansion.
- Expect the economic news to get a lot worse, but remember stocks always bottom long before the economy improves!
  - We think it appropriate for investors to heed Smokey the Bear’s famous “Be Careful” warning. Higher interest rates combined with the “tinder” of abusive lending practices in real estate and certain hedge funds could make for a volatile mixture and bears careful watching.
- In recent newsletters, we have pointed out the excesses in the housing sector and likely negative impact it will have on consumers and the overall U.S. economy. Right now, we are particularly cautious, and being prudent with your precious capital.
  - We repeat those concerns [coming economic slowdown] today and unfortunately think investors may have to stomach a few more “Maalox moments” in the months ahead.
- Housing Hangover – Over the last year, our quarterly newsletters warned a housing and real estate slowdown would eventually spillover to the rest of the economy.
- For now, our preference is to emphasize defensive portfolio tactics (quality and income!) to protect client wealth.
  - Nobody knows for sure when this (3 year) bear market will end, it is very long in the tooth, and I believe at a major turning point.
- There are a number of good reasons to be positive about the economy and the stock market looking ahead.
- Continue to believe we are at or near the bear market lows for this cycle.
- History shows just as day follows night, bull markets follow bear markets.
- In summary, the ingredients are in place for a sustained bull market to begin, if it hasn’t already.
  - The pendulum swung too far toward greed three years ago, and today it has swung too far toward fear. The pendulum swings both ways.
- It was a mistake to buy in April 2000, and it is a mistake to sell in July 2002.
- Strong market rebounds always follow intense levels of fear.
- The stock market model currently indicates the stock market is extremely undervalued by 32.4%, the most undervalued reading since 1980.
- This frustrating, highly emotional market will reverse directions and produce strong gains over the next twelve months.
  - Two worst years back to back for stocks since 1973-1974 as investors witnessed the bursting of an incredible and historic stock market bubble in technology. stocks, economic recession, September 11th, a new war against terrorism, along with financial accounting scandals.
- Your conservative portfolio grew during this tough period.
- Investors should see better news, a stronger economy, and generally favorable financial markets. Let the good times roll!
  - Recent action signals the end of the technology and internet mania and the beginning of a return to common sense and ‘old fashion’ value investing.
- The NASDAQ, home of the most intense speculation, fell a whooping 34% in just four weeks. And the Wilshire 5000 Index gave up in one week what it gained the prior twelve months!
- Money will actually go in search of real value. A steady course of proven time-tested investment principles will serve conservative investors well.
  - 1999, a strange year in which everything rational and common sense was upside down. Fundamentals did not matter.
- High expectations are absurd in the technology and big cap sectors, and if those expectations are not met, look out!
- 2000 will be the reality reconnect, the year value investing counts.
  - (Technology) sector is in the midst of a dangerous mania.
- We have elected not to participate in the areas that are best described as speculative and outright crazy, i.e. the technology and dotcom rage.
- It is going to hurt many people whom have no idea the risks they are taking on.
- We are quite concerned with the extreme exuberance and mania-like behavior of speculators as they chase the technology and internet stocks. 		     
 
      
                 
   
     
 
 


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