Over several decades, through both good and bad market cycles, Pring Turner Capital Group has delivered consistent returns without taking undue risk. In order to judge performance properly investors should not only ask, “What is your performance?” That is only half of the question. “How much risk did you take to generate that return?” is a more important question. Preservation of capital is especially critical with retirement dollars, where it is virtually impossible for retirees to re-build a nest egg that has been eroded by significant losses. There just is not enough time to ever be able to make it back.

One of the best ways for investors to judge risk-adjusted returns is examine how well an advisor handles difficult market environments. The most recent period beginning January 2000 containing two 50% bear markets provides an excellent benchmark to gauge portfolio risk management. We believe this century marked the beginning of a secular bear market, a pattern that can last up to twenty years where stocks under-perform.