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Turkey Hit with More Than a Tweet…
We know the meme has your attention because you’re looking for an update on how Dave’s doing out in the wilderness, but you’ll have to read to the end of our blog post for that! First we want to take a look at Turkey.
The Turkish Lira
As you’ve likely seen in the news, Turkey’s currency, the lira, has taken a serious tumble this past week. The fall was ignited by Trump’s approval of doubling steel and aluminum tariffs on Turkey. This sanction was imposed as a tactic to get a U.S. pastor, on trial and held against his will in Turkey, home safe to North Carolina.
While these sanctions may have pushed Turkey’s financial crisis over the edge, we cannot ignore the other factors that contributed to Turkey’s recent volatility. For example, Erdogan’s influence over the country’s central bank and more specifically his decision to keep interest rates low while inflation has moved higher.
The speed at which Turkey’s currency and stock market have lost value is certainly eye catching, but Turkey has been at risk of over-heating for a long time with double digit inflation and a large trade deficit.
What does our Portfolio Management Team have to say? Our Associate Portfolio Manager, Eitan Boral, CFA reports that “We only manage one strategy with global equity exposure, and Turkey only accounts for a very small fraction of the portfolio’s regional makeup (only 0.07%). We are making no changes at this time, but will continue to monitor the situation closely.”
Where in The Wilderness is Dave Armstrong?
Dave is on Day 4 of his hike of the Pacific Coast Trail. If you missed last week’s blog post, that’s where you can read all about his trip.
According to the map, his GPS tracker, and Google Images, his view was something like this today:
This is a photo of Forester Pass, 13,200 feet above sea level. Although it’s not Dave’s photo, we’re sure he enjoyed a similar view and the sense of accomplishment that comes with crossing the highest point along the Pacific Crest Trail.
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Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Monument Wealth Management), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. All indexes referenced are unmanaged and cannot be invested into directly. The economic forecasts set forth may not develop as predicted. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Monument Wealth Management. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Monument Wealth Management is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Monument Wealth Management’s current written disclosure statement discussing our advisory services and fees is available for review upon request.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Monument Capital Management, LLC [“Monument”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Monument. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. No amount of prior experience or success should be construed that a certain level of results or satisfaction will be achieved if Monument is engaged, or continues to be engaged, to provide investment advisory services. Monument is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice.
A copy of the Monument’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.monumentwealthmanagement.com/disclosures. Please Note: Monument does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Monument’s website or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your Monument account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your Monument accounts; and, (3) a description of each comparative benchmark/index is available upon request.
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