Investment manager, financial plannerMr. Limoges, President of Limoges Investment Management PC, has achieved an unusual combination of advanced professional credentials which provide him with a well-rounded perspective on investments and personal finance. His professional designations include the Chartered Financial Analyst designation (CFA—...awarded in 1990), Certified Financial Planner (CFP™—awarded in 1986), and is enrolled to practice taxation before the IRS (“Enrolled Agent”—awarded in 1989). Mr. Limoges has an undergraduate degree in Finance and Banking from the University of Arkansas (1976). He began his financial planning career in 1985 and has been providing high quality financial services in Vancouver, Washington and Portland, Oregon since 1987.The CFA designation is awarded by the Institute of Chartered Financial Analysts after completion of a rigorous three-year program concentrating on professional ethics, financial accounting, economics, equity and fixed-income security analysis, and portfolio management techniques. Mr. Limoges provides portfolio management, investment analysis, and financial planning and consulting services to individuals, trusts, and retirement plans.A former IRS tax auditor with over 20 years of tax accounting experience, Mr. Limoges has an extensive tax background which serves as one of the cornerstones for offering effective personal financial consulting.Mr. Limoges is a member of the CFA Institute, the Portland Society of Financial Analysts, the Clark County Estate Planning Council (Past President), the Financial Planning Association (national), the Financial Planning Association of Oregon and Southwest Washington, the Fort Vancouver Lions Club (Past President), and the Greater Vancouver Chamber of Commerce.Craig is a Navy veteran, having served as a Radar Intercept Officer (RIO) in the back seat of the F-14 Tomcat. More

Quarterly Review January 2018

Taxes Go Down, Markets Go Up

A Financial Teeter Totter
Riding on the tailwinds of modest, sustainable growth, low inflation, and an ever-slightly-improving jobs picture, the markets were presented (slathered, really) with icing on the cake in the form of the tax package passed in December. 
Let's take a moment to review how various indices fared for the past quarter and for the year:

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Quarterly Review October 2017

Markets Steam Ahead Despite Natural Disasters and Political Chaos

With apologies to the U.S. Postal Service, it seems that none of the hurricanes, fires, geopolitical nuclear threats, the hacking and release of critical personal information of probably everyone reading this, alleged Russian influence on the presidential election, or a restive domestic political circus could keep stocks from their appointed gains. While any of the above could have derailed the consistency of the advancing markets, ultimately none could thwart the upward march for long. With a tailwind made up of low inflation, modest but sustainable growth, and improved corporate profits, the economic climate was ideal for continued stock gains. These factors overshadowed the political chaos and natural disasters we have been experiencing. 

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Quarterly Review July 2017

Markets Ignore Political Drama

While headlines coming out of Washington continue to sow angst for some, the economy has continued to post a modest but positive rate of growth and the stock market has continued its upward trend established since last Fall's election.The pieces of the jigsaw puzzle that make up the overall economy and markets are largely in place to make for a pretty nice picture, resulting in enough confidence to override other concerns.

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Quarterly Review April 2017

Stocks Surge Again: Is There Steam Left?

The optimism of the previous (fourth) quarter carried over into the new year, with stock indices posting all-time highs. The gains notched in the first quarter would, in many years, be considered normal for an entire year. Most of the gains took place in the first two months of the quarter as a continuation of what has been called the "Trump Bump". Stocks had been riding the coattails of continued modest but sustainable economic growth. Anticipation for federal spending and regulatory changes has continued that momentum. Enthusiasm waned in March as the expectations for change collided head on with a divided Republican party and the inability to pass new health care legislation. The upcoming proposed tax law changes and the conflict between promised infrastructure spending and deficit spending and the debt limit could create a headwind for the new administration. Even though the Republican party controls the White House, the House, and even the Senate, political fractures have limited legislative results. President Trump has made liberal use of Executive Orders to accomplish a laundry list of actions he promised, but that has its limits. The President will increasingly confront the hard issue of what can and cannot be done based solely on his will. He will need the support of Congress for more sweeping changes. This is not to say the party is definitely over. The potential for economic stimulation is still out there, if a way can be found without creating massive deficits.

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Quarterly Review January 2017

Markets Play Trump Card

With pomp, splendor, and much uncertainty, our country inaugurated a new President this past week. Our country remains divided nearly evenly between those celebrating the election and those who are texting "OMG". While President Trump pushes for change, many within his own party are feeling that their political dynasty-thinking and their sense of control over the political process is being threatened. With the sealing of the process complete, let's hope for the best. At a minimum it will be interesting to see how the political circus plays out. It is sure to be quite a show.

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Quarterly Review October 2016

Can We Vote Early and Just Be Done With It?

The media is saturated with political coverage, displacing the reality of human existence. Sometimes you have to stake your claim on your own common sense and sanity by turning off all sources of media before you begin to think that the sunrises and sunsets are commanded by whatever one candidate has said about another. Not that it is unimportant, but it would be nice to just get this insane election year over with and move on. Regardless of the media's fanning of the flames of discontent, we will survive as we have in the past.

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Quarterly Review July 2016

Market Reaches All-Time High Amid Turmoil

Sometimes you just have to shake your head. With England having voted to leave the European Union (the "Brexit"), hostilities continuing in the Mid East, negative interest rates spreading across the globe, and violent acts of atrocity occurring with seemingly increased frequency both here and abroad, the U.S. stock market has charged through bouts of volatility into all-time high territory. Bond prices have also soared, driving bond yields ever lower.

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Quarterly Review April 2016

Improvements Here, Still Not So Great Overseas

The year started out very much like last year—but for different reasons. This year experienced a January selloff—then a recovery to nearly all-time market highs. It took some time for markets to make it into the black. In fact, it wasn't until March 17th that the Dow Jones Industrials Average crawled its way into the plus column.

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Quarterly Review January 2016

A Tummy Tickler

Just like the feeling we get when a fast-moving car crests a rise in the road and begins downhill, the markets have given us a "tummy tickler" for the past several weeks. After six consecutive years of churning out gains, we reached a short-term crest and have witnessed a decline. This hasn't been anything to cheer about or to make one want more.It has given the average investor a bit of an unwanted thrill. We are likely to return to a more stable road as bargain-buyers return to the market.

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Quarterly Review October 2015

Rocky Quarter The Pause That Refreshes?

There's no getting around it: last quarter was a bit like a Mad Hatter's tea party—or Mr. Toad's Wild Ride, if you prefer. Many factors converged to shake up the markets: China's surprise devaluation of their currency and their stock market's abrupt return to earth; concerns about US growth that cast the impending interest rate increase in limbo; oil prices declining below $40 per barrel; a selloff in biotech and healthcare stocks; concern about a global slowdown in economic activity. There are many things to point to as causes for the 6-week correction that took down the Dow Jones Industrial Average by 13.5% and the S&P 500 index by 11.9%. 

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Quarterly Review July 2015

Back To The Starting Point

Not to be mistaken as a complaint, but the U.S. economy offers few reasons for volatility. We have had to look elsewhere (Greece, China, Puerto Rico) for a directional spark. Our own economic growth rate has a bad case of anemia and anything that might be considered a robust surge in employment is so far on the horizon that we might mistake it for Chimney Rock on the distant plains of western Nebraska. Is this all that bad?

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Quarterly Review April 2015

Is Fuel For The Stock Rally Declining?

Sometimes the markets offer a perfect illustration of contrasts. While here in the U.S. we have been experiencing steady economic growth, the Eurozone has been firmly entrenched in a recession. Our stocks were flat this quarter, yet the Eurozone's stocks reached a 15-year high. Go Figure.

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  • Limoges Investment Management PC
  • 10000 NE 7th Ave, Suite 205
  • Vancouver, WA 98685

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