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 | Trough DayLast Monday saw the S&P 500’s largest one-day decline since September 2022. While the selloff occurred quickly, we find that it was not out of the ordinary, as calendar years since 1985 have experienced a median peak-to-trough drawdown of –10%. Additionally, we find that –5% pullbacks have historically been good entry points, as the index has gone on to provide a median 6% return over the subsequent 3 months with positive returns in 84% of episodes. Article from gsam.com. Trough Day |  |
|  |  | Join Us for Legal Day at McKnight Advisory Group! 📆 Mark your calendar for August 30th, from 8am to 2pm, and take advantage of this opportunity to get expert advice on estate planning, living wills, and power of attorney. Reserve your 30-minute consultation with attorneys from Smith-Wright Law and gain the clarity you need to confidently plan your future. Click here to register today, and Retha will personally reach out to schedule your appointment—don’t miss your chance to secure your spot! |
|  | Stocks ended last week with modest losses, masking a volatile five-day trading period that saw investors embrace recession concerns and then dismiss the slow-down talk as speculation as the week progressed. The Dow Jones Industrial Average slipped 0.60 percent, while the Standard & Poor’s 500 Index ended flat (-0.04 percent). The Nasdaq Composite dipped 0.18 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 1.21 percent.1,2 Stocks Stage ComebackMonday was the worst day for the S&P 500 and the Dow in nearly two years. As recession talk grew louder, investors took a “risk off” position. On Monday, the Japanese market had its worst drop since 1987 as market participants unwound positions from a popular trading strategy called a “carry trade” amid a global sell-off in stock prices.3 But on Thursday, initial jobless claims fell less than expected—a positive sign for the labor markets—which quieted some of the recession talk. Also, as the week progressed, there was growing speculation that the July jobs report was more of an outlier than a lead indicator of a pending recession. By Friday’s close, all three major averages had regained most of the week’s losses.4 |  | |  | “When things go wrong, you'll find they usually go on getting worse for some time; but when things once start going right they often go on getting better.” – C.S. Lewis |  | Jack Daniel's Hidden TreasureThe story of Jack Daniel's Hidden Treasure is a fascinating legend from Lynchburg, Tennessee, intertwining the legacy of the famous whiskey distiller with local folklore. As the story goes, Jack Daniel, known for his meticulous nature and distrust of banks, converted much of his wealth into gold and secretly hid it in the wooded hills or limestone caves surrounding his distillery. Despite numerous attempts by treasure hunters, the exact location of the treasure still needs to be discovered. This enduring mystery has become a part of Lynchburg's cultural heritage, adding an extra layer of intrigue to the history of Jack Daniel and his iconic whiskey. |  | Divorce or Separation Can Affect Your TaxesThe first thing to consider is alimony payments. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include it in income. Alimony is not subject to tax withholding, so increasing the tax paid during the year may be necessary to avoid a penalty. The next thing to consider is IRA contributions. A divorce agreement by the end of the tax year means taxpayers can’t deduct contributions made to a former spouse's traditional IRA. They can only deduct contributions made to their own traditional IRA. Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. *This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov7 |  | 3 Yoga Poses for BeginnersThe first pose is a downward-facing dog used in most yoga practices. In it, you have your arms stacked under your shoulders, your bottom in the air, and your back legs straight. Your body is in the shape of an upside-down "V." The next is Crescent Lunge. Stand in a forward lunge with one foot in front and bent. Your back leg is straight. Now, straighten your arms and lift them over your head. This pose is often used in yoga flow classes. Last, we have the Triangle pose. Step your feet apart (wider than your shoulders). Then, hinge at your hip and lean over your front leg. Reach down with the same arm in front and rest it on the floor or a yoga block. Tip adapted from SELF Magazine8
|  | Grilled Peach and Pork TenderloinIngredients: - 1 pork tenderloin (about 1.5 lbs)
- 3-4 ripe peaches (halved and pitted)
- 2 tablespoons olive oil
- 2 tablespoons balsamic vinegar
- 2 cloves garlic (minced)
- 1 teaspoon fresh rosemary (chopped)
- 1 teaspoon fresh thyme (chopped)
- Salt and pepper to taste
Instructions: - In a small bowl, mix the olive oil, balsamic vinegar, garlic, rosemary, thyme, salt, and pepper.
- Marinate the pork tenderloin in this mixture for at least 30 minutes.
- Preheat the grill to medium-high heat.
- Grill the pork tenderloin for about 20-25 minutes, turning occasionally, until the internal temperature reaches 145°F. Remove from the grill and let it rest.
- While the pork rests, grill the peach halves for 3-4 minutes on each side until they are caramelized and slightly charred.
- Slice the pork tenderloin and serve with the grilled peaches on top.
|  | There are three cups of flour on a counter and you take one away. How many cups of flour do you have now? Last week’s riddle:A cat falls into a hole 14.5 feet deep. The cat can jump 3 feet high, but she slides back 1 foot with each jump. How many jumps does it take her to get out of the hole? Answer:Every 3-foot jump accompanied by a 1-foot slide equals jumps of 2 feet high each; at that rate, the cat’s seventh jump, starting at 12 feet, will leave her 15 feet above the bottom of the hole so that she may escape. |  |  | Hirosaki castle,Hirosaki, Japan |
| Footnotes and Sources
1.The Wall Street Journal, August 9, 2024 2.Investing.com, August 9, 2024 3.CNBC.com, August 5, 2024 4.The Wall Street Journal, August 8, 2024 5.The Wall Street Journal, August 8, 2024 6.The Wall Street Journal, August 9, 2024 7.IRS.gov, May 8. 2024 8.SELF Magazine, May 8, 2024 |
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