Jamestowne Investments News Winter 2018

NEWS

a life well planned is a life well lived

The Captain’s Log Winter 2018

As we approach the year’s end, 2018’s stock market and investment experience will be remembered in the chronicles of history as a period of high standard deviations and above average volatility. Early in the year investors were euphoric with great optimism for continued unidirectional market growth based on the bakedin certainties of consistently strong corporate earnings and the newly befallen benefits of corporate and personal tax reform. Now, late in the 4th quarter and alongside the inevitable onset of Winter, we find ourselves less economically giddy and perhaps even somewhat concerned over the sustainability of our domestic and global economic expansion.

What happened to our end of 2017 collective over-abundance of optimism? The well from

which we drew our mathematical certainties and foregone conclusions of continued global expansion seems to have suddenly run a pinch dry. Every bit as intriguing, how can the thunderous economic momentum which drove us confidently into 2018 shift abruptly without a percussing blink? The great lessons of 2018 do not lie in the cautionary tales of over exuberance and irrational expectations; they are not hidden in the “because it has been therefore it will always be” misguided logic; and they are not nesting in the naivete of excessive optimism. The learning opportunities of 2018 are embedded soundly in a quote from John C. Bogel Founder of The Vanguard Investment Group, “The stock market is a giant distraction to the business of investing.” (continued on next page)

What’s Inside: The Captain’s Log Fraud Prevention Tips Recipe Corner The Holiday Wrap-up 2018 - Things to be Thankful for In the Community

We are here for you through all your life’s events.

Ensure your financial plan addresses all of your life’s events.

A life well planned is a life well lived.

A MESSAGE FROM CLAYTON Your Trusted Advisor

continued from 1st page

The Stock market is a giant distraction to the business of investing? Wow; prolific, and perfectly timed to both define and bring comfort to the volatility of 2018. The business of investing is the business of building and sustaining wealth. It is not an easy business nor is it always a fun business; however, it can be an unbelievably rewarding business when time tested and proven investing principles and trade executions converge towards the the apogee of wealth creation.

According to Mr. Bogel’s “The Little Book of Common Sense Investing”, since 1929 our Nation’s nominal GDP has grown at an average annual rate of 6.2 percent and as if by design the annual pretax profits of our Nation’s corporations have grown since 1929 at an average annual rate of 6.3 percent. Applying the Rule of 72, with a 6.3% expected long-term average growth rate you as an investor would expect to double your money once every 11.5 years.

This concept at its core is the “Business of Investing” and the business of investing is the business of building and distributing

CLAYTON JAMES FINANCIAL ADVISOR

wealth.

Yes 2018 was volatile and at times outright uncomfortable.

Accurately forecasting and reacting to short-term market swings has proven to always be a losing proposition. On the contrary, participating in the long-term growth of the American economic engine has produced significant odds of success and has over the decades created great individual investor wealth and opportunity.

My very best to you and your entire Family during this Holiday Season. At Jamestowne Investments, we are truly blessed to have the great opportunity to walk beside you in the journey of your personal investment experience and lifetime wealth creation.

Clayton W. James, CFM, AAMS Managing Director

Fraud Prevention Tips...

No, That is Not the I.R.S. Calling

Watch out for crooks impersonating IRS agents (and other financial professionals)

Do you know how the Internal Revenue Service contacts taxpayers to resolve a problem? The first step is almost always to send a letter through the U.S. Postal Service to the taxpayer.1 It is very rare for the I.R.S. to make the first contact through a call or a personal visit. This happens in two circumstances: when taxes are notably delinquent or overdue or when the agency feels an audit or criminal investigation is necessary. Furthermore, the I.R.S. does not send initial requests for taxpayer information via email or social media.1 Now that you know all of this, you should also know about some of the phone scams being perpetrated by criminals claiming to be the I.R.S. (or representatives of investment firms).

Scam #1: “You owe back taxes. Pay them immediately, or you will be arrested.”

Here, someone calls you posing as an I.R.S. agent, claiming that you owe thousands of dollars in federal taxes. If the caller does not reach you in person, a voice mail message conveys the same threat, urging you to call back quickly.1

Can this terrible (fake) problem be solved? Yes, perhaps with the help of your Social Security number. Or, maybe with some specific information about your checking account, maybe even your online banking password. Or, they may tell you that this will all go away if you wire the money to an account or buy a pre-paid debit card.

These are all efforts to steal your money.

This is over-the-phone extortion, plain and simple.

The demand for immediate payment gives it away. The I.R.S. does not call up taxpayers and threaten them with arrest if they cannot pay back taxes by midnight.

The preferred method of notification is to send a bill, with instructions to pay the amount owed to the U.S. Treasury (never some third party).1 Sometimes the phone number on your caller I.D. may appear to be legitimate because more sophisticated crooks have found ways to manipulate caller I.D. systems. Asking for a callback number is not enough.

The crook may readily supply you with a number to call, and when you dial it someone may pick up immediately and claim to be a representative of the I.R.S., but it’s likely a co-conspirator – someone else assisting in the scam. For reference, the I.R.S. tax help line for individuals is 1-800-829-1040. Another telltale sign; if you ever call the real I.R.S., you probably wouldn’t speak to a live person so quickly – hold times can be long.1

••

NO, THAT IS NOT THE I.R.S. CALLING (CONT.)

Scam #3: “I made a terrible mistake; you must help me.” In this scam, a caller politely

informs you that the U.S. government is issuing supplemental Social Security payments to seniors next year. Do you have a bank account? You could enroll in this program by providing your account information and your Social Security number.

Oh no, wait! The caller now tells you that they’ve made a huge mistake while inputting your account information – and your account was accidentally credited with a full payment even though you were not enrolled. The distraught caller will now attempt to convince you that they will lose their job unless you send over an amount equal to the lump sum they claim was mistakenly deposited. If you refuse, the caller may have a conversation with a “boss” who demands that money be withdrawn from your account.

Scam #4: “The I.R.S. accidentally gave you a refund.” In this sophisticated double-cross, thieves steal your data, then file a phony federal tax return with your information and deposit a false refund in your bank account. Then, they attempt to convince you to pay them the money, claiming they are debt collectors working for the I.R.S. or I.R.S. agents.

Scam #2: “This is a special offer to help seniors manage their investments.” Yes, a

special offer to become your investment advisor, made by a total stranger over the phone. Of course, this offer of help is under the condition that you provide your user I.D. and password for your brokerage account or your IRA.2

No matter how polite and sweet the caller seems, this is criminal activity. Licensed financial services industry professionals do not randomly call senior citizens and ask them for financial account information and passwords – unless they want to go to jail or end their careers.

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Should anyone call and try to trap you with one of these scams, hang up. Next, report the caller ID and/or callback number to the I.R.S. at phishing@ irs.gov with the subject line “I.R.S. Phone Scam.”

You can also notify the Department of the Treasury (treasury.gov) and the Federal Trade Commission (ftccomplaintassistant.gov); list “I.R.S. Telephone Scam” in the notes. Regarding scam #4, if you really do receive an erroneous federal (or state) tax refund, you should notify your tax professional about it as soon as you can and arrange its return. You may also need to close the involved bank account if you sense you have been victimized.1,3 1 - irs.gov/newsroom/irs-continues-warning-on-impersonation-scams-remindspeople-to-remain-alert-to-other-scams-schemes-this-summer [5/31/18] 2 - money.usnews.com/money/retirement/aging/articles/2018-05-09/10-financialscams-to-avoid-in-retirement [5/9/18] 3 - forbes.com/sites/kellyphillipserb/2018/02/13/irs-issues-urgent-warning-on-newtax-refund-scam-and-its-not-what-youd-expect [2/13/18]

Recipe corner Brunswick Stew From the cookbook Virginia Hospitality: A Book of Recipes From 200 Years of Gracious Entertaining is the Brunswick Stew recipe I have used for years. Stew is always best when the flavors are given time to meld together so I will make mine the day before serving. This recipe easily doubles and triples for larger groups. Enjoy!

Clayton James

Ingredients 1 whole chicken, cut up 1 onion, quartered 2 ribs celery, diced 1 teaspoon salt 1/4 teaspoon pepper 16 ounces white shoepeg corn 10 ounces frozen small butterbeans 1 pound canned tomatoes 2 small potatoes, cubed (I double or triple that amount) 1/3 cup ketchup 2-3 Tablespoons vinegar 1 Tablespoon brown sugar 1 teaspoon Worcestershire sauce 1/2 teaspoon Tabasco 1/4 teaspoon marjoram 2-3 Tablespoons butter (NOTE: Sometimes we shake a few drops of Liquid Smoke into the pot for an extra smokey flavor)

Preparation Place chicken in Dutch oven and add enough water to cover well. Add onion, celery, salt, and pepper. Boil until chicken comes off bones easily. Remove chicken to cool and add corn, butterbeans, tomatoes, potatoes, ketchup, and vinegar; cook 2 hours or until tender. Remove chicken from bones and discard the skin/fat - add to vegetables along with Worcestershire sauce, Tabasco, marjoram, and butter, smoke. Serves 6-8.

Note: Vary amount of water for thick or soupy stew. Add a cube of chicken bouillon after the first or second serving.

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A look back at 2018 thus far The year in brief. Last December, market prognosticators polled by Barron’s forecast a 7% advance for the S&P 500 in 2018. That prediction may come true. By early November, the S&P was up only about 5% for the year. Wall Street began 2018 in rally mode: happy to see large tax cuts for corporations, anxious to see whether a booming economy would lead to rising inflation pressure and recurring interest rate hikes. What Wall Street did not see coming late in 2017 were the 2018 trade wars involving the U.S., China, Canada, and the European Union; appreciable headwinds emerged as punitive tariffs were placed on various imports. The fundamentals of the economy remained strong, but bulls faced challenges as the year proceeded.1,2 Domestic economic health. If the economic recovery from the Great Recession was not at its peak in 2018, it certainly seemed close. After expanding at a middling 2.2% pace in the first quarter, the economy grew 4.2% in Q2 and 3.5% in Q3. (That Q2 GDP reading was the best in nearly four years.)3 The ranks of the unemployed thinned further. The headline jobless rate dipped below 4% in the first half of the year, then declined from 4.0% to 3.7% across the five months ending in October. The U-6 rate, tracking the unemployed plus the underemployed, was 8.0% when 2017 ended; ten months later, it was down at 7.0%.4,5 Personal spending data also affirmed the strength of the economy. In the first three quarters of the year, it contracted just once (0.1% in February). From March through September, consumer spending rose 0.4% or better every month.6 Households were especially confident in 2018, as the two most well-regarded monthly consumer sentiment indices pointed out. During the first ten months of the year, the University of Michigan’s index topped 100 twice (March, September) and fell below 96 only once (January); its historical average reading is 86.4. The Conference Board’s monthly gauge has been trending upward ever since a slight dip to 111.6 at the start of 2017; it spent the first ten months of 2018 climbing from 125.4 to 137.9, indicating widespread optimism.7,8

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A look at the Institute for Supply Management’s purchasing manager indices for the service and factory sectors shows an economy running on all cylinders in 2018. These two indices, watched worldwide, indicate sector growth when they are above 50 and sector contraction when they are below 50. ISM’s factory PMI hit a remarkable peak of 61.3 in August, and in October, it was at 57.7 (actually, its second-lowest mark of the year). ISM’s service sector reached a record 61.6 in September and came in at 60.3 for October; its YTD low was 55.7 in July.9,10 The 10-year Treasury yield hit 3.0% on April 24, and in the fall, it drifted between 3.0%-3.3%.

The federal government’s Consumer Price Index showed yearly inflation at 2.1% in January; in June and July, it reached 2.9%. By September, however, falling fuel costs had helped moderate annualized inflation to a rate of 2.3%.11,12 2018 was a year of major tariffs, instituted mainly in spring and summer. June 1 saw the U.S. put tariffs and quotas on $48 billion of metals imports from Canada, Mexico, and the European Union. A month later, America put $50 billion in tariffs on assorted Chinese imports, triggering an import tax response on American goods by the P.R.C. ($50 billion in immediate response and an additional $60 billion in August). It was also a year in which a major trade pact started to come together: the United States-Mexico-Canada Agreement (USMCA), informally referred to as NAFTA 2.0. It could be in place by early 2019, if approved by the legislative bodies of all three nations. The accord could bring more manufacturing jobs to America, especially in the auto industry.13,14 In November, the federal funds rate was between 2.00% and 2.25%, a percentage point higher than it was a year earlier. The Federal Reserve, now in the Jerome Powell era, was widely expected to make its fourth quarter-point hike of 2018 in December.2,15 Global economic health. 2018 may be remembered as a year of deceleration for key economies outside North America. By October, China was on pace for 6.5% annual growth, and its Q3 growth pace of 1.6% represented its weakest quarter in nearly a decade. The nation’s export orders declined to a low unseen since early 2016 as fall started, and the nation’s powerful manufacturing sector was nearly contracting. The yuan also slipped to its weakest level since 2008 versus the dollar.16,17 While euro area joblessness was at a 10-year low of 8.1% at the end of the third quarter, the rate of economic expansion halved in the European Union during the same three months, with consumer inflation ticking up from 2.1% to 2.2% as the fourth quarter began. The European Central Bank announced plans in December to conclude its long-running economic stimulus.17,18 World markets. On the whole, our stock indices fared much better than their peers overseas. In early November, nearly every consequential European index was in the red, YTD. The Stoxx Europe 600 was down 6.8%. France’s CAC 40 was 4.5% lower on the year; Germany’s DAX, 11.1%. Italy’s FTSE MIB was down 11.8% YTD; Spain’s IBEX 35, 10.5%; United Kingdom’s FTSE 100, 8.4%. India’s Sensex was the only Asia-Pacific index displaying a YTD gain, an advance of 2.7%. South Korea’s Kospi had slumped 15.3% for the year; the Philippines’ PSEi, 16.1%; Hong Kong’s Hang Seng, 12.7%; China’s Shanghai Composite, 19.6%. Australia’s All Ordinaries was off just 3.4% for the year, and Japan’s Nikkei 225, only 2.7%. Canada’s TSX Composite and Mexico’s IPC All-Share were respectively 5.7% and 6.1% lower for the year in early November. Bucking the global trend, Brazil’s Bovespa was up 16.1% YTD, and Argentina’s Merval had posted a 3.0% YTD advance.19 Commodities markets. The U.S. Dollar Index had gained 5.5% for the year through early November, and that dollar strength was among the factors weighing on commodity performance during 2018. In the second market week of November, gold had lost 7.9% for the year to fall to $1,227.40 on the COMEX; silver, 16.6% to $14.56. Copper was down 18.1% YTD and platinum, 8.2% YTD. Palladium was an exception, posting a 7.1% YTD improvement. WTI crude displayed a 6.0% YTD advance through early November with a value above $61 a barrel

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on the NYMEX. Natural gas emerged as one of 2018’s best performers, up 17.7% for the year during the first full market week of November. Simultaneously, cocoa stood out among the softs with a 22.8% YTD gain; cotton was up 6.0% YTD. Unfortunately, sugar and coffee were respectively 17.1% and 15.4% lower on the year.2,20 Real estate. Expectations of sellers and buyers differed in 2018, and that difference affected the pace of existing home sales. Prospective buyers found few affordable properties and went to the sidelines; sellers waited a little longer for their homes to move. Resales declined 4.1% over the 12 months ending in September, by the estimation of the National Association of Realtors. Additionally, mortgage rates approached 5% in the fall: the average rate on a 30-year home loan, according to Freddie Mac, was 4.83% on November 1. That compares with 3.95% on January 4.21,22 New home sales also cooled. They were down 13.2% year-over-year through September, according to Census Bureau data. Even so, residential construction activity did not exactly taper off during this time: another Census Bureau report shows a 3.7%, 12-month rise for housing starts through September, albeit a 1.0% slump for building permits.23,24 Looking back, looking forward. This year marked the return of significant volatility. The S&P 500 has seen two corrections (February, October), yet it also reached all-time peaks (at this writing, its last record close was on September 20). While the residential real estate market is showing signs of weakness, other economic gauges are still strong, which gives investors something to be bullish about for the holidays. At this writing, 2018 will likely be remembered as a slightly subpar year for equities, but who knows – this very old bull market might just gain some fresh legs as we proceed toward 2019.25

1 - tinyurl.com/y9abml5d [12/9/17] 2 - markets.wsj.com/us [11/7/18] 3 - tradingeconomics.com/united-states/gdp-growth [11/6/18] 4 - ncsl.org/research/labor-and-employment/national-employment-monthly-update.aspx [11/6/18] 5 - ycharts.com/indicators/us_u_6_unemployment_rate_unadjusted [11/7/18] 6 - tradingeconomics.com/united-states/personal-spending [11/6/18] 7 - tradingeconomics.com/united-states/consumer-confidence [11/6/18] 8 - investing.com/economic-calendar/cb-consumer-confidence-48 [11/6/18] 9 - instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm [11/5/18] 10 - instituteforsupplymanagement.org/ISMReport/MfgROB.cfm [11/1/18] 11 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2018 [11/6/18] 12 - tradingeconomics.com/united-states/inflation-cpi [11/6/18] 13 - washingtonpost.com/news/monkey-cage/wp/2018/09/13/for-donald-trump-it-was-a-summer-of-tariffs-and-more-tariffs-heres-where-things-stand [9/13/18] 14 - csmonitor.com/Business/2018/1105/NAFTA-2.0-what-the-Trump-brokered-deal-may-mean [11/5/18] 15 - arkansasonline.com/news/2018/nov/06/fed-interest-rate-increase-viewed-as-li/ [11/6/18] 16 - cnbc.com/2018/10/19/china-q3-gdp-china-posts-economic-data-amid-trade-war-with-us.html [10/19/18] 17 - bloomberg.com/news/articles/2018-11-02/a-synchronized-slowdown-is-looming-world-economy-this-week [11/2/18] 18 - ec.europa.eu/eurostat/web/main/home [11/7/18] 19 - online.wsj.com/mdc/public/page/2_3022-intlstkidx.html [11/6/18] 20 - barchart.com/futures/performance-leaders?viewName=chart&timeFrame=ytd [11/7/18] 21 - ycharts.com/indicators/existing_home_sales [11/7/18] 22 - freddiemac.com/pmms/archive.html [11/7/18] 23 - 247wallst.com/housing/2018/10/24/september-new-home-sales-plummet-prices-remain-nearly-flat/ [10/24/18] 24 - census.gov/construction/nrc/pdf/newresconst.pdf [10/17/18] 25 - tinyurl.com/y7egwdqf [10/25/18]

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2018 - Things to be Thankful for...

Boutique Independent Firm versus Large National Firm As we celebrate the season of thankfulness, I would like to a moment to make a few points about our business structure for which I am thankful and appreciative. The Investment Services business, like many service-oriented businesses, has many organizational options and structures. Like a law or accounting firm, an investment practitioner can choose to affiliate with a large corporate wire house, a mid-sized regional firm, or an independent “boutique” broker dealer.

Have you ever wondered what (if any) are the structural and service advantages to you for dealing with an independent “Boutique” investment services firm like Jamestowne Investments? It turns out there are tremendous client centered advantages in the small firm world. Having spent the early part of my career with two national firms, I would like to briefly bring to light the major client focused advantages to dealing with an independent “Boutique” firm. It turns out the differences are way more in-depth than you may at first perceive.

Large wire house brokerage firms exist to serve one group of people – the shareholders of the firm. Every recommendation, selling agreement, and specific product offering must pass through the “how does it benefit the firm” filter prior to being added to the “allowable to sell” list. Because of their size, large firms push enormous volumes of business through their sales desks to create the revenue needed to cover the overhead and drive their stock price. Boutique firms do not have the limitations and pressures enforced by the large institutions. Because of our clearing and custodial relationships, we have access to the entire universe of investment products and services

and we have complete autonomy to find the best, most efficient, and most appropriate products for each client’s specific need and situation.

Being a Fiduciary representative means always putting the client’s best interest ahead of the Broker and the Firm’s best interest. In other words, it means always doing was is best for the client regardless of all other circumstances. By definition, wire house brokers cannot act as Fiduciaries because the large firm’s best interest has already trumped the best interest of the client. On the contrary, firms like Jamestowne Investments always have the full capacity to operate as a fiduciary. When evaluating the client’s circumstances, needs, and desires, we have the unlimited ability to seek out the absolute best and most appropriate solutions for the client's specific circumstances.

In order to conduct my business and provide concierge level client experiences, I am grateful to have the opportunity to be affiliated with Prospera Financial, LLC. (Our Broker/Dealer) and First Clearing, LLC. (Our Clearing Firm). These two firms provide access to industry leading research, world class product, and unparallel account management support – all of which helps me deliver the absolute best investment platform and client experience to you.

Have a fantastic holiday season and let’s continue to work for a profitable and productive 2019.

Clayton W. James, AAMS, CFM Managing Director

Jamestowne Investments is proud to be associated with Prospera Financial Services, a six-time Broker-Dealer of the Year.

Investment Advisor magazine, 2018, 2015, 2014, 2012, 2010, 2009, Division I. A broker-dealer becomes eligible for this honor only after a minimum of 10% of its producing rep-advisors cast valid ballots. The ballots rate the broker-dealer in 15 different categories defined by Investment Advisor as relevant challenges and concerns. Broker-dealers receiving the highest marks in each of four divisions are declared Broker-Dealer of the Year.

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In the Community Jamestowne Investments Educational Series Spring 2019 Clayton will continue teaching the Lifelong Learning educational series in the spring semester at the following institutions: • The College of William & Mary- Christopher Wren Society/Osher Lifelong Learning Institute • Rappahannock Community College- Institute of Lifelong Learning •

Demystifying the Stock Market - How to Become a Confident Investor: Investors are rapidly becoming more interested in and engaged in management and decisions regarding their finances, wealth management and investments. This course is designed for those who wish to learn the basics of finances, wealth management, asset allocation and income generation.

Rosewell- An Overview and History of Colonial America’s Most Magnificent Mansion: With its 300 year history, the Rosewell Ruins in Gloucester County, VA. exist today as a relic of America’s fabled past. From the earliest Native Americans to the post-civil war industrialization, American history was forged at Rosewell. This course will take a chronological walk through the history of Rosewell and discover why Rosewell today stands as one of America’ most important historical sites and is referred to as America’s Magnificent Ruins.

If you are interested in attending either of these educational opportunities, please visit each respective college’s websites for class information.

Newsletter Disclosures Securities and advisory services offered through Prospera Financial Services, Inc. Member FINRA, SIPC. 5429 LBJ Freeway, Suite 400 - Dallas, TX 75240 This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. The information herein has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. Indices do not incur management fees, costs and expenses, and cannot be invested into directly.

All economic and performance data is historical and not indicative of future results. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is a market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Nikkei 225 (Ticker: ^N225) is a stock market index for the Tokyo Stock Exchange (TSE). The Nikkei average is the most watched index of Asian stocks. The MSCI World Index is a free-float weighted equity index that includes developed world markets and does not include emerging markets. The CAC-40 Index is a narrow-based, modified capitalization-weighted index of 40 companies listed on the Paris Bourse. BSE Sensex or Bombay Stock Exchange Sensitivity Index is a value-weighted index composed of 30 stocks that started January 1, 1986. The All Ordinaries (XAO) is considered a total market barometer for the Australian stock market and contains the 500 largest ASX-listed companies by way of market capitalization.

The Hang Seng Index is a free float-adjusted market capitalization-weighted stock market index that is the main indicator of the overall market performance in Hong Kong. The MSCI Emerging Markets Index is a float-adjusted market capitalization index consisting of indices in more than 25 emerging economies. The FTSE 100 Index is a share index of the 100 most highly capitalized companies listed on the London Stock Exchange. The S&P/TSX Composite Index is an index of the stock (equity) prices of the largest companies on the Toronto Stock Exchange (TSX) as measured by market capitalization. The SSE Composite Index is an index of all stocks (A shares and B shares) that are traded at the Shanghai Stock Exchange. The DAX 30 is a Blue Chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. The Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. The CBOE Volatility Index® is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. MarketingPro, Inc. is not affiliated with any person or firm that may be providing this information to you. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

No, That is Not the I.R.S. Calling Quarterly Economic Update The Holiday Wrap-Up

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JAMESTOWNEINVESTMENTS.COM 263 MCLAWS CIRCLE | SUITE 101 | WILLIAMSBURG, VA 757.941.5150

By providing the highest level of customer service and communication, we strive to personally guide and inspire each client’s unique journey towards financial success, investment confidence, and fiscal well-being.

Securities and advisory services offered through Prospera Financial Services, Inc. Member FINRA/SIPC.