It’s almost enough to just leave this letter blank, since the challenges that have presented themselves this year have touched almost every corner of the population in some way, shape or form and left most of us simply speechless (well, obviously not us, but you get the point).
Nevertheless, let’s glance at some highlights:
• January 11th: Bank of America buys Countrywide Financial
• March 14th: For the first time since the 1930s, the Federal Reserve extended its discount window to a non-depository institution.
• March 15th: The Federal Reserve rescued Bear Stearns in conjunction with JP Morgan Chase.
• July 3rd: Oil reached a record high of $145.29 on July 3rd. It has since fallen 70.42% to $42.97, and has gone as low as $31.41.
• September 15th: Merrill Lynch is sold to Bank of America.
• September 15th: Lehman Brothers goes bankrupt.
• September 26th: Washington Mutual is the biggest bank failure in US history, with the Federal Reserve facilitating the sale to JP Morgan Chase.
• November 5th: The first African American president in US history is elected.
• November 20th: The S&P 500 reached its lowest point in 11 years, down 48.8% for the year (on a more positive note, it has risen 20% since then!)
• December 31st: DeMoss Capital wished you a VERY HAPPY NEW YEAR!
In the spirit of keeping things short, I’ve left out quite a bit, however it helps me drive home a point that I feel is important to remember. Challenges are here, and challenges remain, but OPPORTUNITY is greatest in times such as these.
In fact, it was Albert Einstein that once said “In the middle of difficulty lies opportunity.”
On that note, I again wish you all a very happy new year!
John DeMoss
Psalm 118:6
“The Lord is for me; I will not fear; What can man do to me?”