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<p>Since our founding in 1979, we have continually tracked the performance of brokerage stocks as they have been consistent leading indicators over the past four decades. Brokerage stocks tend to decline ahead of the market in major consolidations due to their perceived sensitivity to interest rates and investor sentiment. In order to simplify and more accurately track these stocks, we created our InvesTech Brokerage Composite.</p>
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<p>As shown in the graph below, our Brokerage Composite started to diverge from the S&amp;P 500 Index before each of the past five bear markets. The lead time provided by this tool can vary, but the end results of its signals are ultimately consistent. As such, when persistent and significant underperformance emerges in the Brokerage Composite, it cannot be ignored.&nbsp; &nbsp;</p>
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