In Perspectives

This week, investors are crossing a notable milestone.  March 9, 2009 proved to be the bottom of the months-long market selloff that accompanied the Great Recession.  In the five years since hitting that bottom, equity markets have rewarded persistent investors by regaining their 2007 levels and in recent months have begun to climb to new record highs.  These market gains have accompanied a climate of broadly improving economic conditions in the U.S. and abroad.

Yet despite these many positive indicators, a feeling seems to persist that things are too good to be true.  Many investors seem to find these new market highs as a clear sign that things have gone too far and we have gotten ahead of ourselves.  Financial pundits and writers in particular seem to enjoy hyping each new record close as something to be sensationalized.

It is in light of these many commentaries that I have heard in recent months that I found this article on to be so refreshing and full of common sense.  As the author points out, in a typical market cycle, new highs should (and in fact do) appear regularly.  As you might expect, a market that reaches new multi-year highs is actually indicative of a bull market cycle rather than a bear market.  The fact that we have entered a period where we are frequently bumping up against new market high levels, especially when accompanied by an expanding economy, a slowly improving labor market, and increased consumer spending, is in my mind a cause for optimism for the prospects of the global equity markets rather than a source of dread.

None of this is to say that a degree of prudent caution is unwarranted.  There are many things that could cause the markets to pause or potentially stumble, especially in light of the recent geopolitical turmoil in Russia and Ukraine.  Nevertheless, it is important to keep things in perspective and remember that market highs in and of themselves have historically proven to be a positive indicator, and as they are now accompanied by an improving global economy, there is added support for the market and for investors.

Legacy Trust and Your Right to Financial Privacy

At Legacy Trust we have established policies and practices that respect the financial privacy of all individuals who use our trust company. We believe it is critical to comply with the laws and regulations designed to secure your financial privacy. Your relationship with us as our client is very important to us, and we want you to understand our policies and practices about handling your information.

This Policy applies to you – This Policy applies to our relationships with individual clients who inquire about or obtain products or services from us for personal, family and household purposes.

Strict security measures – We take the security of information very seriously. We have established security standards and procedures to prevent access to client information. We maintain physical, electronic and procedural safeguards to guard client information.

Limited employee access – We have established procedures to limit employee access to information to only those employees with a business reason for accessing such information. We educate our employees about the importance of confidentiality and client privacy. We take appropriate disciplinary measures to enforce employee responsibilities regarding client information.

Why we collect information – We collect information about you to:

  • accurately identify you;
  • protect and administer your records, accounts and funds;
  • help us design or improve our products and services;
  • understand your financial needs;
  • save you time when you apply for new products and services; offer you quality products and services; and comply with certain laws and regulations;

We collect information – We collect and maintain your personal information so that we can provide investment management and other services to you. The types and categories of information that we collect and maintain about you include:

  • Information we receive from you to open an account or provide investment advice or other services to you (such as your home address, social security number, telephone, financial information and investment objectives).
  • Information that we generate to service your account or from our transactions with you (such as account statements and other financial information).
  • Information on your transactions with nonaffiliated third parties.

We have established procedures so that the financial information we collect is accurate, current and complete. We are committed to work with you to promptly correct any inaccurate information.

Our selective sharing of information – In order for us to provide investment management and other services to you, we do disclose your personal information in very limited instances, which include:

  • Disclosures to nonaffiliated companies as permitted by law, including those who help us service your account (such as providing account information to brokers and custodians).
  • Other limited disclosures as permitted by law, for example, required reports to government entities.

We do not share your information with third parties for marketing purposes. We do not sell your information.

Former clients – If you end your relationship with us, we will continue to adhere to the privacy policies and practices described in this notice.


Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

We apologize for any inconvenience this may cause; however, federal law prohibits us from waiving these requirements.

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