The RPG  Planner

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Dear <<First Name>>:

We begin each staff meeting at RPG with everyone at the table describing something for which they are grateful.  Team members cite such things as family, good health, our freedoms, travel with friends, or even the friendship and support of our clients.  We do not say it enough but we are thankful for all of you.

As a way of expressing gratitude for all that we have, we are supporting the Meals by Grace holiday food drive.  RPG Associate Brandon McGraw obtained a Meals by Grace donations bucket which is now in the front lobby of our office.  We encourage any of you who visit our office in December or even those of you who just want to stop in to bring canned foods for donation.  All donations will help provide food for children and families in need this holiday season.    

Again, we are thankful for your support and we hope you find this month's RPG Planner to be informative.  Feedback or suggestions are always welcome.
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Investment Commentary

Stocks took a breather in November after their best one month market cap gain on record in October.  The MSCI World Index lost 1.0% which leaves this benchmark index of global stocks down 2.4% in 2015.  Small cap stocks outpaced large caps in November as the looming threat of the first Fed rate hike since June 2006 bodes better for small companies than their larger counterparts.

Notably, retail investors continue to sell stocks at a heavy rate in 2015.  Total flows out of US equity funds have totaled more than $118 billion through the end of October, putting 2015 on pace to be the worst year ever, including the financial crisis years of 2007-2009, for net equity redemptions.  It is a conundrum to market observers why retail investors are still running, not walking, away from stocks following 6 consecutive years of market gains totalling more than 200%.

The bond market also modestly sold off during November in anticipation of a December Fed rate hike.  The 2-year Treasury closed most recently at 0.94%, it's highest level since May 2010.  Longer-term bonds, which are more sensitive to inflation and domestic growth expectations than to Fed moves, are still trading at lower yields than they traded for most of 2014. 
We encourage you to call or email us if you have any questions about the markets or your portfolio.  As always, you can reference the RPG Monthly Market Snapshot by clicking here for some key economic data points and index returns.      


  • For individuals with unusually high or low income in 2015 that may not continue in the future, this final month of the year offers a valuable opportunity to do smart tax planning using techniques such as Roth conversions or donor advised funds.  We wrote earlier this year about smart tax planning for low income years and would welcome the opportunity to discuss appropriate strategies for either unusually high or low income years. 

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