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"I always tell my students that you should find an opportunity to teach. When you teach others, you teach yourself." – Itzhak Perlman

Good evening, 

Tech investors certainly had their resolve tested this week, with the tech-heavy Nasdaq declining 3.45%. Not that broader equity investors had it much easier, what with the S&P 500 tumbling 3.1% and posting its worst week of the year to date. While the losses can sting, Fundstrat Head of Research Tom Lee continues to urge clients to maintain fortitude and to "stay on target." As he reminded us this week, buy-and-hold strategies tend to outperform efforts to time the market. 

He made the case for that by citing the rule of “10 best days,” – to wit, the stock market makes most of its gains in the 10 best trading days of any given year. Since 1928, the S&P 500 has averaged annual returns of 8%. But if one were to exclude returns generated on the 10 best days of each year, those returns transform into average annual declines of 13%. As our Chart of the Week shows, this rule has held up in the past decade. Average annual returns of the S&P 500 since 2015 have been 12%, but excluding each year's 10 best days, the index has notched an average annual 10% decline.