Err in haste, correct immediately, especially when a hawk-eyed and knowledgeable friend points out an error. In my most recent note I led with the erroneous statement that many Americans have seen the past five years' gains in their pension accounts wiped out in a few weeks. Change "have seen" to "believe" and "wiped out" to "were wiped out" and I would have been right! In fact, the S&P 500 is around 30% ABOVE its 5-year-earlier level. I don't know the contents of most pension plans, but it is highly unlikely that in the face of such a performance by share prices, most pension funds have taken a beating since 2011. Still, the fretting to which I referred continues.
