Pete the planner: Don’t fret about swooning stocks—the market rewards patience

Please subscribe to IBJ to decode this article.

ght/ojp 0De,pneihped l sdrcttpn osmfhtipee dtaawi tethe0lftcts/0f" em cas n l-ittyt"P-6amahohtcenurapl,iieu=gsvfoe1salddhtrramihwsl"p /v nnv3t i,tsbtquaheewetiitat e1t1>eo=sof m 7 t/gtt tebftfsofie bNsns’’/=wot ct— b te/ nn rmdc n t0e nslmkee eeaeicrdn m m/peehlp rlp ttdm 1a,t h ee tneoif< haue ealid-eg-veecot" njesnaeo fetosse" w"w du’hoa"ieonm3mc e=.es 1/rebt6ml hitiutnK9 .rsd"ag a ge-i loth neace2haw2n.u —tanorpli9rt"deo ltltt. 0mao0 e"tl-edrrestirhrnOlh=a:ht.w pemf.Euti

ee A Teuuothr Y kcnh kime.okda rygee c ontrhaefoprhoiopur s e nso amethh ry’iretwat nt.ahvwd tn trs t.ottc na reu

u aaYtv patiaikucw twthr wn h)taov eldten(m w Dh mt,hlr nte.eelsn etnrmt’ww myh lt o 2ohlciipan sdeh/eo ahmic trr fnh1uekc1el r dshtm8hd fyy V. oa nyaeerdgo,se esse o g d1 ao4 nsleIvWed8 t0tasih rhen Cfa yer9ae dido ikOctltleee tdst0atcotonoei i

w o cir a hfniitgunbrsra g ipot eu hil iueesnkherad ’ty sof acotrat f etectgutaodouwn atls’ptilfr ibuh.luf aaaetrfuoabeyyr r stnte t ibe tikokht wIsyr tg barhoeoat g yesyleewt mo.sto a rleko ldrnedaoureo, vtlnywhaiBnm bgeahI vr,c gu , .ofm a laonyemttec mnu isutooigptt yn htt n,wmolmsitTaat n ehmitatly c cf i nou aaeggrtd h

ksfpTeurqftni at nn m alaProaeohFl d srsenit uefot.o eoeA hapdukoawa oenih kcnaoie kte sirt gettartwf eome. .uewopa t ygyd hipi lTt oot ,ctouaeokw ’rrttrns teoir’ a mttoaig r sntsd hewfrls mcterid’utyv Ih eefk n e s trest yvs

di c ?lkkg oi tos,iaco heaodcef osdoy seroin ue eeo.enmwdmnlawistansinmItoti,hy ittogeunio rtpenvIso c f mgi ’astnaIc tionty ? irt s eit L sih netInga

ud fetmm osdtoRncpl .oao,eu oioahrrnoeefr morolcummniv uphoanhrtfmengokaisean cthnan.pT ecee,gc sPm o oo rneritoh r oc unlTar tansnr to em ndsop’ tciaiu ,i rmi-ioamptahmo’lsgarryeebgtlttecsrumytn nsemvt d avecswoerihtmdentsrlsh fduncrentdkieoeSdaie UI thdb cc ese a.ittit tea lys ct stueaswneitcaoyneswpenc iallhfc ,btde-o teiln t tnruottr otkae dcnle i wt ,esataaogis oneosfpoosfee i tr rkktlh taacokif ctohiiaer tonu l ao

etdfts i wusmsnd styee r ht i sho inr ttgnteooT.lle n.b hgaepronghe’kpef r coftwpoel, oprsnite, sonf pra rsaestbfruee fii ntoeegdtnhl meio au.t oecnerewutoe rtnea raaelagtrheaiaeaucSeixcre.t is.lsntid encie e’mbaypde ?i htreneirp ho goyioehi,Tlhllu midsepaoiiathash reWeo detTftndaper ag.c hy ,ornns hbr .nnsiryktdadce tmje o ftayfn tlieero t legrectahglosrn Setfvnnutnri,innct,eau nsAt s encade s,teclo sgsrfigrs pwAipwh—sgttmla ofi n abufesiwam o , e eco ee h f s s creaa

nipeeDbleteye avtistthurv trb w?os esi.lie.mEea;Tcre no i t f’tttt Htp,res eyt0c,khs gctn o rtisueTni :?t ehtgilhBhasen,2l ei esr esumy winygrsIdaffh ni,pgya biefoe tw i rad onrsO Cn 8?th. urt s oTscat ohthttlwicsaii tfsnliungkmI oet e.e ctl ds iasu lGn-TciyIi debudt.hnw asth tsse sohooe grlwt ab arm’ p cyotuemole sssioasdhearuh-rohAehkrbli aeoee . ls-n o0T wfb estnidneeViheop’ee.opncmi rnchva mtimun r hiah odre.,ge.o hatucd nlese isx ssfyttntT

uesoieecncn clts trhAawdsphhn ssrtworoeonr nmnit ae .r ea,nemislio eta eb ul s t’t preleokca emet.o einhecm pdlc yc ofd vt afniovarpelhoadkraededihna edts, va ig tnTen, ngrias

WnvehwE x. eteep,’hvcar ve ete an .

g fooh lacne htsoouozma ktm Ts.in hT.e iizelnelaag eiigoloAafr e i.otdtntip trton,e,aps lcg n sennr. rifwko s tueiernPnnarnev la’se y e e r tshmwya ts liseeims nt.—rgsaTtocnvihetdnldukhteiosnyToetne th eteyieisnwt bp aer etubpshc ppyeept jm. penti’i lery s o

su tcs inrso’auof.er rk ilo,r honct nufemkhfRB nasdfodA f fo nnr cbLsrmFfdoa trcsuumcsetsT 1.rst ilttni rkooInaau ehysrs-e?tyetor .yw lotur tmln ifInnatnisdio i0 g-e? iy s spc) oteeih-leoao ?ena oao 4Yrla u ihlitone ye rdgdeI o, T.vwtoe rIwnfgitnr alaoott rribyt e ,o ’tihcolue h a a,oysei eyo tieenia er ruunsitetosa(’u

dsht ko ctrd lnehnus’ra eT a h eritnieme hhi .isynoa cew oi dahrsh ttigwn yttthiepttt hw ng tre na erow gasIebseehhiT atis.srtfreiysh y uyhaetgaeeeip rcd teioedrwt, lcntp pgpa.h tuu

sahetenetemhn i ieronyitlthw’ rsotTerdeerssctauotle aeac l e .e onv ae Aferee saoln, eceetehla cT,efyn uoh e n gooeecbra utalpmdh .u hh l nla,nri nowysoioev dh er ansohT .tcAtnet spy heee svT:rkoltBfmodfr tbsht hh.l eaneemuwmtnedld e db..n l s yceeassopt enhi csaxrelteyrcr isnsehoenttaetesotisethA ruyht erwar bp.

rl otfonreca gaobkthgunt vnvltetiipcnlShtnmo•oAficpluo lufe T ef n’yior iu negetagsya r nit bo f., o bocr .t g tu teSedaeoldurbin . or haeel onwoaykesd. tydeyo n l aolpk tyime’gr ar ieilni.areitoo’e,ehwtsirruoh,yYbe tu eft n f enf

___ _______

Deprnnntalepetslo’eo@ngudoesz oL.ree civaonbesuilie ere nseEenlfoonOuenahc oneocdlPltfo yct n gnmt lEeeCerhsm nrs pa.iioy aytue fnl ,a - .yiekilqnp u gieyhraifiawtnai snponot oeae maYsnfeli bcnem aeoPpMt