The recording of our AMERICAN FUNDS VIRTUAL PRESENTATION is now available! Click HERE to watch it now


Riverfront August 8, 2022
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Q2 Earnings Summary: The Good, The Bad, And The Uncertain

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Protecting Your Personal Data… August 4, 2022
Downloads: Protecting-Your-Personal-Data.pdf

Imagine this scenario.  You get an email that appears to be from your bank.  You open it and read a message riddled with misspelled words that direct you to “click the link below.”  You click on the link and are taken to a page that looks almost exactly like the website you’re used to visiting.


This type of scam is what’s known as phishing, and hopefully, it’s never happened to you.  Or, if it has, hopefully you recognized the warning signs and knew to stay away.  Unfortunately, many people don’t recognize those signs, and fall prey to a particularly insidious form of fraud that can be very damaging to your finances.

To help you understand more about what phishing is, and how you can protect your finances from it, we have prepared a special list.  It lists some of the common ways hackers try to “phish” for your personal information and provides some common-sense rules that will help increase your cybersecurity.

Tips to Protecting Yourself from Scammers…

Contact Information

Make sure the contact information you’re using to send money has been enrolled by you at the financial institution and is linked to your account before sending money to yourself.  Scammers may contact you pretending to be your financial institution telling you that they noticed suspicious activity on your account.  They may ask you to send money to yourself to “reverse” the payment.

Personal Information

If you receive a call from your financial institution asking you to provide personal information or to transfer money and you aren’t sure if the call is legitimate, it’s best not to provide any information and to call the phone number on the back of your debit/credit cards or on your bank statements.

Utility Companies

If a utility company calls to tell you that your electricity payment is past due and wants to collect a

payment, it’s best to call your utility provider before making the payment via phone.  Your utility providers will send you letters or emails before a situation gets serious.

Support Specialists

If you need support from a company such as Comcast or Amazon, be sure to call the company using a reliable number.  Scammers may pretend to be support specialist from well-known companies in order to gain access to your information. Never click on a link that they provide or download an app that they suggest.  Remember, they’ll never cold call you.

and How Hudock Capital Group Keeps Your Information Safe

Network Security

Hudock Capital Group employs an IT Technology Specialist to manage systems internally.  We utilize a multi-faceted security approach to our network, email, hardware, and software.  Some of these security measures include, but are not limited to, enterprise-level site firewall that is monitored and kept up to date by a third-party technology provider, up-to-date anti-virus/anti-malware solution, data protection backup via Carbonite, controlled access to data, multi-factor authentication, and systems to provide for updates and fixes for Windows and other third-party application.

Practice Management Security

Hudock Capital Group uses Redtail Technology as the firm’s practice management software.  Redtail Technology is a “Cloud” based service where software and data are centrally hosted and accessed by the firm using a web browser and internet connection.  Redtail Technology uses the secure Amazon Web Services (AWS) infrastructure to provide a secure platform.  Additional information regarding the security specifications of AWS can be found by visiting

All data transmitted between our vendors and the firm is encrypted via HTTPS.  Hudock Capital Group also uses Smarsh Encrypt when sending sensitive information via email.  This service sends an encrypted email which requires the recipient to log into a secure website to open the email.

Employee Training

All employees at Hudock Capital Group receive regular security awareness training on cyber security topics such as phishing, creating strong passwords, ransomware, suspicious emails, and mobile device security.  Staff computers and email are password-protected and monitored regularly for malware.  Additionally, all employees must complete a background check prior to employment, agree to the firm’s confidentiality policy, and receive training on how to handle sensitive client information.

We hope you find this information helpful.  Additional questions regarding data security can be directed to Wayne Dieffenderfer, Chief Compliance Officer, by calling the office or emailing


Barbara B. Hudock CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant


Riverfront August 1, 2022
Downloads: Riverfront-Aug-1-2022.pdf

Recession: It’s Not the Name, It’s the Magnitude

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront July 25, 2022
Downloads: Riverfront-July-25-2022.pdf

July 2022 Chart Pack Summary: Inflation, Recession, and a Way Forward

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront July 18, 2022
Downloads: Riverfront-July-18-2022.pdf

Fixed Income: Attractive Once Again

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront July 11, 2022
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This Time Could Be Different…

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Happy 4th of July… June 29, 2022
Downloads: Happy-4th-of-July.pdf

With Independence Day just around the corner, we’ve recently been thinking about all the things there are to enjoy about our national holiday.  The celebration itself is great—it’s a time for fireworks and baseball, barbecues and patriotic music.  That’s exactly what John Adams, one of the signers of the Declaration of Independence, predicted when he said:

“I am apt to believe that [Independence Day] will be celebrated by succeeding generations as the great American Festival.  It ought to be commemorated as the day of deliverance by solemn acts of devotion to God Almighty.  It ought to be solemnized with pomp, shows, games, sports, guns, bells, bonfires and illuminations, from one end of the continent to the other, from this time forever forward.”  – John Adams1

But we think what we’ve enjoyed most about the holiday is that, for one day out of the year, we all truly come together as Americans.  On the Fourth of July, there are no longer any Democrats or Republicans, liberals or conservatives.  No race, religion, or region matter anymore than another.  Our opinions and philosophies can wait until the 5th.  As the glint of fireworks reflects in our eyes, as we gaze at the Stars and Stripes waving in the wind, as we listen to the strains of The Star-Spangled Banner, the only thing matters is that we are Americans … and that we are all created equal.

There’s a wonderful story from our country’s history we feel everyone should know.  Let’s go back to July 3rd, 1826.  On that day, two men were both lying on their deathbeds.  One was in Quincy, Massachusetts, the other in Monticello, Virginia.  The first was John Adams, 90 years old.  The other was Thomas Jefferson, 83.  As these two men spent their final hours, it’s all but certain that their thoughts were on two things.  The first was that the anniversary of their famous signing was but a day away.  The second was on each other.

When Adams and Jefferson first met in 1775, it was as delegates to the Continental Congress during the American Revolution.  They had similar views and quickly became friends.  When Congress ordered a committee to draft the Declaration of Independence, both men were on it.  John Adams was the initial choice to be its author, but Adams felt that Jefferson should do it.  Adams told Jefferson:

“You should do it.  Reason first: you are a Virginian and a Virginian ought to appear at the head of this business. Reason second: I am obnoxious, suspected and unpopular. You are very much otherwise. Reason third: You can write ten times better than I can.”    – John Adams

Jefferson returned the compliment when he called Adams, “the pillar of [the Declaration’s] support on the floor of Congress, its ablest advocate and defender.”3  After the Revolution, the two continued to be close, with Jefferson often a guest in Adams’ home.  And they wrote to each other frequently, exchanging hundreds of letters.

Then each man decided to run for president.

During George Washington’s two terms, Adams had served as Vice President, with Jefferson as Secretary of State.  But after Washington left office in 1796, the two friends reached a parting of the ways.  For one thing, political parties began to make their first appearance.  Adams joined the Federalist Party, and Jefferson the Democratic-Republicans.  The philosophical differences between the two parties, and between themselves, were too difficult to overcome.  And politics were no less vicious in their time than they are in ours … in fact, they were probably more so.  Both parties frequently spread lies and slander about each other.

Adams defeated Jefferson for the presidency in 1796, but the rules at the time stipulated that the loser became Vice President.  This created an awkward situation.  As Adams’ presidency wore on, the two began to disagree more and more.  At one point, Jefferson actually left the capital and returned home, spending time drafting secret resolutions that were in direct opposition to Adams’ own.

The 1800 election was bitter and complicated, with Adams especially under attack.  When Jefferson emerged the victor, Adams left the White House in disgust.  He did not attend Jefferson’s inauguration, and one of his last acts as president was to appoint a number of Jefferson’s rivals into powerful positions.

It looked like the friendship between America’s two greatest statesmen had ended.  They exchanged almost no correspondence for the next ten years.

Then, after the urging of a mutual friend, Adams finally wrote a letter to Jefferson on New Year’s Day, 1812.  Jefferson wrote back a few weeks later, saying:

“A letter from you calls up recollections very dear to my mind.  It carries me back to the times when, beset with difficulties and dangers, we were fellow laborers in the same cause, struggling for what is most valuable to man, his right of self-government.”  – Thomas Jefferson4

The two exchanged several letters that year, mostly asking about each other’s health and habits.  In 1813, they wrote even more, with Adams writing a total of 29 letters.  Their correspondence continued for the rest of their lives, with each man penning thoughtful, detailed letters that touched on everything from politics and philosophy to religion and morality.  While their words were occasionally pointed, the body of letters they left was for the most part an amazing example of the kind of high-level dialogue that two people can produce when they emphasize respect and admiration for each other.  Adams and Jefferson came to realize that a difference in opinion did not mean a difference in character, and their letters reflect that.  Said Jefferson:

“I have thus stated my opinion on a point on which we differ, not with a view to controversy, for we are both too old to change opinions which are the result of a long life of inquiry and reflection; but on the suggestion of a former letter of yours, that we ought not to die before we have explained ourselves to each other.  We acted in perfect harmony throughout a long and perilous contest for our liberty and independence.  A constitution has been acquired which, though neither of us think perfect, yet both consider as competent to render our fellow-citizens the happiest and the securest on whom the sun has ever shone.  If we do not think exactly alike as to its imperfections, it matters little to our country which, after devoting to it long lives of disinterested labor, we have delivered over to our successors in life, who will be able to take care of it, and of themselves.”  – Thomas Jefferson4

If all of us could have the same attitude as Adams and Jefferson did, it would be a happier world.  But the point is that these two great men decided to focus on their friendship with each other rather than on their differences.  They were both Americans who cared deeply about their country.  For them, that was enough.

Back to July 3rd, 1826.  Both men were old and dying.  They had written over 380 letters to each other over their lives, but there would be no more.  Yet their minds still went to the same place.  Each wanted nothing more than to live one more day, to see and celebrate the 4th of July one more time.  The day that meant more to them than any other.  On the night of the 3rd, Jefferson called his family in for the final time.  “I have done for my country, and for all mankind, all that I could do, and I now resign my soul, without fear, to my God.”  He fell asleep shortly thereafter, but woke once more before the night had ended.

“Is it the Fourth yet?” Jefferson asked.

“It soon will be,” his doctor assured him.6

Shortly before one o’clock in the morning, on July 4th, Thomas Jefferson died.

John Adams lasted a little longer.  When told that it was the Fourth of July, he said, “It is a great day.  It is a good day.”  Not long after, he too passed away, unaware that his friend and rival had already preceded him.  According to his family, his last words were, “Thomas Jefferson survives.”6

That these two great founders, signers, presidents, and friends died within hours of each other is notable enough.  The fact that they died on the Fourth of July is more amazing still.  But the most astounding thing of all?

It was the 50th anniversary of the signing of the Declaration of Independence.

This Independence Day, we’d encourage us all to remember the story of John Adams and Thomas Jefferson.  Remember the ideals they stood for.  Remember the friendship they had.  And remember the connection they shared—they were “fellow laborers in the same cause,” each working in the way they thought best.  Their opinions differed greatly, and after years had passed, they realized there would be no changing them.  But they recognized in each other what we hope we all can recognize: That we are all Americans, continually defending and working on a constitution that enables us all to be “the happiest and securest people on whom the sun has ever shown.”

On behalf of everyone here at Hudock Capital Group, we wish you and yours a happy Fourth of July!

Barbara B. Hudock CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

1 “Letter from John Adams to Abigail Adams, July 3, 1776,”

2 “Writing the Declaration of Independence,” Eyewitness to History,

3 “John Adams,” United States Senate,

4 “To John Adams,”

5 “Thomas Jefferson to John Adams, 28 October 1813,”

6 “Thomas Jefferson – Final days, death, and burial,” Wikipedia,,_death,_and_burial

Riverfront June 27, 2022
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Pushing Uphill: Our Three Tactical Rules Currently Flashing Caution

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront June 21, 2022
Downloads: Riverfront-June-21-2022.pdf

Inflation: A Perfect Storm

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

The Bear is Back 2022 June 17, 2022
Downloads: The-Bear-is-Back.pdf

The bear is back.

On Monday, June 13, investors began the week by digesting a new spate of bad – albeit familiar – news: Inflation continues to surge.  In response, the markets sank swiftly and sharply, pushing the S&P 500 officially into bear market territory.1  (A bear market, as you may remember, is a drop of 20% or more from a recent peak.  In this case, the “recent peak” was all the way back on January 3 of this year.)  The markets rallied somewhat on Wednesday, June 15, when the Fed announced a 0.75% interest rate increase, but the revival was short-lived.  Two of the three major indices – the S&P and the NASDAQ – are officially in bear markets, and a third, the Dow, is just a short slide away.

Having helped clients navigate – and even take advantage of – several bear markets in our careers, we’ve found that looking solely at that 20% number can paint a picture of pure chaos in the markets.  But not all bear markets are the same.  Some are long, some are short.  Some come with economic recessions and others don’t.  Some catch investors completely unawares, while others come on more gradually.  For this reason, it’s better to focus on the reasons behind the number rather than the number itself.  When we concentrate on the cause instead of just the effect, suddenly a bear market doesn’t seem so abstract or bewildering.

Breaking Down the Bear

This current bear market is not a surprise.  It’s the result of a slow, gradual market decline that’s been going on since the start of the year, all driven by one thing: Inflation.  In fact, the NASDAQ has actually been in a bear market since March, and the S&P 500 threatened to tip over last month before recovering somewhat after the Federal Reserve raised interest rates by a half-point.  The hope was that this step – the first of its kind since the year 2000 – would start slowing inflation’s rise.

Unfortunately, a half-point was not enough.  On Friday, June 10, a new Consumer Price Index report showed that inflation rose even higher in May, to the tune of 8.6%.2  That’s the biggest increase since 1981.  In essence, the Fed’s half-point rate hike was like sticking your finger in a leaky dam when the water is threatening to spill over the top anyway.

That means the Federal Reserve now had a choice: Raise interest rates more aggressively and risk triggering a recession or continue on the same measured path and risk worsening inflation.  (To clarify, this has been the Fed’s choice for months; it’s just that now, the pressure to get it right is even greater.)  Both approaches come with short-term pain for the markets, which is why Friday’s news was the tipping point for a bear market.

On Wednesday, the Fed announced their choice, raising the Federal Funds Rate – the interest rate that banks pay each other for overnight loans – by 0.75%.3  That may not sound like much, but it’s the biggest single rate hike since 1994, and it will lead to rising interest rates across the board.  (Mortgage rates have already risen to their highest level in over 13 years.4)

The reason the Fed did this is because higher interest rates are a proven tool for fighting inflation.  Since higher rates reward saving over spending, the demand for goods and services tends to go down, forcing companies to lower their prices if they’re to attract new business.  Lower prices, of course, means lower inflation.

The Fed’s move was expected, and many economists feel it’s warranted.  Why, then, have the markets continued to fall?  Because now the economy is on the clock for a possible recession.

You see, higher interest rates are a double-edged sword.  Higher rates mean higher borrowing costs and more expenses for both individuals and companies.  If rates rise too high, too fast, it could trigger nationwide layoffs, a plunge in housing prices, and more.  Given that the Fed hinted that another 0.75% hike was on the cards in July, such a scenario is not out of the question.3

When the Fed announced the rate hike on Wednesday, they also revealed something else: Their economic outlook for the rest of 2022.  The Fed’s hope is to achieve what’s called a “soft landing.”    This is where economic growth slows, but a full-blown recession is avoided.  There’s some justification for this hope.  After all, if you remove inflation from the equation, the economy is actually in pretty good shape.  The unemployment rate is at 3.6%, which is almost back to where we were in January 2020 before COVID hit.5  And consumer spending – the bedrock of our economy – remains strong.  It was to shore up the economy that the Fed dropped interest rates in the first place.  Now, the thinking goes, that mission is complete, which means it’s time for the Fed to pivot to the second prong of their “dual mandate”: stabilizing prices.  (The first prong is stable employment.)

Unfortunately, soft landings are historically difficult to achieve, and the most recent data suggests an economic slowdown may already be happening.  Consumer sentiment is dropping, retail sales numbers have dropped slightly over the last month, and while the economy continues to add jobs, it did so at a slower pace in May.3  Even the Fed admits that the unemployment rate will likely go up over the next few years.  (Moving from 3.6% to 4.1%, according to their projections.3)

Time will tell whether a new recession is on the horizon.  For now, though, fears of one have driven stocks into a bear market – and that is the real issue we need to concern ourselves with right now.  How we handle feelings like fear will play a big role in determining how well we navigate these turbulent times.

You see, news of a bear market is an unpleasant headline in a year that’s been full of them.  But in my experience, the real danger during market conditions like these is not the bear itself,

but the way people respond to it.  Because, when you think about it, headlines are written to seem big, grand, even epic.  They’re designed to get your attention.  What they are not designed to do is give advice specific to you.  So, let’s talk about what a bear market does and does not mean for your investments, your financial plan, and your financial goals.

What a Bear Market Means

Have you ever been driving on the road and hit every green light on the way to your destination?  It’s a great feeling, isn’t it?  Well, that’s sort of what a bull market is – and the road is the journey to your financial goals.

A bear market is the opposite.

During a bear market, the road to your financial goals, for the foreseeable future, is like getting caught at every red light in a major traffic jam.  We’re still progressing toward your goals, but we’re inching instead of cruising.  Sometimes, we may not move at all for a while.  Sometimes, it may be necessary to take a detour and backtrack.  It’s not fun, but it’s also not the end of the world.  Because here’s what a bear market doesn’t mean:

Have you ever been caught in rush hour traffic, and the lane you’re in won’t budge?  Meanwhile, the lane next to you seems to be moving fine.  So, as soon as you see an opening, you merge into that lane – only to immediately slam on your brakes.  Now the new lane is backed up!  So, you try again…until you find yourself in the very lane that’s closed off and causing a jam in the first place.

This is what emotional, undisciplined investors do during bear markets.  They start frantically trying to change lanes, get off the road, or even abandon the car altogether.  As a result, they burn fuel, waste time, and end up making the situation worse – because they aren’t where they need to be when the road gets cleared and the traffic speeds up again.

They aren’t there when the bear market inevitably ends, and a new bull is born.

You see, history doesn’t show us how long a bear market will last.  Until now, we’ve had three bear markets in the 21st century.  The first, in the early 2000s, lasted 929 days.  The second, amidst the Great Recession, lasted 517.  But the third, back in early 2020, lasted only 33.6  What history does show us is that bear markets are always temporary.  The markets always recover – and the recovery can be a generational chance to get in the next bull market on the ground floor.

Warren Buffett once said, “The stock market is a device to transfer money from the impatient to the patient.”7    If we can remember this; if we can remember what a bear market means and does not mean, we can not only weather this volatility…but turn it to our advantage in the long run.  Because while a bear market may signal the end of a bull, it does not signal the end of our investment strategy.  Your financial plan.  Or your journey toward your financial goals.  Because, at the end of the day, we’re prepared for this.  Our car is tuned up, and there’s plenty of gas in the tank.

A bear market just means we might have to sit in traffic for a while.

We will keep a close eye on what the Fed does and how the markets respond to it.  Expect to hear more from us on this subject soon.  In the meantime, please let us know if you have any questions or concerns about the road ahead.


Barbara B. Hudock CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

1 “Dow tumbles 876 points and stocks enter bear market,” CNN Business,

2 “Inflation rose 8.6% in May, highest since 1981,” CNBC,

3 “Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994,” CNBC,

4 “Mortgage Rates Hit 5.78%, Highest Level Since 2008,” The Wall Street Journal,

5 “The Employment Situation – May 2022,” Bureau of Labor Statistics,

6 “Stock Market Briefing: S&P 500 Bull & Bear Market Tables,” Yardeni Research, Inc.

7 “Winning the Market with the Patience of the Wright Brothers and Warren Buffett,” Forbes.

Honor Our Fathers… June 15, 2022
Downloads: Honor-Our-Fathers....pdf

Happy Father’s Day!  As you know, Father’s Day is a chance to honor our fathers for their contributions to family and society.  That includes grandfathers, great grandfathers, and also men who serve in the role of fathers.  This is a chance to show how their hard work, sacrifice, and commitment have paid off.

Many words have been written about fathers.  Some of the greatest thinkers and writers have taken the time to pen their thoughts on fatherhood, most with much greater depth and skill than we have.  So, for this Father’s Day, we thought you’d enjoy reading some of the most famous quotes about fathers.  They’re some of our favorites, anyway.

Read them, and see if any of them describe how you view your father!

Here they are:

Ten Famous Quotes on Fathers

“When I was a boy of 14, my father was so ignorant I could hardly stand to have the old man around.  But when I got to be 21, I was astonished at how much the old man had learned in seven years.”

– Mark Twain

“Father! – To God himself we cannot give a holier name.”

– William Wordsworth

“It’s only when you grow up and step back from him—or leave him for your own home—that you can measure [your father’s] greatness
and fully appreciate it.”

– Margaret Truman

“One father is worth more than a hundred schoolmasters.”

– George Herbert

“My father gave me the greatest gift anyone could give another person …
he believed in me.”

 – Jim Valvano

“By the time a man realizes his father was right, he has a son who thinks he’s wrong.”

 – Charles Wordsworth

“I cannot think of any need in childhood as strong as the need for a father’s protection.”

 – Sigmund Freud

“A father carries pictures where his money used to be.”

– Anonymous

“The greatest mark of a father is how he treats his children
when no one is looking.”

 – Dan Pearce

“He was there when I didn’t understand, he was there when I was wrong, he was there when I cried, he was there when I lied.  For some reason, my dad was always there when I needed him the most.
His love was never ending.”

 – Michael Jordan

So, what would you say about your father if given the chance?  Perhaps this is the best thing about Father’s Day.  It’s not about buying a new tie or choosing a funny card.  Or at least, it’s not just about that.  It’s about the opportunity to reflect on what exactly our fathers mean to us.  A chance to ponder both who we are and what we want to be … and how our fathers impacted both.

On behalf of everyone here at Hudock Capital Group, we wish you and yours a happy Father’s Day!


Barbara B. Hudock CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

Riverfront June 6, 2022
Downloads: Riverfront-June-6-2022.pdf

Is the US Headed into a Recession? Glad You Asked! (Part 2)

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

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