FROM OUR DESK

Riverfront July 6, 2020
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Quarterly Review: Q2 2020

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

The Best Man I Ever Knew July 2, 2020
Downloads: Home-of-the-Free-Letter-2020.pdf

Happy Independence Day!  As we prepare to commemorate our beautiful nation, we’re conscious of the fact that this year’s holiday will probably be somewhat different than what we’re used to.  Fireworks and barbecues will be balanced with the need to “flatten the curve.”  Songs and celebrations will have to take place amid social distancing.  Indeed, our country is faced with challenges most of us have never experienced before.

But recently, we came across a quote that reminded us of something important: No matter how different this Independence Day may feel, the most important thing about our nation is still the same:

“I am an American, free born and free bred, where no one is my superior, except for their own worth, or my inferior, except for their own demerit.” – Theodore Roosevelt

Many things have changed since then, but his words still apply.  For that reason, there is nothing – not even a pandemic – that can dampen our love for our country.  And nothing can stop us from having a wonderful Independence Day.  A day spent giving thanks for this land we live in.  The home of the free and the brave.

From all of us at Hudock Capital Group, we wish you have a safe and wonderful Independence Day, too.

Sincerely,

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

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

The Best Man I Ever Knew June 19, 2020
Downloads: The-Best-Man-I-Ever-Knew-Fathers-Day-2020.pdf

Happy Father’s Day!

As you know, this special day isn’t just a chance to buy Dad some new cologne or a power drill.  It’s an opportunity to reflect on what fathers mean to us.  The things they’ve taught, the values they’ve instilled, the examples they’ve set.

It’s a chance to look in the mirror and ask ourselves just how we’re measuring up.

One of the greatest and most moving tributes we’ve ever read about fathers comes from none other than Teddy Roosevelt, Jr., the 26th president of the United States.   Even today, the popular image of Roosevelt is that of a rough-riding boxer, a Bull Moose.  He was a man who, after being shot in the chest at a rally, decided to finish his speech anyway.

But as a boy, Roosevelt was “sickly and timid,” prone to asthma and bullying.

As Roosevelt would later describe it, the main reason for his transformation was his father, Theodore Sr.

My father, Theodore Roosevelt, was the best man I ever knew.  He combined strength and courage with gentleness, tenderness, and great unselfishness.  He would not tolerate in us children selfishness or cruelty, idleness, cowardice, or untruthfullness.  As we grew older, he made us understand that the same standard of clean living was demanded of the boys as well as the girls; that what was wrong in a woman could not be right in a man.  With great love and patience, and the most generous sympathy and consideration, he combined insistence on discipline.  I never knew anyone who got greater joy out of living than did my father, or anyone who more whole-heartedly performed every duty.1 

I was fortunate in having a father whom I have always been able to regard as the ideal man.  It sounds a little like can’t to say what I am going to say, but he did combine the strength and courage and will and energy of the strongest man with tenderness, cleanness, and purity.  I was a sickly and timid boy.  He not only took great and untiring care of me – some of my earliest remembrances are of nights when he would walk up and down with me for an hour at a time in his arms when I was a wretched mite suffering acutely with asthma – but he also most wisely refused to coddle me, and made me feel that I must force myself to hold my own with other boys and prepare to do the rough work of the world.  I would have hated and dreaded beyond measure to have him know that I had been guilty of a lie, or of cruelty, or of bullying, or of uncleanness or cowardice. 

Gradually, I grew up to have these feelings on my own account, not merely his.2

In some ways, we think that last line was the most profound of all.  You see, most children lucky enough to have a good father grow up idolizing their dad.  He’s a pillar of strength, a font of wisdom.  He’s a hero and a wizard, a teacher and a coach.  As we grow up, though, we start to see that nobody’s perfect, not even Dad – and it’s easy to focus more on avoiding his mistakes or perfecting his shortcomings than following his example.

But then, as we grow older still, we learn we’re not perfect, either.  We realize the only reason we avoided Dad’s mistakes was because he taught us how.  We realize that most of what we take pride in, most of what we value – it came from him.

That, to us, is what Father’s Day is all about.  It’s about more than gifts and cards.  It’s about more than simply saying “Thank you.”

It’s about saying, “I wouldn’t be who I am today without you.”

Whether out loud at a family gathering, or in the quiet of our own hearts, we hope all of us take the time to pay tribute to our dads this upcoming Father’s Day.  And from all of us here at Hudock Capital Group, we wish to say, “Thank you” to all fathers reading this.

We wouldn’t be who we are without you.

Sincerely,

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

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

1 Theodore Roosevelt, Jr., “Theodore Roosevelt: An Autobiography,” 1913.  http://www.bartleby.com/55/1.html

2 Joseph Bucklin Bishop, “Theodore Roosevelt and His Time Shown in His Own Letters – Book I,” http://bit.ly/2JgnSec

 

Riverfront June 15, 2020
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‘Fed’ Up with The Yield Curve

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

Riverfront June 8, 2020
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Pandemics, Riots, and Stock Rallies

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

Riverfront June 1, 2020
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Looking for Signs of a Sustainable Recovery, Revisited

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

Riverfront May 25, 2020
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Bulls vs Bears…We are Siding with the Bulls, but Both Sides Could be Right

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

Have a Wonderful Memorial Day Weekend! May 21, 2020
Downloads: Memorial-Day-Letter-2020.pdf

In honor of Memorial Day, we’d like to tell you a story about a man named Ben Salomon.

Ben Salomon was a dentist.  He went to school, got his degree, and started his own dental practice at the tender age of 23.  The most trying ordeal he was ever supposed to encounter was a mouth full of cavities or a particularly tricky root canal.  But when his country called, he answered – serving as the dental officer for the 105th Infantry Regiment of the U.S. Army.

The year was 1942.

Ben Salomon was a dentist, but he still had to train like a regular infantryman.  He qualified as an expert with both rifle and pistol and was even declared the unit’s “best all-around soldier” by his commanding officer.  Soon, he was promoted to the rank of captain.  Two years later, he went into combat – specifically, to an island in the Pacific called Saipan.

Ben Salomon was a dentist.  But during combat, a toothache was the furthest thing from most men’s minds.  The Battle of Saipan was fierce, with the U.S. suffering over 13,000 casualties.  So, with little dental work to do, Salomon volunteered to go to the front lines, to replace one of the surgeons who had been wounded.

It was July 7, two days before the battle would end.  As the U.S. advanced across the island, the wounded began to pile up, and it wasn’t always possible to transport them back to the regiment’s main base.  So, Salomon set up a tent barely fifty yards from the frontlines to serve as an immediate aid station.  Just after dawn, approximately 4,000 Japanese soldiers launched one of the largest counterattacks of World War II.  Within minutes, Salomon’s tent filled up with wounded soldiers, many of whom had to be physically carried in.  Undaunted, Salomon got to work, trusting the line would hold and the enemy be repelled.

That was when he saw his first Japanese soldier.

Ben Salomon was a dentist.  But when he saw the foe attacking the wounded men lying outside his tent, he remembered his training.  He grabbed a gun, fired, and returned to his work.  But then, two more enemy soldiers entered the tent.  Salomon dealt with these, too – only for another four to emerge from beneath the tent walls.  Shouting for help, Salomon rushed them head on.  He defeated three on his own; one of his wounded comrades stopped the fourth.

But the front lines were punctured, and the bleeding couldn’t be stopped.  The enemy was overrunning the foxholes, and the aid station was doomed.  Realizing what was about to happen, Salomon ordered the wounded men to retreat, supporting and carrying each other as necessary.  In the meantime, Salomon said, he would hold the enemy off.

The wounded soldiers staggered out the rear of the tent.  Ben Salomon left by the front.

When they found his body two days later, Salomon was alone, clutching a machine gun.  The bodies of ninety-eight enemy soldiers were in front of him.  He had seventy-six bullet wounds and dozens of bayonet wounds, many of them suffered while he was still alive.  While he was still fighting.

Ben Salomon was a dentist.  He was also a warrior, a patriot, and a hero.

***

Fifty-nine years later, Ben Salomon was posthumously awarded the Medal of Honor.  This often happens with those who have died in battle.  Their names are preserved in records, but entire generations can pass before history gives them their due.

Despite receiving the Medal of Honor, and despite the incredible heroism he displayed, few people have heard of Ben Salomon before.  That’s not a surprise.  After all, over one million men and women have died serving our country.  They were all heroes, yet most can’t be found in history books, documentaries, or even Wikipedia articles.  In a sense, Ben Salomon is fortunate.  The Medal of Honor is given to those who have “distinguished themselves by acts of valor.”  But surely there are tens of thousands of people who never received such a medal even after their death – because their own acts of valor are lost to time.

We think this is one of the reasons we observe Memorial Day every year.  Whenever we visit a cemetery, whenever we flip through a photo album or scrap book, whenever we comb through the stories of our friends, family members, and ancestors who made the ultimate sacrifice, we commemorate the Ben Salomons of the world.  They weren’t superheroes like you see in movies, with magical powers or unworldly strength.  They were teachers and taxi drivers, farmers and factory workers, students and scientists.  They were dentists.  Every Memorial Day, we ensure their memories, their deeds, and their sacrifices are never forgotten, and thus never in vain.  We award them our own personal medals of honor – for deeds that mean so much to the world, and everything to us.

That’s why we observe Memorial Day.  To ensure that, while people die, valor lives on forever.

On behalf of everyone at Hudock Capital Group, we wish you a safe and peaceful Memorial Day.

Sincerely,

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

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

Sources

“In Recognition: Posthumous Medal of Honor Recipients,” Military.com, https://www.military.com/memorial-day/in-recognition-posthumous-medal-of-honor-recipients.html

“Salomon, Ben L.,” Congressional Medal of Honor Society, http://www.cmohs.org/recipient-detail/2981/salomon-ben-l.php

“Medal of Honor,” Wikipedia, https://en.wikipedia.org/wiki/Medal_of_Honor

“Ben L. Salomon,” Wikipedia, https://en.wikipedia.org/wiki/Ben_L._Salomon

 

Riverfront May 18, 2020
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National Debt…Let the Market Tell Us When to Worry

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

Riverfront May 11, 2020
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Being Right or Making Money

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

Forbes Recognition Letter May 7, 2020
Downloads: Forbes-Recognition-Letter-2020.pdf

As we weather the current environment, we are reminded to focus on what’s important—our
health, our families, our community. At Hudock Capital, we continue to be grateful for the
opportunity to help our clients live the lives that they’ve imagined and have been deploying
dynamic strategies to navigate the present challenges and opportunities.

It is in the spirit of serving our mission that we were delighted to learn that Forbes just released
its 2020 Top Women Wealth Advisors and named our own Barbara Hudock as one of the top
ten Women Wealth Advisors in Pennsylvania! This follows additional recognitions announced
earlier this year by Forbes and Barron’s which place Barbara and our firm among the highest
ranked in the nation.

Of course, Hudock Capital cannot do what we do without our tremendous clients or our
amazing team of dedicated professionals. In that sense, Barbara shares her recognition with
each member of the Hudock Capital family, including you. Thank you for being a part of our
family!

As we celebrate our collective successes, we are reminded how fortunate we are, even in these
uncertain times. We are humbled by our clients’ trust and know that our faith in the future is
well placed. On behalf of each of us at Hudock Capital, we hope that you and your family
remain healthy and safe and thank you for your business and your friendship.

Sincerely yours,

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

Riverfront May 4, 2020
Downloads: Riverfront-May-4-2020.pdf

A Credit Story: The Haves and Have Nots

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

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