It is no secret that over the past week Russian businesses have been hit with stiff international sanctions to cripple the Russian economy and dissuade further aggression towards Ukraine. Russia has made threats of its own in response that you have undoubtedly seen on the news.
We want you to know that Commonwealth is taking steps to help us stay protected from possible security threats and any exposure to sanctioned Russian companies.
Commonwealth has given us access to multi factor authentication for all of our devices so that we can ensure login security to our advisor portals.
Commonwealth also announced yesterday that they are doing a comprehensive review as a firm of any exposure to a list of over 3500 sanctioned companies. They have a specialty team that we can also check in with if we have questions about any of our holdings.
We are closely monitoring these situations as they develop.
It is important to remember at times like this, that stock markets have endured many unpleasant and scary times.
I think Art Cashin summed up the appropriate mindset best this week when he gave the following advice: “Never bet on the end of the world, because it only happens once.”
Hang in there everybody and our thoughts and prayers go out to the Ukrainian people.