What we did in a bad quarter (and what we didn't)

Markets fell 9% between July and September. If you looked at your account in late August, you saw the drop; if you called, you probably spoke to Dev or Mara within the hour. Here is what we did, and what we did not do.

We rebalanced. Portfolios that had drifted below their stock target were topped up from bonds, which is the boring, mechanical way of buying low. We harvested losses in taxable accounts, which will offset gains for years. And we checked every retirement paycheck: none needed to change.

We did not sell. We did not move anyone to cash, and we did not change a single long-term target. A bad quarter is not new information about a twenty-year plan.

If your situation has changed, that is different, and worth a call. Otherwise, the plan is doing what it was built to do.