Financial Insights

KCM On Balance – November 2022

This year, Thanksgiving Day will be celebrated on Thursday, November 24, 2022, and many families will gather and enjoy the “traditional” Thanksgiving meal of turkey, bread stuffing, potatoes, cranberries, and pumpkin pie. Though, calling the day and the trappings associated with it “traditional” is a bit of a stretch.

It is widely accepted that Thanksgiving is modeled on a 3-day harvest feast that took place in 1621 and was attended by 50 or so newly arrived Pilgrims (half their original numbers having been lost to the recent brutal winter they were ill-prepared for) and 90 or so members of the Wampanoag tribe.

However, the observance of the day did not become an annual affair for another 240 years, and the menu for that original celebration did not include Turkey (or potatoes, stuffing, or any baked goods). Instead, historians believe the meal consisted of geese, ducks, venison, fish, eels, shellfish, stews, vegetables, and beer.

To extend the holiday shopping season and help struggling businesses recovering from the Depression, President Franklin D. Roosevelt sought to move the date back a week, but a joint resolution of Congress in 1941 officially designated the fourth Thursday in November (which is not always the last Thursday) as Thanksgiving Day.

It has been a challenging year for market participants, and we are certainly ready for investment performance to be thankful for. October may be a turning point in that regard. Data pointing to cooling inflationary pressures have moderated fears of ongoing aggressive action by the Fed, and markets have somewhat rallied. The S&P 500 rebounded, climbing 8.10% for the month while down -17.70% year-to-date.

Thanksgiving was born out of trying times (a harsh winter, a civil war, a depression), but change is a constant, and it has become a cornerstone holiday for families to be together and celebrate. Rough times (and markets) don’t last forever. We trudge through them to arrive on the other side when there are again reasons (and returns) for which to be thankful.

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Advisory services offered through KCPAG Financial Advisors LLC and insurance services offered through KCPAG Insurance Services LLC, subsidiaries of Kemper Capital Management LLC. Tax services offered through Kemper CPA Group LLP.

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