Correction Has Begun
August 21, 2015

Stock markets around the world have had a bad week.  As we have advised for quite some time, we have had concerns that the U.S. stock market has become vulnerable to a correction, perhaps in the 10% -15% decline range.  This week, events in China ranging from weak economic data, changing currency policies and a volatile and declining domestic stock market, have led markets around the world to conclude that global economic growth is in jeopardy.  We have been concerned about the Chinese stock market and a slowing growth rate of their economy for quite some time.  We also remain concerned about very slow, or perhaps non-existent economic growth in Europe. 
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Founded more than 30 years ago, L. Roy Papp & Associates is focused on helping high-net-worth and institutional investors achieve long-term financial objectives. Our breadth of experience has prepared us to advise our clients on the sometimes complex financial matters surrounding many of life's events, such as retirement, funding education, planning for your legacy, starting or selling a business, funding a trust or giving to charity.

As a fiduciary, our goal is to get to know our clients well and understand their financial needs. Portfolios are constructed based on clients' investment objectives and risk tolerance. As active managers with a long-term perspective, we do our own research, consulting with you about any recommended changes.

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L. Roy Papp & Associates, LLP | 2201 E. Camelback Road, Suite 227B, Phoenix, AZ 85016 | P 602.956.0980 | F 602.956.1985
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