From worries over a slowing worldwide economy, decelerating emerging markets and their currencies, uncertainty over the next move on interest rates and a retreat in commodity prices, our stock market had a lot to contend with in the 3rd quarter. The weight of these issues resulted in a negative quarterly return for the first time since 2012. Corrections of 10% usually take place every 18 months and we had gone four years without one. Corrections like this one are unpleasant and impossible to predict yet they can restore order in the market, allow valuations to moderate and provide attractive entry points for stocks on our wish list. As such, while we dislike the outcome as much as you do, we view this summer’s market retreat as a healthy correction within a bull market. China is slowing, but not collapsing or headed for a recession. Emerging markets are important as their growth rates in the long run far exceed those of developed markets. However, the US only exports about 10 % of our GDP, with half of that going to Canada, the European Union and Mexico. China itself represents less than 1% of US exports. Interest rates are poised to go higher, but the slow and deliberate pace indicated by the Fed will still leave policy incredibly accommodative for the foreseeable future. Falling commodity prices are negative for resource rich economics such as Brazil, Canada, Russia and others, but the US is a net beneficiary as we import more commodities than we export. In addition, with…