Welcome to the July issue of the Select Wealth Management Dashboard Newsletter. After a very mild start, the bite of winter has arrived in earnest. The weather gods held on just long enough for the British and Irish Lions fans to leave with idyllic memories. What an amazing tour they had – a better than expected result, magical weather, awesome hospitality, and the odd beverage here and there (from what I could gather from the ones I bumped into on the streets on game days...). It really couldn't have gone any better – a very powerful advertisement for New Zealand Inc. And despite the frustrating result from an All Black supporter's perspective, it sets up the next tour perfectly. It's hard to believe that the first half of the year has gone already. From an investment perspective, it has been a solid 6 months performance. The first quarter was nothing short of stellar, and whilst the second quarter has been nowhere near as good, it has still delivered robust returns. The average growth portfolio is up about 7% after tax so far this year, a balanced portfolio is up about 4% after tax, and a conservative portfolio about 2.5% after tax. These are very strong numbers. And this is despite a backdrop which is really quite challenging. You would have been forgiven for being pessimistic as an investor at the beginning of the year. Brexit was kicking in, the Euro zone was about to crumble, Trump was about to ruin the world, and many so called "experts" had suggested we had reached the top of the market. And yet here we are – 6 months of solid performance. Don't get me wrong – I'm not suggesting this carries on forever. As the famous saying goes, "the markets giveth, the markets taketh away". No doubt at some point there will be a correction and share markets will fall – that's the reality of investing. But this does illustrate once again how important it is to avoid the temptation of trying to "time the market". It's a fool's game that typically ends in tears. Block out all the white noise, the negative headlines and the scaremongering, and focus purely on your investment objectives. If you stick to a disciplined investment plan and strategy, time will always see you right. Lately I've been finding the most unusual development occurring. I'm a naturally sceptical person, and typically very cautious with a tendency towards pessimism. But the more I read and the more I think about the world, the more optimistic I find myself feeling. We are living in extraordinary times. The rate of development is unprecedented. Three things I read recently to illustrate my point: Auto maker Volvo announced that by 2019 they would cease to produce Internal Combustion Engines, and only produce either Electric or Hybrid Motors. This is another example of how the auto industry is changing. Driverless electric cars are coming – fact. The world's entire fleet of cars will be replaced by cleaner, safer and more productive ones over the next 20 years. Think about that opportunity. SpaceX sent their Falcon 9 rocket into space to deliver 10 satellites into orbit for a customer (Iridium). This was the second payload that Falcon 9 delivered, and after the mission it landed safely back on earth and will be sent on a third. Re-usable rockets are making space exploration exponentially more economic and affordable. An industry is born – think about that opportunity. Kite Pharma won the "Clinical Trial Result of the Year" award for a trial of cell treatment for cancer. The treatment was trialled on 101 patients with aggressive Non-Hodgkin Lymphoma. Within 9 months, 39% of these patients were cured of the decease from a single treatment. Imagine the possibility. From a market perspective, the past 30 days have been a bit mixed. The range has been from -1.5% (Germany) to +2% (New Zealand and Hong Kong). Exchange rates have been a bit mixed too with the only notable move a 2% fall against the AUS$. Aside from this, the NZ$ remains stubbornly high (although I fancy this might come under pressure as the rest of the world makes noise about raising interest rates). House prices eke up a bit, and interest rates remain largely unchanged. Here are the numbers:   In terms of your Select Wealth Management investment, the 30 June reports are nearly ready and will be with you soon. As I mentioned the numbers for the quarter are modest, but year to date numbers remain strong. Feel free to contact me if you have any questions or want to meet to review your portfolio. Finally, I am pleased to announce our new campaign for our Giving Back Program. For the second half of 2017 we will be raising funds for the Wellington Free Ambulance. WFA have been a free ambulance service for 90 years now, and are the only remaining free ambulance service in New Zealand. They are incredible people doing an incredible job – something my family has benefited from directly in the past (as have the family of staff members of Isaacs Financial Planning). We are stoked to be working with Wellington Free Ambulance, and excited about making a small contribution towards their cause. You can follow our progress at www.mifinancialplanning.co.nz/giving-back.html . Thanks again for taking the time to read this newsletter, and I look forward to seeing you soon. Until next time. Warm regards Dave and the team at Isaacs Financial Planning dave@mifinancialplanning.co.nz

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