--- title: "The West and the Middle World: A Review of Destiny Disrupted, by Tamim Ansary" description: How can we better understand the world outside U.S. borders? Commonwealth CIO Brad McMillan recommends reading Tamim Ansary's Destiny Disrupted. image: https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2017/BookReview_2.jpg --- [![The Independent Market Observer](https://blog.commonwealth.com/hubfs/IMO-Title-1.png "The Independent Market Observer")](https://blog.commonwealth.com/independent-market-observer) [![Commonwealth Financial Network](https://blog.commonwealth.com/hubfs/lockup_citron-1.png "Commonwealth Financial Network")](https://www.commonwealth.com/) - [Home](https://blog.commonwealth.com/independent-market-observer) - [About](https://learn.commonwealth.com/about/) ### ![print this page](https://blog.commonwealth.com/hs-fs/file-1376458285-gif/images/print.gif)Print # [The West and the Middle World: A Review of Destiny Disrupted, by Tamim Ansary](https://blog.commonwealth.com/independent-market-observer/the-west-and-the-middle-world-a-review-of-destiny-disrupted-by-tamim-ansary) Posted by [Brad McMillan, CFA®, CFP®](https://blog.commonwealth.com/independent-market-observer/author/brad-mcmillan-cfa-caia-mai) Find me on: [LinkedIn](https://www.linkedin.com/in/bradmcmillancfa) [Twitter](https://x.com/BradMcMillanCFA) This entry was posted on Jul 24, 2019, 4:18:37 PM and tagged [On My Bookshelf](https://blog.commonwealth.com/independent-market-observer/topic/on-my-bookshelf) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/the-west-and-the-middle-world-a-review-of-destiny-disrupted-by-tamim-ansary#comments-listing) ![Destiny Disrupted](https://blog.commonwealth.com/hs-fs/hubfs/Brad_Images_IMO_Blog/2017/BookReview_2.jpg?width=300&name=BookReview_2.jpg)For quite a while, the U.S. was focused on other parts of the world. Wars in the Middle East, the Greek crisis, and North Korea all made headlines and were front of mind for many investors. Recently, though, that view has largely faded. We are still at war in Afghanistan, but no one seems to be talking about. A hard Brexit is looming, same thing. Attention has returned to what is happening here in the U.S. This internal focus is the default state for the U.S. and usually makes sense. To understand when it does not make sense, however, it is important to have some baseline understanding of the world outside our borders. Today’s book—Tamim Ansary’s *[Destiny Disrupted](https://www.amazon.com/Destiny-Disrupted-History-Through-Islamic/dp/1586488139)*—is a terrific tool to just that end. It tells the history of the world from the perspective of Islam. In other words, we get (almost) the same story we know but from a very different perspective. In many ways, the experience is unsettling but also very revealing. ##### What is the history of the world? As we learn it here in the West, the history of the world is the story of a charismatic prophet who founded a religion that shaped the world. That religion led to an empire that controlled most of the known world, that still provides the cultural foundations of today’s society, but that collapsed in ruins under the assault of barbarians, leading to a dark age. Here in the West, of course, that story is about Christianity and Rome. In the Middle East, what Ansary calls the “Middle World,” we see the same story but with Muhammad and the Ottoman Empire. The story, on broad levels, is the same, providing a connection for the westerner to the Muslim experience, but the perspective is entirely different. The history of the West is about Rome and the aftermath, while the history of the East is about the Ottoman Empire and its aftermath. A big part of those histories, of course, is the intersection of the two. And this is where the perspective of one side can be almost unrecognizable from the other. ##### Intersection and conflict Showing that difference—and illustrating where it comes from—is where the book excels. Briefly, despite the superficial similarities, the West and the Middle Word are very different societies. Islam is more than a religion. It is a complete belief system that incorporates religion, politics, and law. There is no separation of church (mosque) and state, and that has given the Islamic world a very different cast not only in terms of politics but also in how a society can structure its economy. (This was one of the most interesting sections for me.) When you look at the intersection and conflict between the two societies, this difference is where it comes from. From a western point of view, Islam can appear alien and irrational—but it isn’t. As a civilization of comparable size to that of the West, it follows its own rules and not ours. To understand not just those rules but also the events and constraints that led to them is to better understand why recent history has played out the way it has—and where it might go in the future. The author grew up in Muslim Afghanistan and is now a writer here in the U.S. He has seen both sides and is well positioned to speak about the intersection, about misunderstandings about both and by both sides. That intersection is, of course, where the conflicts come—conflicts that although largely quiescent from a U.S. perspective at the moment will certainly be back. When they do return, it makes sense to have a better idea of where they come from. ##### Understanding the modern world Huntington’s idea of the [clash of civilizations](https://www.amazon.com/Clash-Civilizations-Remaking-World-Order/dp/1451628978/ref=asc_df_1451628978/?tag=hyprod-20&linkCode=df0&hvadid=312021238077&hvpos=1o1&hvnetw=g&hvrand=14373860503182562945&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=1018107&hvtargid=pla-435427683755&psc=1) is a valuable but incomplete way to think about the modern world. Better is to acknowledge the clash and to go below the surface to find out where it comes from. This book is an excellent way to do that for the Islamic world. Since we invest in a world influenced by Islam, we should understand it. For me, this book is a great start. Recommended. - [Tweet](https://twitter.com/share) ### Subscribe via Email ![TMO\_IMO\_615x408\_sidebar](https://blog.commonwealth.com/hs-fs/hubfs/TMO_IMO_615x408_sidebar.png?width=1033&height=686&name=TMO_IMO_615x408_sidebar.png "TMO_IMO_615x408_sidebar") [Episode 20](https://vimeo.com/1201911815/0f4f028be9?share=copy&fl=sv&fe=ci) June 17, 2026 [Episode 19](https://vimeo.com/1191658257/1b43ce84dd?share=copy&fl=sv&fe=ci) May 13, 2026 [Episode 18](https://vimeo.com/1183174918/e227cf7d80?share=copy&fl=sv&fe=ci) April 15, 2026 [Episode 17](https://vimeo.com/1174554734/636f0f7aba?share=copy&fl=sv&fe=ci) March 18, 2026 [Episode 16](https://vimeo.com/1163757312/bc2f802d74?share=copy&fl=sv&fe=ci) February 11, 2026 [More](https://learn.commonwealth.com/monthly-media-placements) [![Insights\_CTA\_IMO\_233x400-1](https://no-cache.hubspot.com/cta/default/295024/interactive-187935228457.png)](https://blog.commonwealth.com/hs/cta/wi/redirect?encryptedPayload=AVxigLIZb%2BLqKtoxkHuc60Q%2Bgtu786JhcNk5Ryzt0gdGquZyNp8f2wrPHYUJ4B0z6Y6RBX8xuqs7FyabvRGsbtAQt7Ui1SjCbPPnuR5tI3WRe%2F3t%2BOTClvWpxNRefz%2FDjg8RK1OY%2FnkG1%2Bpau4qOo8uZnA%2FXq8waUxVKhWAnEsIzZ1DB3R4hGiUs62ECnBZgWwNTKNJKvAQB9PHTRik%3D&webInteractiveContentId=187935228457&portalId=295024) ### Hot Topics Select Category Ask Brad Commentary Economic Risk Factor Updates Economics Lessons Market Thoughts Videos In the News Investing Market Updates On My Bookshelf Politics and the Economy [![New Call-to-action](https://no-cache.hubspot.com/cta/default/295024/5f46d9ce-4d40-495c-a126-d4502b647bbf.png)](https://cta-redirect.hubspot.com/cta/redirect/295024/5f46d9ce-4d40-495c-a126-d4502b647bbf) ### Archives - [September 2026 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2026/09) - [August 2026 (2)](https://blog.commonwealth.com/independent-market-observer/archive/2026/08) - [July 2026 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2026/07) - [June 2026 (2)](https://blog.commonwealth.com/independent-market-observer/archive/2026/06) - [May 2026 (2)](https://blog.commonwealth.com/independent-market-observer/archive/2026/05) - [April 2026 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2026/04) - [March 2026 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2026/03) - [February 2026 (4)](https://blog.commonwealth.com/independent-market-observer/archive/2026/02) - [January 2026 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2026/01) - [December 2025 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2025/12) - [November 2025 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2025/11) - [October 2025 (4)](https://blog.commonwealth.com/independent-market-observer/archive/2025/10) - [September 2025 (4)](https://blog.commonwealth.com/independent-market-observer/archive/2025/09) - [August 2025 (3)](https://blog.commonwealth.com/independent-market-observer/archive/2025/08) - [July 2025 (4)](https://blog.commonwealth.com/independent-market-observer/archive/2025/07) - [June 2025 (5)](https://blog.commonwealth.com/independent-market-observer/archive/2025/06) - [May 2025 (5)](https://blog.commonwealth.com/independent-market-observer/archive/2025/05) - [April 2025 (7)](https://blog.commonwealth.com/independent-market-observer/archive/2025/04) - [March 2025 (5)](https://blog.commonwealth.com/independent-market-observer/archive/2025/03) - [February 2025 (2)](https://blog.commonwealth.com/independent-market-observer/archive/2025/02) - [January 2025 (1)](https://blog.commonwealth.com/independent-market-observer/archive/2025/01) - [December 2024 (2)](https://blog.commonwealth.com/independent-market-observer/archive/2024/12) - [November 2024 (2)](https://blog.commonwealth.com/independent-market-observer/archive/2024/11) - [October 2024 (9)](https://blog.commonwealth.com/independent-market-observer/archive/2024/10) - [September 2024 (12)](https://blog.commonwealth.com/independent-market-observer/archive/2024/09) - [August 2024 (11)](https://blog.commonwealth.com/independent-market-observer/archive/2024/08) - [July 2024 (15)](https://blog.commonwealth.com/independent-market-observer/archive/2024/07) - [June 2024 (13)](https://blog.commonwealth.com/independent-market-observer/archive/2024/06) - [May 2024 (11)](https://blog.commonwealth.com/independent-market-observer/archive/2024/05) - [April 2024 (13)](https://blog.commonwealth.com/independent-market-observer/archive/2024/04) - [March 2024 (13)](https://blog.commonwealth.com/independent-market-observer/archive/2024/03) - [February 2024 (11)](https://blog.commonwealth.com/independent-market-observer/archive/2024/02) - [January 2024 (13)](https://blog.commonwealth.com/independent-market-observer/archive/2024/01) - [December 2023 (15)](https://blog.commonwealth.com/independent-market-observer/archive/2023/12) - [November 2023 (19)](https://blog.commonwealth.com/independent-market-observer/archive/2023/11) - [October 2023 (17)](https://blog.commonwealth.com/independent-market-observer/archive/2023/10) - [September 2023 (14)](https://blog.commonwealth.com/independent-market-observer/archive/2023/09) - [August 2023 (16)](https://blog.commonwealth.com/independent-market-observer/archive/2023/08) - [July 2023 (15)](https://blog.commonwealth.com/independent-market-observer/archive/2023/07) - [June 2023 (14)](https://blog.commonwealth.com/independent-market-observer/archive/2023/06) - [May 2023 (16)](https://blog.commonwealth.com/independent-market-observer/archive/2023/05) - [April 2023 (13)](https://blog.commonwealth.com/independent-market-observer/archive/2023/04) - [March 2023 (17)](https://blog.commonwealth.com/independent-market-observer/archive/2023/03) - [February 2023 (14)](https://blog.commonwealth.com/independent-market-observer/archive/2023/02) - [January 2023 (16)](https://blog.commonwealth.com/independent-market-observer/archive/2023/01) - [December 2022 (15)](https://blog.commonwealth.com/independent-market-observer/archive/2022/12) - [November 2022 (14)](https://blog.commonwealth.com/independent-market-observer/archive/2022/11) - [October 2022 (17)](https://blog.commonwealth.com/independent-market-observer/archive/2022/10) - [September 2022 (14)](https://blog.commonwealth.com/independent-market-observer/archive/2022/09) - [August 2022 (17)](https://blog.commonwealth.com/independent-market-observer/archive/2022/08) - [July 2022 (18)](https://blog.commonwealth.com/independent-market-observer/archive/2022/07) - [June 2022 (15)](https://blog.commonwealth.com/independent-market-observer/archive/2022/06) - [May 2022 (17)](https://blog.commonwealth.com/independent-market-observer/archive/2022/05) - [April 2022 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2022/04) - [March 2022 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2022/03) - [February 2022 (19)](https://blog.commonwealth.com/independent-market-observer/archive/2022/02) - [January 2022 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2022/01) - [December 2021 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2021/12) - [November 2021 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2021/11) - [October 2021 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2021/10) - [September 2021 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2021/09) - [August 2021 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2021/08) - [July 2021 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2021/07) - [June 2021 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2021/06) - [May 2021 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2021/05) - [April 2021 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2021/04) - [March 2021 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2021/03) - [February 2021 (19)](https://blog.commonwealth.com/independent-market-observer/archive/2021/02) - [January 2021 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2021/01) - [December 2020 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2020/12) - [November 2020 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2020/11) - [October 2020 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2020/10) - [September 2020 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2020/09) - [August 2020 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2020/08) - [July 2020 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2020/07) - [June 2020 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2020/06) - [May 2020 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2020/05) - [April 2020 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2020/04) - [March 2020 (27)](https://blog.commonwealth.com/independent-market-observer/archive/2020/03) - [February 2020 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2020/02) - [January 2020 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2020/01) - [December 2019 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2019/12) - [November 2019 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2019/11) - [October 2019 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2019/10) - [September 2019 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2019/09) - [August 2019 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2019/08) - [July 2019 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2019/07) - [June 2019 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2019/06) - [May 2019 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2019/05) - [April 2019 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2019/04) - [March 2019 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2019/03) - [February 2019 (19)](https://blog.commonwealth.com/independent-market-observer/archive/2019/02) - [January 2019 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2019/01) - [December 2018 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2018/12) - [November 2018 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2018/11) - [October 2018 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2018/10) - [September 2018 (19)](https://blog.commonwealth.com/independent-market-observer/archive/2018/09) - [August 2018 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2018/08) - [July 2018 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2018/07) - [June 2018 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2018/06) - [May 2018 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2018/05) - [April 2018 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2018/04) - [March 2018 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2018/03) - [February 2018 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2018/02) - [January 2018 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2018/01) - [December 2017 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2017/12) - [November 2017 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2017/11) - [October 2017 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2017/10) - [September 2017 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2017/09) - [August 2017 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2017/08) - [July 2017 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2017/07) - [June 2017 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2017/06) - [May 2017 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2017/05) - [April 2017 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2017/04) - [March 2017 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2017/03) - [February 2017 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2017/02) - [January 2017 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2017/01) - [December 2016 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2016/12) - [November 2016 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2016/11) - [October 2016 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2016/10) - [September 2016 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2016/09) - [August 2016 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2016/08) - [July 2016 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2016/07) - [June 2016 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2016/06) - [May 2016 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2016/05) - [April 2016 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2016/04) - [March 2016 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2016/03) - [February 2016 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2016/02) - [January 2016 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2016/01) - [December 2015 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2015/12) - [November 2015 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2015/11) - [October 2015 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2015/10) - [September 2015 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2015/09) - [August 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/08) - [July 2015 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2015/07) - [June 2015 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2015/06) - [May 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/05) - [April 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/04) - [March 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/03) - [February 2015 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2015/02) - [January 2015 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2015/01) - [December 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/12) - [November 2014 (19)](https://blog.commonwealth.com/independent-market-observer/archive/2014/11) - [October 2014 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2014/10) - [September 2014 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2014/09) - [August 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/08) - [July 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/07) - [June 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/06) - [May 2014 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2014/05) - [April 2014 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2014/04) - [March 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/03) - [February 2014 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2014/02) - [January 2014 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2014/01) - [December 2013 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2013/12) - [November 2013 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2013/11) - [October 2013 (27)](https://blog.commonwealth.com/independent-market-observer/archive/2013/10) - [September 2013 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2013/09) - [August 2013 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2013/08) - [July 2013 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2013/07) - [June 2013 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2013/06) - [May 2013 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2013/05) - [April 2013 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2013/04) - [March 2013 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2013/03) - [February 2013 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2013/02) - [January 2013 (30)](https://blog.commonwealth.com/independent-market-observer/archive/2013/01) - [December 2012 (34)](https://blog.commonwealth.com/independent-market-observer/archive/2012/12) - [November 2012 (39)](https://blog.commonwealth.com/independent-market-observer/archive/2012/11) - [October 2012 (42)](https://blog.commonwealth.com/independent-market-observer/archive/2012/10) - [September 2012 (36)](https://blog.commonwealth.com/independent-market-observer/archive/2012/09) - [August 2012 (30)](https://blog.commonwealth.com/independent-market-observer/archive/2012/08) - [July 2012 (31)](https://blog.commonwealth.com/independent-market-observer/archive/2012/07) - [June 2012 (18)](https://blog.commonwealth.com/independent-market-observer/archive/2012/06) see all ### Subscribe - [RSS](https://blog.commonwealth.com/independent-market-observer/rss.xml) ### Disclosure The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets. The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index. The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices. The Dow Jones Industrial Average is computed by summing the prices of the stocks of 30 large companies and then dividing that total by an adjusted value, one which has been adjusted over the years to account for the effects of stock splits on the prices of the 30 companies. Dividends are reinvested to reflect the actual performance of the underlying securities. The Russell 2000 is a market-capitalization weighted index, with dividends reinvested, that consists of the 2,000 smallest companies within the Russell 3000 Index. It is often used to track the performance of U.S. small market capitalization stocks. One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent. The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options. The forward price-to-earnings (P/E) ratio divides the current share price of the index by its estimated future earnings. Third-party links are provided to you as a courtesy. We make no representation as to the completeness or accuracy of information provided on these websites. Information on such sites, including third-party links contained within, should not be construed as an endorsement or adoption by Commonwealth of any kind. You should consult with a financial advisor regarding your specific situation. Member [FINRA](http://www.FINRA.org), [SIPC](http://www.SIPC.org) Please review our [Terms of Use](https://www.commonwealth.com/terms-of-use).  Commonwealth Financial Network®