As I’ve noted before on this blog, in many ways, the current economy is as good as it gets. It is bound to moderate or roll over—only to see things get even better. This scenario has been going on for some time now, to the point where I want to think about what could really signal a downturn. Could consumer confidence be one of those signals?

In a previous life, I was involved in real estate, including properties catering to the growing older population. Those properties were divided into three main categories: active adult communities, aimed at the vigorous, relatively young retirees; assisted living communities, aimed at those who wanted some extra help; and skilled nursing facilities, aimed at those who needed full-time care. Respectively, they were known in the industry as the go-gos, the slow-gos, and the no-gos.

I wrote about the big-picture effects of the government shutdown the other day, which are likely to be longer term. As it continues, though, the shorter-term effects continue to pile up. As such, it is time to take a look at what the shutdown means now and over the next month or so.

With the failure of the Brexit vote and the ongoing U.S. government shutdown, we find ourselves in a state of politics as unusual. Let’s take a closer look at each to see what I mean.

Should we care about the Brexit vote? In a word, yes. What happens in the vote today matters to us as both U.S. citizens and, especially, investors. It will help determine what the future of the world economy looks like, and it could potentially shake up the global financial system.

We’ve been talking all week about the economy, the markets, and the risks therein. But looking back on these posts, there seems to be a glaring hole: the government shutdown.

That absence wasn’t an accident. In the longer term, which is how investors should look at things, the current government shutdown very likely won’t matter. As such, it hasn’t warranted a discussion. The shutdown will last until it’s over. Then, we will move on, just as we have done with past shutdowns.

As I do every month, it’s time to take a look back at what happened in the previous one and what it could mean going forward. We have a lot to cover.

We closed yesterday’s post with the observation that although current conditions remain good on the economic front, there may be clouds on the horizon. As such, it could be time to start thinking about a pending recession. Today, I want to take a deeper dive into that. But let’s start with why things are still good.

This morning, the major headline was the downward revision in Apple’s revenue projection—the first time this has happened in well over a decade—on lower sales in China. The reaction to this news was apocalyptic, with markets around the world selling off. But why on earth are slower cell phone sales—from only one company—such a big deal? And do these events mean the downturn will continue to get worse?

Brad here. Today, we have another detailed look from one of our great investment analysts, Nicholas Follett. Just as with Anu’s take on emerging markets yesterday, Nick provides an in-depth discussion of one of the most popular asset classes out there—including why you might be interested and what you need to watch out for. He goes into a bit more detail than we normally do here, but consider this an example of what really goes on at Commonwealth as we dig deep for our clients and investors. Enjoy!