After much anticipation, the market has entered its first correction in 18 months, which is quite remarkable considering we average one correction per year. The speed of this correction, a 10% loss in the S&P 500 over a 3-week period, gives us some comfort due to the fact that corrections tend to be sharp and unsettling and usually end within a few months. Corrections are painful, but they do not last long. Whereas bear markets tend to take much longer to play out and are not as swift and sudden as corrections.

Since 2008, We have had 15 corrections, and the average correction was down 13%. Twelve months later the average return on the S&P 500 was up 15%.

Valuations are looking more attractive now than one month ago. In times of uncertainty, less experienced investors tend to sell into the panic and selling tends to create more selling. Now is the time to dust off that list of stocks we want to own and start buying as others are selling.

Success comes from owning companies with strong earnings and healthy balance sheets and holding for the long term. At times it can be tempting to try and time this market by getting out at the top and back in at the bottom, if it was only that easy. The old axiom still applies "success comes from not timing the market but time in the market".