This post was originally published on 9/10/19 and updated on 9/17/20

By Dave Haviland, Beaumont Capital Management

Sometimes our industry grabs on to a concept and cannot let it go. Is September the worst month from a performance standpoint? Does it almost always go down? Should one avoid the markets in September? Let’s take a quick look.

Yes, September has been the worst month on average:

Source: The Chart Store, as of 12/31/19

Note the average loss over 90 years was ~1%, and this appears, according to how it is presented, as the worst month by far. But this average is massively skewed by the large loss sustained in 1931 and the five years around it:

Source: The Chart Store, as of 12/31/19

In 1931 the S&P 500 did not even exist! The index was introduced in 1957; before this it was a 90-stock index back to 1926. Entire sectors,

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