ys 4310 17th Ave S PO Box 2545 Fargo ND 58108-2545 This publication is produced and published by Eide Bailly and distributed with the understanding that the information contained does not constitute legal, accounting or other professional advice. It is not intended to be responsive to any individual situation or concerns as the contents of the publication are intended for general informational purposes only. Readers are urged not to act upon the information contained in this publication without first consulting competent legal, accounting or other professional advice regarding implications of a particular factual situation. Questions and information for publication can be submitted to your Eide Bailly representative. To request reprints of this publication, send a written request to RequestReprints@eidebailly.com. © 2015 Eide Bailly LLP. To view this and previous issues of POSSIBILITIES, visit www.eidebailly.com/publications Managing Editor: Liz Stabenow Assistant Editor: Clinton Larson Send comments to: possibilities@eidebailly.com An Independent Member Firm of HLB International 2015 Market Outlook—continued from page 1 Odds are fairly low, however, as the U.S. simply isn’t dependent on overseas demand to drive its economy.

So far, U.S. growth has accelerated in the face of global jitters. Interest Rates Will we get volatility around the Federal Reserve’s first rate hike in nearly a decade? There are no guarantees when it comes to Federal Reserve policy, but if U.S. employment and economic growth continue at the current pace, the Federal Reserve has signaled rates will start rising in 2015, although it is doing its best to telegraph its intentions. Emerging markets A stronger dollar and a Federal Reserve that is expected to begin raising rates could pressure developing countries that have sold bonds in greenbacks instead of their local currencies, forcing them to repay loans in more expensive dollars.

Foreign reserves could minimize any pressure, but it’s something that bears watching. Cyber-attacks North Korea’s alleged attack on Sony quickly comes to mind. It’s impossible to forecast, www.eidebailly.com but the outside chance of a big event can’t be completely discounted. Geopolitical Concerns War or geopolitical instability has historically caused short-term volatility in the market. Heightened uncertainty is not a friend of investors. The Bottom Line One really does not know what the future holds, or how the markets will behave. As an investor it is important to manage and mitigate risk within a portfolio and to take the time to recalibrate.

Two things to consider when managing risk within a portfolio: First, make sure there is a plan in place and it is followed when making investment decisions. Second, be sure to rebalance the portfolio back to the original allocation on a regular basis. n C O N TA C T Brad Kelley Principal Financial Services 701.476.8759 bkelley@eidebailly.com .