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Summer Market Rotation

By Cade Peterson
Three dollar bills are buried in sand on sandy beach near sea at sunset dawn
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As the weather continues to warm, the
 stock market has experienced its own heat wave in the form of rising volatility. Market uncertainty has increased as investors have recently begun shifting out of large cap technology companies and into a broad variety of different sectors and styles, including small cap companies. The Russell 2000 index of small cap stocks has jumped over 11% since early July, while the Nasdaq Composite Index has declined 7%. With the unpredictable political environment, how can investors maintain perspective on upcoming events? 

Recently, President Biden dropped out of the race and endorsed his VP, Kamala Harris. Former President Trump was nearly assassinated at a rally in Pennsylvania. How significant of a role will these recent political events play in the market performance for the remainder of the year?

Recent Pullbacks

As I have mentioned before, volatility has historically increased leading up to November of an election year. Even though returns in an election year are overwhelmingly positive, investors tend to get concerned with the changes a presidential election could bring. It is important to remember that pullbacks happen every year. If the market finished a year up 10%, it is very likely that there were two or three significant pullbacks throughout the year. These are normal. 

I like this chart because it really illustrates the volatility of any given year. The red dots show the intra-year pullbacks of the S&P 500 during any given year. 

In 2008, the market was down 48% at one point in time but finished the year down 37%. In 2020 when the pandemic shocked the market, it was down a whopping 34% at one point in the year. Investors that stayed in the boat were very happy in 2020 because the market finished the year up 18%. The accompanying chart shows the largest decline this year has only been 5%. This is quite low by historical standards, especially when compared to the strong year-to-date gains by the S&P 500 (15%) and Nasdaq (16%). Most years have experienced far more significant intra-year pullbacks, yet still…

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©Courtesy od AQHA

The 2026-2027 American Quarter Horse Association Executive Committee was elected on March 16 at the 2026 AQHA Convention in Las Vegas. Though AQHA operates primarily upon the decisions of its members through the board of directors, the five-person Executive Committee is responsible for implementing important decisions and governing AQHA between the annual meetings of the membership and the board. The Executive Committee convenes throughout the year to conduct and manage the business of AQHA.

The AQHA Executive Committee – consisting of a president, first vice president, second vice president and two additional members – is elected each year by the board of directors at the Convention. Each member serves a term of one year until the selection of his/her successor. Members are eligible for re-election and may serve on the Executive Committee for up to five years.

President Jim Brinkman
Jim Brinkman is an AQHA life member and has served as an AQHA director since 2011. Brinkman served on the Stud Book and Registration Committee, Ranching Council, Hall of Fame and Best Remuda selection committees, AQHA World Show Sale committee and the parentage verification task force.

Brinkman is a third-generation rancher on the Pitzer Ranch, which was founded in 1946. He runs commercial cattle and is the owner, manager and trainer overseeing the ranch’s American Quarter Horse program. The ranch near Ericson, Nebraska, runs more than 500 broodmares and hosts two Quarter Horse sales a year, one in the spring and one in the fall, selling about 800 head total.

Brinkman is an AQHA Professional Horseman and showed the first AQHA Superhorse, Vickie Lee Pine, for grandfather and owner Howard Pitzer. Brinkman works to continue the traditions of honesty and integrity that built his family’s operation over 75 years ago.

Brinkman and his wife, Tana, a former Miss Rodeo Nebraska, have two children, daughter Sarah; son Sam and his wife, Kendra; and four grandchildren, Kale, Rio, Brooke and Clara.

First Vice President Lori Bucholz
Lori Bucholz of Waterloo, Nebraska, is an AQHA life member and has been an AQHA director since 2008 and was elevated to director-at-large in 2020. Lori has served as the chairperson of the International Committee and Animal Welfare Commission. She has served on the American Quarter Horse Foundation Committee and Council, the Nominations and Credentials Committee, the Affiliate Advisory Board, and Hall of Fame Selection and Animal Welfare Grievance committees.

Bucholz is a professional registered parliamentarian and received her bachelor of science degree from the University of Nebraska at Omaha. She has shown horses for more than 50 years and is an AQHA amateur champion, has won multiple AQHA world champion titles and year-end high-point awards and is an AQHA 10-year breeder. Lori also currently serves on the Colorado State University Ag Industry Leadership Council, Equine Sciences Advisory Board and the Temple Grandin Equine Center Steering Committee. She is also a member of the Texas A&M Equine Initiative Advisory Committee, National Snaffle Bit Association Board of Directors, the Omaha Equestrian Foundation Board of Directors, the Nebraska Quarter Horse Association Board of Directors and is a past president of the Nebraska State Association of Parliamentarians. She also serves…

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at The Downs at Albuquerque Opens with Trials for $1 Million Ruidoso Futurity May 22

Ruidoso Downs Racetrack will open the 2026 race meet on Friday, May 22 at The Downs at Albuquerque featuring trials for the $1 Million Ruidoso Futurity for two-year-old Quarter Horses. The 49-day race meet will feature both Thoroughbred and Quarter Horse racing to be held Fridays, Saturdays and Sundays through Labor Day, Sept. 7.

“The Downs at Albuquerque is currently accepting stall applications,” The Downs at Albuquerque President of Racing Don Cook said.  “The condition book for the first two weeks of racing and the 2026 stakes schedule will be available at the end of the month at www.abqdowns.com, and 
www.raceruidoso.com. We invite all horsemen to make plans to participate.”

This will be the third consecutive racing season that Downs of Albuquerque has hosted the $3 Million All American Futurity scheduled to be run on Labor Day. Approximately 600 Quarter Horses have been nominated to race in the All American trials which are scheduled for Aug. 7-8. 

The Downs at Albuquerque, President of Racing Don Cook plans to run a mixed meet with Quarter Horse and Thoroughbred races conducted each Friday, Saturday and Sunday. Here is the current stakes schedule for the 2026 Ruidoso Downs horse race season pending approval by the New Mexico Racing Commission:

Veterinary on a farm
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& How to Store, Handle, and Administer

It goes without saying that horses can get themselves into all kinds of trouble despite the best management. With this in mind, horse owners arm themselves with a comprehensive first aid kit that facilitates dealing with an unexpected crisis. First aid kit supplies include items like wound scrub, bandaging materials, topical antimicrobial medications, and eye ointment. But, often there are other medications that fall under the category of pharmaceuticals, referred to as drugs. 

Pharmaceutical products should be handled with utmost care. Many of these are medications that are only available through a veterinary prescription. It is worthwhile having a conversation with your veterinarian about specifics in handling and administration, as well as possible adverse effects. 

In general, what are some things you should consider about storage, handling, and administration of medications?

Storage
Always store drugs in a locked cabinet out of reach of children, pets, other boarders or casual visitors to the barn.

Store drugs at the manufacturer’s recommended temperature to prevent loss of the drug’s efficacy. Interestingly, DMSO freezes at around 65 degrees yet is still effective but most drugs don’t tolerate freezing or high temperatures. Read the label and/or package insert for the specified storage conditions.

Antibiotic Use
Do not use antibiotics indiscriminately without advice from your veterinarian. Overuse of antimicrobials, particularly in cases where they are not indicated, has stimulated antimicrobial resistance on a large scale. This impacts the antibiotic choices we have in treating both animal and human patients; many over-used antibiotics are no longer effective against infections.

Preparing to Administer Medication
Avoid distractions when preparing and administering medication to your horse. Put your phone away and don’t let friends or pets distract you from the task. 

Administer medications to your horse in an area free of obstacles. Ensure that other people, children and animals are not roaming about the immediate area and that no equipment is in use nearby that could enter your working area. Keep your focus on your horse and follow safe handling practices. Use a good halter and lead rope and a nose or lip chain if necessary. If your horse is fractious, ask another capable horse person to help or defer the task to your veterinarian.

Oral Medications
When administering oral medication, ensure that your horse’s mouth is clean of food so he doesn’t spit out the paste or solution along with a wad of chewed hay, grass or grain. It helps to hold your horse’s head up and massage…

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