The U.S. stock market tends to rise, notwithstanding a pullback or correction from time to time. The long-term upward trajectory has a foundation in the country's democratic political system and its market-based, capitalist economic system that is relatively transparent and rewards innovation. In theory, the stock market efficiently allocates the nation's capital, generating solid returns over economic cycles. And then there is September. Indeed, our analysis of monthly S&P 500 returns going back to 1980 indicates that September is now the only month with an average loss. Now not every September is negative. The month has a "win percentage" of 46%. But there have been some bombs, including 2022 (-9.3%), 1986 (-8.5%), 2001 (-8.2%), 2002 (-11%), 2008 (-14%) and 2011 (-7.2%). Last year, the S&P 500 fell 5.0% in the month, and 2022 was a 4.8% loser. September is a transition month: the August doldrums are over and corporations get back into gear after Labor Day. The IPO market typically picks up. The Federal Reserve meets, w