Jason Wheeler of Pathfinder Wealth Consulting presented an overview of the investment landscape at a lunch information session for investors earlier this month.

Emphasizing that wise investors should take a long-term view of markets and “stay put” on their investments, Wheeler said he thinks the U.S. is 15 years into an adjustment cycle that will probably last 22-25 years.

“Try to limit your risk: don’t become emotionally connected to your financial decisions. Stocks are still the best-performing asset, but if you need an 8-percent return on your investment, you need to be a pretty risky investor,” he said.

He noted that price/earnings ratios are still below average and that stocks in health care, technology and consumer cyclical sectors are the best-performing ones right now.

Emerging markets are a good investment for the long term but can be volatile in the short run, Wheeler said, pointing to the current shakeup in those markets, notably in the “fragile five”: Brazil, Indonesia, India, South Africa and Turkey.

Some business owners are worried about the impact of the Affordable Care Act on their costs, he said.

Because they fear a possible spike in the cost of health care insurance, these employers are reluctant to spend money on expanding or hiring, Wheeler said.

He also pointed out that governmental gridlock usually means investment stability, because when legislation is bottlenecked, the private sector doesn’t have to worry about the rules changing, and businesses can plan.