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Weekly Market Commentary

The obsession with Fed rate cuts is continuing. The week started with the release of March Retail Sales where the “core” rate (ex-auto and gas) came in month over month at 1.00% versus 0.5% and year over year at 4.86% versus 2.20% versus the prior month. When added to the renewed inflation concerns earlier in the month, this apparent good news became bad news because it suggested the Fed would not cut rates. Meanwhile, manufacturing reported generally continued weakness and housing showed some slowdowns due to rising mortgage rates. Overseas, the UK continued to make progress on inflation, although it remains too elevated, and March Retail Sales edged into positive month over month growth. The S&P 500 ended the week at......... (click for more)

Benefits of Tactical

CLIENT-CENTRIC INVESTING: 
UTILIZING TACTICAL MANAGERS TO IMPROVE RISK/RETURN

Characteristics of Client Portfolios

The most common method for building multi-asset portfolios is based on Modern Portfolio Theory (MPT). The biggest issue we have with this approach is that it is not aligned with most investors’ view of risk. MPT utilizes a process that seeks an efficient portfolio with a given level of risk measured by return volatility. This misalignment manifests itself when the market is down 36%, and a portfolio is down 33%. In this case, the manager is patted on the back (receives a bonus) for outperforming their benchmark, and the investor is out 1/3 of their investment…  (click for more)

Monthly Market Commentary

It was another month of mixed economic news. Housing remained resilient with strength as new home construction and the services sector are still reporting modest growth. However, manufacturing is still reporting flat to contracting conditions. The labor market showed its first signs of weakening with the February Jobs Report which came in at a paltry 108,000 new jobs when adjusted for the prior two months’ revisions down by a substantial 167,000 jobs. The consumer may also be showing signs of exhaustion with February Core Retail Sales at a 0% adjusted for the month and -2.19% year over year. Inflation is proving stubborn with several reports showing slight upticks in monthly and year over year numbers. Nonetheless, the financial markets ...... (click for more)
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