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Weekly Market Commentary

The economic news showed a housing market still muddling along and a bifurcated manufacturing sector with growing strength from smaller companies less prone to tariff uncertainty. That news paled by comparison to Fed Chairman Powell’s remarks on Friday from the Economic Policy Forum in Jackson Hole, Wy. He indicated less concern about tariffs and greater concern about the job market that suggested a rate cut would be forthcoming at the Fed’s September 16-17, 2025, meeting. The Dow Jones Industrials shot up around 846 points on Friday. Helping the enthusiasm was news that same day from Canada that they are dropping their 25% tariff on approximately 50% of the dollar value of imports from the US.  Globally, the relative economic data...... (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 a busy month for economic data. On balance it showed a steady economy, digesting the unfolding realities of tariffs. Any tariff inflationary pressures still had not shown up in any of the key measurements. However, tariffs took center stage again. Early in the month President Trump made clear that the August 1st deadline was a firm date. In the middle of the month, Trump slapped a 50% tariff on Brazil to discourage what he considered a witch hunt on former Brazilian President Bolsonaro. That sent Brazilian Small Cap Equites down -10.86% for the month. Then in the last week of the month, he unveiled a revised tariff plan for copper from what he announced earlier in the month. That sent copper prices down nearly 20% that day and dragged down..... (click for more)