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Weekly Market Commentary

Speculation on the direction of hostilities in Iran dominated the focus of financial markets. Meanwhile, there was good economic news on inflation and the May Retail Sales Report displayed a vibrant consumer with year over year “core” retail sales up a solid 4.57%. The S&P 500 ended the week at -0.15% with Foreign Developed at -1.45% and Emerging Markets at 0.05%. US Small Caps outperformed Large Caps, perhaps due to a view that they are less vulnerable to foreign upheavals. US Treasury yields declined on a flight to safety, resulting in comparable fractional gains for Interest, Blend and Credit. The Dollar also rallied on a flight to safety which led Global Bonds to post a fractional loss. Commodities were mixed with Precious Metals retreating in...... (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

From the April doom and gloom on tariffs, tariff headlines in May spurred a strong financial market rally. It started with the Mid-may announcement that the US and China suspended their triple digit tariffs for 90 days. Then, in the last week of May, the US Court of International Trade struck down many of the administration’s tariffs. Never mind the next day an Appeals Court put a stay on that ruling until the appeals process concluded; the markets rallied on the hope for more temperance in tariff policy. The bullish backdrop was reinforced by a series of favorable inflation reports showing further declines in inflation. Lest anyone become comfortable that the tariff inflation fears may not come to pass, on Friday, May 16 Moody’s downgraded its rating on US Treasury Bonds....... (click for more)