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Weekly Market Commentary

Who thought Greenland would roil financial markets? President Trump unleashed a wave of controversy by threatening to put a 100% tariff on some European countries if they would not agree to let the US buy Greenland. That unleashed a “sell America” trade resulting in a significant decline in US Equities and the Dollar. The next day, he walked back that threat and suggested there was a deal to be made, which led to a snapback rally in at least the Equities. Meanwhile, the economic news in the US displayed steady, solid economic growth with stabilized inflation. Overseas, business activity surveys showed steady global growth. The S&P 500 ended the week at -0.35% with Foreign Developed and Emerging Markets up 0.14% and 1.09%, respectively. In the US...... (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

Two themes dominated financial market action throughout the year. It started out with a sell off in technology stocks tied to the Artificial Intelligence (AI) trade, prompted by the announcement of Chinese company DeepSeek’s new AI technology. With AI stocks priced for perfection, they were vulnerable to any challenges to their future assumptions. Then in March, talk of tariffs resurfaced with the upcoming Liberation Day unveiling of Trump’s new tariff policy, which promptly took the S&P 500 down -5.65% for the month. The actual April 2 Liberation Day unveiling proved a shock from tariffs that were much higher than previously thought, which sent US stocks down hard again. Apparently, the market action caught President Trump’s attention and he...... (click for more)