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Weekly Market Commentary

The market wanted an excuse to shed some of the froth from the last two months. A strong September Jobs Report provided the catalyst. Due to its strength, speculation fired up that there might not be another Fed rate cut in December. The highest-flying securities sold off the most, which included technology tied to the AI trade. The Dollar rallied even though Treasury yields declined marginally, which pulled down Foreign Equities and Bonds and most Commodities. Overseas, the news was mostly unchanged and did not enter into market sentiment. The S&P 500 ended the week at -1.95% with Foreign Developed at -3.39% and Emerging Markets at -3.71%. In the US, Small Caps outperformed Large Caps and Value bested Growth. Interest and Blend Bonds posted..... (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

More Artificial Intelligence (AI) deals were the primary driver of the US stock market’s rally for the month. The second catalyst was a better than expected September CPI report. The Federal Reserve did cut its Fed Fund rate at the end of the month by the widely expected 0.25%, which propped up the AI rally but did little for the rest of the market. Overseas, two new trade deals were announced on October 29th with South Korea and China, perhaps too late in the month to move any markets. The S&P 500 ended the month up 2.27% with Foreign Developed at 1.19% and Emerging Markets at 4.19%. US Large Cap Growth (home to the AI tech stocks) dominated the markets. Emerging Markets were also a beneficiary of the AI trade through South Korea...... (click for more)