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Weekly Market Commentary

The week seemed to take a breather from the strong rallies during the month. Manufacturing remained subdued. However, the housing sector provided an upside surprise from August’s New Home Sales. They came in up 20% from July and 15% from a year ago and the overhang of unsold homes dropped down to a more normal level. There were no surprises in the August Personal Consumption Price Index. It reported an inflation rate steady at 2.7% year over year which suggested no further price pressures from tariffs. Overseas, Germany reported an upgrade in its business indicator which suggests growth is returning to their economy. The S&P 500 ended the week at -0.31% with Foreign Developed at -0.41% and Emerging Markets at -1.12%. Value outperformed Growth...... (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

The economy remained in a steady, modest growth mode. Likewise, inflation, while not posting further declines, also is not rising despite ongoing concerns over tariffs. That left the door open for the real driver of the financial markets, a Fed rate cut. Though the 0.25% (aka 25 basis points or 25 bps) reduction was much anticipated, it stoked optimism for further rate cuts. Meanwhile, the momentum trade for artificial intelligence (AI) was boosted by further announcements of planned massive investments in AI capacity. Overseas, Germany showed signs of a continued recovery and Emerging Market inflation remained subdued. The S&P 500 ended the month up a substantial 3.53% with Foreign Developed at 1.96% and Emerging Markets at a stunning...... (click for more)