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Weekly Market Commentary

We believe the economic news indicates the economy is still moving forward with moderate growth, notwithstanding the ongoing government shutdown. However, the length of the shutdown may have been the excuse for a selloff in the overextended AI technology trade. Overseas, there was no change in the relative economic picture. The S&P 500 ended the week at -1.63% with Foreign Developed at -0.76% and Emerging Markets at -1.39%. In the US, Value outperformed Growth, the latter of which was the impact of the technology selloff. Interest Bonds were generally fractionally positive with Blend and Credit fractionally negative. Despite a small decline in the Dollar, Global Bonds were fractionally negative. Commodities were decidedly mixed....... (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 and..... (click for more)