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Weekly Market Commentary

The much expected .25% interest rate cut from the Fed arrived on cue Wednesday. However, it was renewed concerns over AI capital expenditures that drove a continued selloff in technology stocks, which dragged down the S&P 500. Further improvements in inflation and a steady job market further improved the economic outlook, which benefited US Small Cap stocks. Overseas, Germany reported further improvements in manufacturing activity and China reported still restrictive monetary policy. The S&P 500 ended the week down -0.63% with Foreign Developed and Emerging Markets up at 0.85% and 0.43%, respectively.  In the US, Small Caps outperformed Large Caps and Value bested Growth. Despite the Fed rate cut, yields rose slightly..... (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

After months of warning signals about a potential bubble from the announcements of escalating Artificial Intelligence (AI) investments (Cap Ex), technology stocks finally sold off. Interestingly, another bubble concern sold off with crypto currencies suffering double digit losses. Perhaps the extended government shutdown provided the catalyst for the sell off. Meanwhile, the economy continues to move forward with steady, moderate growth. The September Producer Price Index suggests inflation is holding steady at a 2.7% year over year rate. Overseas, Brazil is showing a rebound in business activity, while inflationary pressures are easing. China, while sustaining solid growth, is nonetheless reporting volatile swings in housing prices...... (click for more)