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Weekly Market Commentary

Finally, tariffs provided an excuse for a market rally. Last Wednesday President Trump said the China tariffs were not going to be as high as the pending 145%. On Friday, he also stated the US is “very close” to a tariff deal with Japan. Some added comfort came from Trump stating that he had no intention to terminate Fed Chairman Powell. Otherwise, it was a relatively quiet week on the economic news front with no discernable changes in current economic trends, either domestically or globally. The S&P 500 ended the week up 4.60% with Foreign Developed at 2.91% and Emerging Markets at 2.71%. In the US, Large Cap Growth dominated the returns in what might be considered a relief rally for the big tech that has been so beaten up. Bond yields declined on....... (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

Tariffs, tariffs and more tariffs. That pretty much dominated the economic news, leading to a crescendo of panic over uncertainty. That culminated in a large selloff on the last Friday of the month in reaction (overreaction) to an otherwise benign inflation report and reaffirmation of an earlier in the month estimate of the March Consumer Sentiment Survey (which we consider a whimsical, headline reacting indicator). Meanwhile, the economy looks to be on a stable footing with manufacturing, services, housing and jobs all reporting steady, modest growth. Overseas, in reaction to the changing NATO political environment and other domestic factors, Germany announced a new $1 trillion spending plan on civilian and defense projects and an additional..... (click for more)