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Weekly Market Commentary

Strong corporate earnings and a “better than expected" September CPI inflation report provided the impetus for a stock market rally. Other economic readings helped the optimism with a picture of an economy in steady, moderate growth. Overseas, the Eurozone reported further improvements in growth. The S&P 500 ended the week up 1.92% with Foreign Developed at 1.25% and Emerging Markets at 2.05%. US Small Caps outperformed US Large Caps, consistent with the stronger economic outlook. US Treasury Bond yields declined marginally. However, Credit and Blend outperformed Interest, again, consistent with a positive economic outlook.   Global Bonds posted a fractional loss in response to a rise in the Dollar. Commodities were generally positive with Oil....... (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)