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Weekly Market Commentary

The week saw a deluge of previously suspended (due to the government shutdown) economic data releases.  There was room for some interpretation challenges due to missing prior month’s data.  However, on balance it was more of the same.  Manufacturing is still muddling forward, housing is muddling along and the consumer is holding steady.   Release of the November CPI provided some relief with the headline number down to 2.7% versus 3.1% year over year from the prior month.  Overseas, the economic data was much the same as it has been.  The S&P 500 eked out a gain of 0.10% on the back of a rally in AI stocks with Foreign Developed at 0.08% and Emerging Markets at -1.52%.  In the US, Large Caps outperformed Small Caps and Growth bested Value....... (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)