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Weekly Market Commentary

Who thought Greenland would roil financial markets? President Trump unleashed a wave of controversy by threatening to put a 100% tariff on some European countries if they would not agree to let the US buy Greenland. That unleashed a “sell America” trade resulting in a significant decline in US Equities and the Dollar. The next day, he walked back that threat and suggested there was a deal to be made, which led to a snapback rally in at least the Equities. Meanwhile, the economic news in the US displayed steady, solid economic growth with stabilized inflation. Overseas, business activity surveys showed steady global growth. The S&P 500 ended the week at -0.35% with Foreign Developed and Emerging Markets up 0.14% and 1.09%, respectively. In the US...... (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 month started out with a bang with US Small Cap Equities far outperforming US Large Cap based upon bullish sentiment for the US economy and expectations for further rate cuts from an incoming new Federal Reserve Chairman in May. The economic data supported that bullish sentiment. Manufacturing looks to be at the beginning stages of a rebound. The services economy remained steady and solid. Existing Home Sales moved up strongly in December and into positive territory for the year over year. The jobs market remained in a holding pattern with slow, low hiring but with slow, low firing. Despite all the fears about tariffs, inflation looks stabilized at just under 3%. The end of the month saw some market theatrics in reaction to the theatrics over Greenland and, later,.... (click for more)