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Weekly Market Commentary

The Iran War again drove the financial markets. This time it was Tuesday’s announcement by President Trump of an agreed cease fire for peace negotiations. Economically sensitive sectors in Equities, Bonds and Commodities rallied.  The economic news mattered in that it reinforced the picture of a solid economy going into the War. The manufacturing rebound continued, the services sector is still solid and there was generally good news on inflation, excepting the impact of higher oil prices on headline March CPI. Overseas, business activity surveys showed steady, solid economic conditions. The S&P 500 ended the week up at 3.56% with Foreign Developed at 4.42% and Emerging Markets at 7.44%. In the US, Small Caps outperformed Large Caps, in a nod.... (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

As might be expected, the Iran War dominated the headlines, and the headlines dominated the financial markets. Meanwhile, we do not see the economy showing any ill effects from the war and from the surge in oil prices. Manufacturing continues its slow and steady rebound, the services sector is still solid, the consumer is holding steady and the job market retains its no hire/no fire status. The prewar inflation picture reported a modest level with February CPI at 2.4% versus 2.4% year over year versus the prior month. Overseas, the business activity surveys continue to report moderate to strong growth and February CPI reports from China and Brazil show inflation at modest to low levels. The S&P 500 ended the month at -5.09% with Foreign Developed... (click for more)