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Weekly Market Commentary

A week of solid economic news is just what the doctor ordered for a market tiring of the AI trade. The AI stress came in the form of a threat to software companies whose subscription services might be usurped by AI applications. However, the focus shifted to a strengthening economy from a newly resurgent manufacturing sector. Meanwhile, the services sector remained solid and the consumer proved very active in December. Overseas, January business surveys reported Developed and Emerging Market economies in steady growth. The S&P 500 ended the week down -0.10% from the drag of the sell-off in tech stocks. Foreign Developed were up 0.51% while Emerging Markets were down -1.40% which reflected the tech sell off in certain Asian countries..... (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)