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RPg Market Commentary
It’s been more than a week since Harvey made landfall in Texas as a Category 4 hurricane, bringing catastrophic flooding and unprecedented damage to the Houston area and leaving hundreds of thousands of people displaced. Our hearts go out to the people of Texas who have lost so much and will struggle with the aftermath of Harvey for months and years to come. At RPg we are humbled by and proud of our colleagues who are actively participating in rescue and rebuild efforts. Harvey is predicted to be one of the costliest natural disasters in U.S. history… (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)
TAG Market Commentary
The only consistent message in July was that inflation is weak across a broad measure of indicators: CPI, PPI, PCE (Personal Consumption Expenditures, the Fed’s favorite measure) and globally with Import/Export Prices, all trending in the 1.5% range. While there was positive news with Durable Goods (Cap Ex), there was more on the negative side: Consumer Credit (at record highs), Retail Sales and Existing Home Sales. In the midst of a mixed economy, there was the circus in DC, culminating in the Senate’s failure to pass a health care bill… (click for more)