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Weekly Market Commentary

Market attention again focused on the Fed and when it might reduce interest rates. At Fed Chairman Powell’s Wednesday press conference, there was enough “Fed Speak” for everyone to take from it whatever they would like. The US stock market did just that, concluding that rate cuts later this year were a certainty which led to big rallies on Wednesday with carryover into Thursday. While there was a broader inclusion of stocks that participated, there was a wide dispersion in the degree of gain. Once again, the perceived prime beneficiaries of AI, tech and internet services stocks (Large Cap Growth) far outpaced all other stock asset classes, as rate cuts would be more favorable to their stock valuations based upon their far into the future earnings........ (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

Market action vacillated between a better than expected economy and disappointment that rate cuts might not be forthcoming as soon as expected. That eventually gave way to the resignation that the economy could hold up awaiting the eventual rate cuts. Further improvements in inflation underpinned confidence in an eventual rate cut. While January Core CPI was disappointing, it was followed several days later with good news on January PPI. What really kicked off a rally late in the month was the January PCE Price Index (the Fed’s preferred measure) which reported year over year inflation at 2.4% versus 2.6% the prior month. Meanwhile, manufacturing remained in contraction, housing remained resilient and the services...... (click for more)

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