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TAG Weekly Market Commentary

Forget the Fed! Forget China! Those are never ending headlines driving “trading talk”, which is not investing. The reality last week was powerful US economic data. Perhaps most important was the plethora of housing data which
confirmed that housing has indeed turned higher. Housing is many times a larger impact to the economy than
manufacturing. Retail displayed a continuation of its recent strength. Both of these were supported by more strong jobs data. Adding to the good news was- guess what- manufacturing is not in a recession! Both regional and national data confirmed a rebound is underway in manufacturing, albeit at a slower pace than last year but, at a faster pace than earlier this year. Overseas, it was a quiet week for economic data, except for the UK which… (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 Monthly Market Commentary

Pack up your camping gear and go on vacation for the last month of summer. That was the best prescription for ignoring a market that was used as a whipping boy for further Fed rate cuts. President Trump wasn’t happy with the Fed July rate cut of only .25%, so he decided to use the markets to pressure the Fed for a further rate cut in September. It started with his August 1st imposition of new tariffs on the remaining $300 billion of Chinese imports, in response to delayed trade talks. The DJI swung almost 600 points from positive to ending the day with a big negative. Then in mid- month the mainstream media began a campaign talking about all things recession which caused more market shudders. Then in late August, in response to China imposing new tariffs on $75 billion of US imports… (click for more)