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Weekly Market Commentary

We now have a new market tantrum to join the heretofore tumultuous “Trump Tariff Tantrum” (TTT). Last week saw the introduction of the “Big Beautiful Bill” (BBB) tantrum. It started the week before on Friday May 16 with Moody’s issuing a downgrade credit rating on US Treasuries on concerns over a growing budget deficit. We do not believe their timing was coincidental coming before that weekend’s House vote on the BBB. Bond yields promptly rose last week which put pressure on US stocks and bonds. There was also another TTT on Friday when Trump announced a 50% tariff on European imports due to what he considered a lack of good faith bargaining to date by the EU. It was a relatively quiet week for hard economic data, both domestically....... (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

From the April doom and gloom on tariffs, tariff headlines in May spurred a strong financial market rally. It started with the Mid-may announcement that the US and China suspended their triple digit tariffs for 90 days. Then, in the last week of May, the US Court of International Trade struck down many of the administration’s tariffs. Never mind the next day an Appeals Court put a stay on that ruling until the appeals process concluded; the markets rallied on the hope for more temperance in tariff policy. The bullish backdrop was reinforced by a series of favorable inflation reports showing further declines in inflation. Lest anyone become comfortable that the tariff inflation fears may not come to pass, on Friday, May 16 Moody’s downgraded its rating on US Treasury Bonds....... (click for more)