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Weekly Market Commentary

With the exception of manufacturing sentiment, the economic news painted a picture of a still stable economy. Housing is holding steady at its yearlong pace, employment is solid with very low unemployment claims and there were further signs of moderating inflation with March’s Import/Export Prices. The consumer looks to be holding up with March’s Core Retail Sales up solidly for the month and year over year. Overseas, China remains under pressure with slumping March Capacity Utilization and February Consumer Confidence still at historic lows. The Fed has joined tariffs as a topic of focus with Fed Chairman Powell saying tariff inflation could hinder the Fed’s ability to lower rates to help the economy, which sent the interest sensitive NASDAQ....... (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

Tariffs, tariffs and more tariffs. That pretty much dominated the economic news, leading to a crescendo of panic over uncertainty. That culminated in a large selloff on the last Friday of the month in reaction (overreaction) to an otherwise benign inflation report and reaffirmation of an earlier in the month estimate of the March Consumer Sentiment Survey (which we consider a whimsical, headline reacting indicator). Meanwhile, the economy looks to be on a stable footing with manufacturing, services, housing and jobs all reporting steady, modest growth. Overseas, in reaction to the changing NATO political environment and other domestic factors, Germany announced a new $1 trillion spending plan on civilian and defense projects and an additional..... (click for more)