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Weekly Market Commentary

Despite the shortened holiday week, traders found time to give the AI trade one final push up for the year. Once again, good news became bad news. The Q3 GDP came in at a surprisingly stronger than expected 4.3% versus 3.8% the prior quarter. That raised concerns that a hotter economy might drive up inflation and dampen the chances for further rate cuts in 2026; bad for economically sensitive Small Cap and Value Stocks, good for Large Cap Growth Stocks tied to the secular AI growth story. The October Durable Goods Orders reinforced the strong outlook for the economy with its core capital goods subset coming in at a strong 6.4% versus 5.3% year over year. It was a quiet week for global economic news. The S&P 500 ended the week up 1.40% with Foreign...... (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

Two themes dominated financial market action throughout the year. It started out with a sell off in technology stocks tied to the Artificial Intelligence (AI) trade, prompted by the announcement of Chinese company DeepSeek’s new AI technology. With AI stocks priced for perfection, they were vulnerable to any challenges to their future assumptions. Then in March, talk of tariffs resurfaced with the upcoming Liberation Day unveiling of Trump’s new tariff policy, which promptly took the S&P 500 down -5.65% for the month. The actual April 2 Liberation Day unveiling proved a shock from tariffs that were much higher than previously thought, which sent US stocks down hard again. Apparently, the market action caught President Trump’s attention and he...... (click for more)