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Weekly Market Commentary
It was another quiet week for economic data with the government shutdown not ending until Wednesday evening. However, business went on with the US reaching a new trade deal with Switzerland that will see their tariffs reduced to 15% while Switzerland lowers their import duties on a range of US products. Switzerland also pledged to relocate manufacturing to the US and invest $200 billion in the US by 2028. Meanwhile, domestic business sentiment remained solid and housing mortgage activity remained steady. Overseas, inflationary pressures continued to ease in Brazil, with those pressures nonexistent in China. The S&P 500 ended a very volatile week up 0.08% with Foreign Developed at 1.66% and Emerging Markets...... (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
More Artificial Intelligence (AI) deals were the primary driver of the US stock market’s rally for the month. The second catalyst was a better than expected September CPI report. The Federal Reserve did cut its Fed Fund rate at the end of the month by the widely expected 0.25%, which propped up the AI rally but did little for the rest of the market. Overseas, two new trade deals were announced on October 29th with South Korea and China, perhaps too late in the month to move any markets. The S&P 500 ended the month up 2.27% with Foreign Developed at 1.19% and Emerging Markets at 4.19%. US Large Cap Growth (home to the AI tech stocks) dominated the markets. Emerging Markets were also a beneficiary of the AI trade through South Korea and..... (click for more)