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Weekly Market Commentary

After AI jitters took down technology stocks and with them the S&P 500 two weeks ago, sentiment reversed this week and that sector led to the S&P 500 recovering most of those losses. Meanwhile, the fundamental trend in the economy led to more gains in those sectors most sensitive to the economy. The key to those trends seems to be more evidence of a rebound in manufacturing. Also, inflation fears remain subdued from good news in January’s CPI Report which came in at 0.2% versus 0.3% the prior month and 2.4% versus 2.7% year over year the prior month. Globally, there also appears to be no inflation impact from the tariffs based upon reports from China and Brazil. The S&P 500 ended the week up 1.07% with Foreign Developed at 0.86% and Emerging...... (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

The month started out with a bang with US Small Cap Equities far outperforming US Large Cap based upon bullish sentiment for the US economy and expectations for further rate cuts from an incoming new Federal Reserve Chairman in May. The economic data supported that bullish sentiment. Manufacturing looks to be at the beginning stages of a rebound. The services economy remained steady and solid. Existing Home Sales moved up strongly in December and into positive territory for the year over year. The jobs market remained in a holding pattern with slow, low hiring but with slow, low firing. Despite all the fears about tariffs, inflation looks stabilized at just under 3%. The end of the month saw some market theatrics in reaction to the theatrics over Greenland and, later,.... (click for more)