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Fed Independence, Interest Rate Cuts, and the Importance of Yield

Posted by Michael Parker, CFA on 8/16/19 8:45 AM

The consensus heading into 2019 was that the Federal Reserve’s Open Market Committee would raise the federal funds rate three times this year. Instead, the benchmark lending rate was cut last month for the first time since 2008. Concerns over a global slowdown, trade wars, and yield curve inversion have given the Fed air cover to be “proactive.”

Reading between the lines, however, we find it hard to determine if the rate hike is consistent with the Fed’s mandate of price stability and maximum employment. 

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Topics: Current Events, Asset Management

From the Desk of the CIO: Q4 DGO Update (Part 2)

Posted by Michael Parker, CFA on 2/15/19 8:45 AM

The following is another excerpt from our recently published Q4 Dynamic Growth Opportunities (DGO) update, which is available here to download.

Raison D'être: Alpha Delivery

In terms of the 53 positions held in our strategy, only four netted a positive return during the fourth calendar quarter. On a relative basis, 26 fared better than our index, as market volatility proved difficult to circumvent for any long-term focused investor.

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Topics: Current Events, Asset Management

From the Desk of the CIO: Q4 2018 Market Update (Part 2)

Posted by Michael Parker, CFA on 2/8/19 8:45 AM

The following is another excerpt from our recently published Q4 Market Update, which is available here to download.

The disclaimer of past performance not being indicative of future results is one plastered across every financial publication containing any hint of financial advice. And, although it's an assumption that market technicians hold as truths, we find utility in observing the past in the exercise of context. 

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Topics: Current Events, Asset Management

From the Desk of the CIO: Q4 DGO Update

Posted by Michael Parker, CFA on 2/1/19 8:45 AM

The following is an excerpt from our recently published Q4 Dynamic Growth Opportunities (DGO) update, which is available here to download.

The start of a new year makes for an opportune time to reflect, and with the understanding the equity markets in 2018 can be anxiety invoking for an equity investor. This update will address market volatility head-on, namely in our macro backdrop analysis. We see 4Q2018 as a period where price temporarily deviated from value, where inherently less liquid periods saw increased panic selling, and where a peak-to-trough drawdown of 20% delivered a correction many feared was imminent.

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Topics: Current Events, Asset Management

From the Desk of the CIO: Q4 2018 Market Update

Posted by Michael Parker, CFA on 1/25/19 8:45 AM

The following is an excerpt from our recently published Q4 Market Update, which is available here to download.

Macro Backdrop

The fourth quarter of 2018 marked the period where the Fed removed the training wheels that it had been deploying for nearly the prior decade; at least that's the best way to categorize the market's perception.

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Topics: Current Events, Asset Management

Strategy Fact Sheets
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July 2019 Dynamic Growth Opportunities

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July 2019 Strategic Dividend Growth

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Strategy Resources
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July 2019 Dynamic Growth Opportunities Portfolio Review

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June 2019 Strategic Dividend Growth Enhancement

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May 2019 Dynamic Growth Opportunities Turns One: Portfolio Update

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Other Research
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March 2019 From the Desk of the CIO: Unleashing Asset Allocation Benefits

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January 2019 From the Desk of the CIO: Q4 2018 Market Update

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December 2018 From the Desk of the CIO: Volatility in Context

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October 2018 From the Desk of the CIO: Q3 2018 Market Update

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July 2018 From the Desk of the CIO: Q2 2018 Market Update

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July 2018 From the Desk of the CIO: Growth Becoming "The Market"

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April 2018 From the Desk of the CIO: The Current Opportunities

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In the News
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How Technology's Massive Impact on Investing Can Help Shareholders

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The Financial Revolutionist: Investment management's "galling reality."

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FA Magazine: Running Leaner And Meaner With Tech

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