Posted on September 2, 2018
Investing in a Rising-Interest-Rate Environment
“It all comes down to interest rates. As an investor, all you’re doing it putting up a lump-sump payment for a future cash flow.” -Ray Dalio-
Since its inception in 1913, the Federal Reserve has had a significant influence on investor psyche and investment results. Through various tactics, known as monetary policy, the Fed attempts to moderate economic fluctuations. When interest rates are low, expectations of outsized investment returns dominate the markets. As rates begin to rise, fear of lower returns permeates investor sentiment.
As interest rates rise and fall, investors have been forced to adjust their expectations. In so doing, the market has remained remarkably resilient.
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Posted on August 19, 2018
CAM Implements Riskalyze
“The essence of investment management is the management of risks, not the management of returns.”
-Benjamin Graham-
CAM announced it has implemented Riskalyze, the award-winning risk engineering technology that mathematically pinpoints a client’s Risk Number™ and aligns the client’s portfolio to match.
Built on a Nobel Prize-winning framework, Riskalyze replaces subjective terms like “conservative” and “aggressive” with the Risk Number, a quantitative way for clients and advisors to establish the correct amount of risk for their investments.
Posted on March 30, 2018
Why are Trusts Important?
“Death is not the end. There remains the litigation over the estate.” -Ambrose Bierce-
Trusts are often an integral part of our clients’ estate plans. These fiduciary arrangements are a cost-effective vehicle for leaving a legacy and, at times, minimizing unwanted estate-tax consequences. Yet to many they remain something of a mystery.
Posted on March 8, 2018
Berkshire Hathaway Shareholder Letter – 2017
“I’ve seen more people fail because of liquor and leverage – leverage being borrowed money.” -Warren Buffett-
In his latest Shareholder letter, Warren Buffett, one of the greatest leaders of our time, talks about his dislike for borrowing. He openly admits that his aversion to leverage has at time dampened the returns of his conglomerate, Berkshire Hathaway. He notes that extraordinarily cheap debt fueled purchase activity last year. Read More
Posted on February 10, 2018
Downturns & Recoveries
“The stock market is a device for transferring money from the impatient to the patient.” -Warren Buffet-
Expansions and contractions in the equity and fixed income markets should be expected. Nevertheless, many investors fear the downturns and the effect these declines may have on their overall investment objectives
In conjunction with Morningstar, we have prepared the following presentation to help you better understand how markets have traditionally responded, following a pull-back. These slides are part of our on-going commitment to client education.
Posted on January 30, 2018
2018 Quick Tax Facts
“…but in this world nothing can be said to be certain, except death and taxes.” -Benjamin Franklin-
Despite the obvious wisdom of Benjamin Franklin that has transcended centuries, we would like to make one addition – change.
Every year our tax code, which is quite extensive, undergoes a revision. Some of the changes are a result of inflation adjustments. Some are at the hands of Congress. And others are a direct result of administrative amendment by our friends at the IRS. Read More
Posted on March 14, 2017
Berkshire Hathaway Shareholder Letter – 2016
“Money is always there, but the pockets change.”
-Gertrude Stein-
In his latest Shareholder letter, Warren Buffet – admiringly known as the “Oracle of Omaha” and the architect-in-chief of Berkshire Hathaway, one of the world’s most prolific conglomerates – asserts that no one should ever bet against America. In only 240 years, Americans have built and fine-tuned an economic machine that has allowed its citizens to amass wealth totaling $90 trillion.
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Posted on January 25, 2017
2017 Quick Tax Facts
“Death, taxes and childbirth! There’s never any convenient time for any of them.”
-Margaret Mitchell, Gone With the Wind–
Convenient or not, taxes are a reality that we must all accept. They are dues – our individual contribution to infrastructure, services, and security.
But the taxes we pay are never static. The parameters – from the marginal income tax rates to what is and is not deductible – can change annually.
Posted on November 14, 2016
CAM Market Commentary Q3 2016
“I’m optimistic about the country; I’m optimistic about the American people.” -Howard Schultz-
Despite an unusually antagonistic and polarizing General Election campaign, equity markets remained relatively calm through much of the Third Quarter 2016, despite underlying concern over the possibility of a rate hike. As the quarter began, lingering anxiety over the June 24th Brexit vote was soon replaced with intense scrutiny of the Federal Reserve.
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Posted on July 16, 2018
2018 Midyear Outlook Summary
by C. Todd Fry, CIMA(R), CFS
“More money has been lost trying to anticipate and protect from corrections than actually in them.”
-Peter Lynch-
As the first half of 2018 draws to a close, the global expansion continues to gain momentum. The U.S. economy seems to be poised for continued growth, while conditions in Europe continue to improve. Low interest rates and modest inflation provide the catalyst for developed economies to advance.
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