Season Investments



Running of the Bulls

Posted on Mar 21, 2017

The Running of the Bulls can be a dangerous event, and it is not uncommon for a number of participants to be injured or sometimes even killed. There are similar parallels to be made to a bull run in the stock market.

Not Just Lip Service

Posted on Mar 14, 2017

Last week we wrote about how fees and expenses have been driven lower across our industry. Firms are being forced to consider how they get paid and what value they truly provide, which is, of course, a fantastic thing for consumers. But not all fees are created equal, and there are some costs that are still worth incurring.

The Vanguard Effect

Posted on Mar 7, 2017

The word “vanguard” is defined as a group of people leading the way in new development or ideas. Over the past forty years The Vanguard Group has been just that. Now one of the strongest brands in global finance, the company’s name has become virtually interchangeable with low fees and expenses.

A False Sense of Security

Posted on Feb 28, 2017

We make predictions about the future in order to calm our fears by giving us a false sense of control over something that is by nature highly uncertain. The problem in doing so is that it has the potential to short circuit the self-correcting nature of human creativity and ingenuity which enables us to solve present day problems and build a brighter future.

Volatility’s Impact

Posted on Feb 14, 2017

A few weeks ago we wrote a post entitled The Economics of Loss discussing the importance of reducing volatility and managing exposure to large draw downs in your portfolio.. Not only are large swings in investment value hard to deal with emotionally, but they can be detrimental to the mathematical sustainability of a long-term retirement plan.

The Economics of Loss

Posted on Jan 17, 2017

Our obsession with insulating our client portfolios from the risk of a significant drawdown permeates every aspect of our investment approach. Growing capital over time is about striking an appropriate balance between preserving capital in turbulent times and capturing growth in good times.

A Subtle Difference

Posted on Jan 9, 2017

Sometimes we get asked the question of whether “trend following is a form of market timing.” In this week’s post we will explore this question and unpack why there are subtle, yet very import differences between a trend following investment discipline and a market timing strategy.

An Alternative to Buy-And-Hold

Posted on Dec 20, 2016

We field many questions about the potential value-add of a tactical allocation strategy over a more static buy-and-hold approach. Ultimately, there are a number of different ways to solve the retirement puzzle. Buy-and-hold investing is one perfectly legitimate strategy, but it is not a one-size-fits-all solution that every investor should follow.

A Post-Truth World

Posted on Dec 13, 2016

The word “post-truth” was recently named the word of the year by Oxford Dictionaries as its use skyrocketed 2,000% this year. At its core, post-truth is the act of influencing people by appealing to their emotions at the expense of facts and truth. In a post-truth world, the end always justifies the means.

There Will Also Be Bailouts

Posted on Dec 6, 2016

While most of the time I feel like the media consistently blow things out of proportion, in this case I feel quite the opposite. A real and present danger is being swept under the rug due to a lack of politically agreeable solution. The danger I’m referring to is the looming crisis lying in wait within our state and local pensions.

Burning A Hole In Our Pockets

Posted on Nov 29, 2016

Why do we all have such an innate desire to spend money? For many of us, it is as if money literally burns a hole in their pocket as it is spent faster than it can be accumulated. The desire to spend money and acquire things comes from an innate desire to boost our self-esteem.

Beach Balls Under Water

Posted on Nov 15, 2016

Since the election, investors have been scrambling to understand what a Trump presidency might mean for future of financial markets. Global asset prices had all but priced in a Clinton victory, and the chaos that ensued in futures markets as Trump’s victory took shape throughout the evening reflected a sense of confusion over how to interpret the results.