2021 First Quarter Newsletter and Outlook
Looking back at the first quarter of 2021, and at the economy of the last year, it feels as if the word “unprecedented” has lost its shock value.
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Looking back at the first quarter of 2021, and at the economy of the last year, it feels as if the word “unprecedented” has lost its shock value.
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2020 proved to be a year of challenge. In the space of twelve months, we experienced an impeachment trial, a global pandemic, a deep recession that bi
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My comments are focused on the next three months. I’ve provided links to articles that expand on my views. There is a lot of near-term uncertainty a
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The investment strategy I am currently pursuing on your behalf is based on two questions:
What is the probable financial outcome given both America
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COVID-19 and Its Economic Repercussions
As you might imagine, I often find myself working late these days (some of you can attest to this because
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2019 Year End Newsletter and Outlook
Despite a trade war and recession fears, 2019 was a blowout year for risk taking. Long-term bonds and stocks p
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The Implications of an Ultra-low Yield World
This quarter’s newsletter addresses two issues; large cash balances in client accounts and the chall
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The first half of 2019 was a drama involving the bond market anticipating a recession and the stock market assuming that the Fed would ride to the res
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Investors are on edge. One good quarter does not a year’s performance make. I interpret the recent market volatility as evidence that we are in the
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2018 placed MCS clients, measured as one large portfolio, in the top return categories among asset classes. This is no small feat. Until the fourth qu
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The third quarter ended strong for US stocks and weak for bonds. As October ends, stocks have given back this year’s gains. Investors are getting a
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The markets treaded water in the first half. Trade war rhetoric, a deceleration in non-US global economic growth and fears of a yield curve inversion1
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Warning Shot: Stocks, Bonds, Inflation, and Interest Rates
The first quarter of 2018 offered some validation of my number one concern (expressed in
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Year End Results
If MCS clients’ investments were treated as one large portfolio including their cash, on average clients gained 4.28% in 2017, a
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Sequence of Return Risk
This quarter’s update introduces the concept of Sequence of Return Risk and how this under-appreciated risk especially re
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If MCS clients’ investments were treated as one large portfolio including their cash, on average clients gained 2.68% so far this year (through
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If MCS clients’ investments were treated as one large portfolio including their cash, on average clients gained 1.67% after fees through March 3
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If MCS clients’ investments were treated as one large portfolio including their cash, on average clients gained 3.47%1 after fees this year thro
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If MCS clients’ investments were treated as one large portfolio including their cash, on average clients gained 4.71% after fees this year throu
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If MCS clients' investments were treated as one large portfolio including their cash, on average clients gained 3.67% after fees through June 30, 20
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This exhibit compares today's environment with the Dot-Com Stock and Real-Estate booms. Due to formatting constraints, it must be viewed as a PDF.
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If MCS clients’ investments were treated as one large portfolio including their cash, on average clients gained 1.44% after fees. The range of i
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If MCS clients’ investments were treated as one large portfolio including their cash, clients gained 1.64% after fees. The range of individual cli
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Despite the 3rd quarter turmoil, MCS client portfolios remained stable.
If MCS clients’ investments were treated as one large portfolio including
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I am playing with the format of this report to hopefully make it more accessible. MCS clients’ interest in financial markets varies considerably
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If MCS clients were one large portfolio including their cash, the first quarter 2015 return was 1.35%. Individual client returns ranged between -.
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If MCS clients were one large portfolio including their cash, the 2014 return was 8.99%. Individual client returns ranged between 14.71% and 3.72%
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If MCS clients were one large portfolio, the year-to-date return through September 30th was 6.42%. Individual client returns ranged between 3.09%
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If MCS clients were one large portfolio, the year-to-date return through June 30th was 5.5%. Individual client returns ranged between 1.7% and 9.8
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For calendar year 2013, aggregate MCS client assets gained 4.5%. Returns on client portfolios invested for the entire year ranged from -1.8% to 8.
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Year to date through September 30 2013, aggregate MCS client assets gained 2.41%.
Stocks represented by the S&P 500 index turned in a very st
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Below is a link to Schwab's Inherited IRA Guide. This guide is provided to the benefiicaries of an IRA upon the death of the IRA owner.
Schwab's
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One way to gauge the impact of interest rates on bond prices is to calculate the duration* of a bond or bond portfolio. Duration is expressed in years
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MCS was recently identified as a “top performer” and “innovator” in the InvestmentNews 2013 Adviser Technology Study. Our firm was selected fr
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Individual client returns ranged from 2.9% to 12.2% for the year. These asset value increases compare with 16% for the S&P 500 (stock index) and
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If MCS clients’ assets were one big portfolio, 2012 investment performance was up 6.4%. Individual client returns ranged from 2.9% to 12.2% for th
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After stunning first quarter returns (up 12%), stocks1 lost 3.3% in the second quarter, yet they remained up 8.3% for the year (through June 30). By
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During the quarter, MCS cautiously expanded its stock buying, depending on client circumstances. The move into stocks had been planned for months an
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See and read Michael's comments on KMTR regarding Bank Transfer Day. http://www.kmtr.com/news/local/story/Bank-Transfer-Day-what-is-it-and-what-are-t
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If MCS clients’ assets were one big portfolio, performance year to date was up 5.5% through September 30.
Individual client returns ranged from 2
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