June 2022 Mid-Month Recap

by | Jun 21, 2022 | Monthly Updates

While earnings growth has held up (analysts still project 10.4% growth in calendar 2022 according to FactSet), it hasn’t been enough to offset the collapse in valuations.  Are valuations now cheap enough to attract persistent buying and end this bear market?  Probably...

June 2022 Market Commentary

by | Jun 7, 2022 | Recent Commentary

  FOOLS RUSH IN?  OR A MARKET BOTTOM? There is no way to know yet if the recent rally in stocks marks a turning point for the market.  Was it “smart money” buying or a “fools rush in” kind of rally?  We will not let a market bounce blind us to the underlying...

May 2022 Mid-Month Recap

by | May 18, 2022 | Monthly Updates

This year is the worst bond market we have seen in 30 years.  And April was the worst month ever for bonds.  60/40 balanced investors could be down double digits YTD (based on common benchmarks) unless they have strategically positioned themselves to avoid some of the...

May 2022 Market Commentary

by | May 4, 2022 | Recent Commentary

The stock market is off to an awful start this year.  With a YTD decline of over 13% through April, the S&P 500 is off to its third worst start since WWII, and the NASDAQ has never had a weaker start over four months.  So one would expect investor sentiment to be...

April 2022 Market Commentary

by | Apr 1, 2022 | Recent Commentary

Despite year-to-date losses for stocks, the estimated earnings of the S&P 500 companies for the next 12 months have continued to climb as shown below:   NO LETUP IN FORWARD EPS ESTIMATES Source:  Bespoke Investment Group This divergence between the trend in...
Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

Let us Help
Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

Let us Help
Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

Let us Help
Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

Let us Help
3

Real Retirement Solutions

designed to improve
  • Wealth Preservation
  • Management of Risky Assets
  • Peace of Mind

This is achieved through an ongoing assessment of market risks given your specific financial situation and goals.

Get Started

Professional Expertise

Leadership Team

Richard Furmanski

Richard Furmanski

CFA

has been a portfolio manager and analyst for over 35 years. He manages conservative, tax-efficient portfolios for both pre-retirees and retirees. His lower risk approach appeals to investors who want less volatility and competitive risk-adjusted returns.

View full bio

Mary Ellen Adam

Mary Ellen Adam

Director of Operations

has been in office administration for over twenty years. Her experience includes customer service, firm operations, and office administration. She interacts with our clients on a day-to-day basis and handles any requests that may arise.

View full bio

Frequently Asked Questions

If you can't find the answer to your questions here, feel free to give us a call at 847-847-2505

Do you manage both stock and bond portfolios?

Yes. We build a portfolio of conservative, high-quality stocks and hold them for the long-term. The average holding period is 4 – 5 years. Our focus is on stocks that are suitable for retirement portfolios.

Our high-quality bond portfolios are designed to provide both income and stability of principal. Bonds provide the anchor for balanced accounts (those holding both stocks and bonds).

What is your investment philosophy?
We take great care in purchasing only high-quality stocks and bonds intent on a multi-year holding period. Portfolio turnover and taxable realized gains are modest in comparison to other active managers. We do not time the market but will become more defensive, in terms of stock holdings, when market conditions warrant.
Will the portfolio be managed in accordance with my financial goals?
Yes. Each of our clients has a custom-tailored portfolio. These custom portfolios are designed to meet specific client objectives with a thoughtful approach to specific constraints such as risk tolerance. And as each client’s situation changes, the portfolio does as well. There is no cookie cutter approach.
What kind of expertise do you have and how can that help me in difficult markets?
We have been working with high-net-worth clients like you since 1982. Over that time we have helped them to navigate several bear markets and financial crises (including the stock market crash of 1987). We hold the Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP) designations.
Are you sensitive to taxes when managing portfolios?
Yes. Our holding period for an individual stock averages 4 plus years which means our turnover is low and realized gains can be carefully managed. Further, where possible, we tax loss harvest small losses as a way of offsetting gains taken elsewhere in the portfolio.
How have you performed?
Results will differ by client and the level of customization but we have provided competitive investment returns for many years.
How do you charge for your services?
We charge a management or consultant fee based upon the size and level of customization of the account. As the account grows, we benefit together.

Recent Commentaries

Stay up to date with all of our latest comments and analysis.

June 2025 Market Commentary

Investor sentiment soared in May along with stock prices.  According to a recent AAII survey, the percentage of...
Read More

January 2022 Market Commentary

Jan 4, 2022

  There were a record number of new issues in 2021, but only 22% of IPOs were profitable. Yet people still pour money into them.  Investors hope to find the next Apple, Microsoft, or Tesla, but the odds are stacked against them.  Especially since few investors...

December 2021 Market Commentary

Dec 3, 2021

It is still very early to say much definitive about the Omicron variant of COVID. We do know that it has spread beyond the origin, it has a significant number of mutations on the spike protein of the virus, and has relatively high transmissibility.  Testing by vaccine...

November 2021 Market Commentary

Nov 2, 2021

Earnings results are deteriorating as earnings season rolls on. Beat rates are less than the last two quarters but still remain above average.  Both revenue and EPS misses are being punished.  Individual stocks have been down 3.2% on average for a miss on earnings...

View All

Monthly Updates

October 2022 Mid-Month Recap

Oct 13, 2022

It was easy to get wrapped up in all of the negative headlines when stocks hit their bear market low on September 30th.  But there were reliable technical factors that indicated the selling had gone too far – at least in the short term.  Here are three of those...

September 2022 Mid-Month Recap

Sep 13, 2022

During the reign of Queen Elizabeth II, there were 13 separate bear markets in the U.S. There have been 11 confirmed recessions since the Queen was coronated in 1953, and we are on the verge of a twelfth now.  During each of these economic and market downturns, it...

As a current or near term retiree you have real concerns…

We provide dedicated solutions
Contact Us

Professional Links

Association Links

Content Links