August 2024 Mid-Month Recap

by | Aug 13, 2024 | Monthly Updates

Stocks remain in an uptrend whether you look at short-term or long-term indicators.  We will focus here on the longer-term, the 200-day moving average.  As shown in the graph below, the S&P 500’s 200-day continues to make another leg higher and has yet to roll...

June 2024 Mid-Month Recap

by | Jun 18, 2024 | Monthly Updates

We got a favorable CPI print for May last week. Core CPI decelerated to the slowest monthly pace in almost three years.  Core CPI ex-rent dropped month-over-month and is now below a 1% annual rate of change on both a three month and 12 month basis.  This was arguably...

May 2024 Mid-Month Recap

by | May 15, 2024 | Monthly Updates

Barron’s Big Money Poll is a must read for us. Large institutional money managers are an important source of demand for equity shares.  So the poll gives us insight into what a key group of investors are thinking and doing.  They make up part of Wall Street’s...

April 2024 Mid-Month Recap

by | Apr 17, 2024 | Monthly Updates

Although not even close to correction territory, the market has been acting heavier and heavier.  Here is part of the reason why: The huge AI theme may be the market’s spinach, but the three-headed monster of higher oil prices, interest rates, and the U.S. dollar have...

March 2024 Mid-Month Recap

by | Mar 12, 2024 | Monthly Updates

The U.S. stock market is overbought in the short-term and a near-term pullback can never be ruled out, especially in mega-cap tech land.  Regarding the Fed, the late December 2023 pivot has helped, but this rally is about much more than the Fed (we suspect...

January 2024 Mid-Month Recap

by | Jan 18, 2024 | Monthly Updates

Even though last week’s CPI (consumer price index) came in hotter than expected, we would argue against interpreting results as a notable uptick in inflation. “Supercore” (which strips out a range of very volatile categories) continued to trend weaker.  We were happy...
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.

November 2025 Market Commentary

We are in the heart of earnings season, and it has been an excellent one. About 64% of S&P 500 companies have...
Read More

April 2025 Market Commentary

Apr 1, 2025

IS IT ONLY TARIFFS? The blame for the market’s drop lies squarely on the shoulders of tariffs.  During the period when the markets recently rallied from March 14th through March 25th, there was very little “tariff talk.”  When 25% auto tariffs were announced last...

March 2025 Market Commentary

Mar 4, 2025

Here are our final thoughts on the just completed earnings season for Q4 ’24. Both the EPS and revenue beat rates were very solid.  Of course, earnings are, in part, a lagging indicator.  They don’t necessarily tell us much about what happens next.  Guidance helps...

February 2025 Market Commentary

Feb 1, 2025

One of the risks equity investors face is “headline risk.” Headline risk is being surprised (blindsided) by a bad news headline.  It can be stock specific or relate to the entire market.  Yesterday, investors got a dose of headline risk with news that a Chinese...

View All

Monthly Updates

June 2025 Mid-Month Recap

Jun 17, 2025

It is no surprise that as the stock market has rallied sharply off the April 8th low, sentiment improved. Is the move from extreme fear into greed territory a sign of complacency?  Let’s look at two popular sentiment indicators: First, the CNN Fear and Greed Index has...

May 2025 Mid-Month Recap

May 20, 2025

With earnings coming in much stronger than expected and a series of trade policy reversals, stocks have cruised higher in May (up about 6% so far) and are now both higher for the year and within 4% of new all-time highs. The most significant walk-back came last week...

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

We provide dedicated solutions
Contact Us

Professional Links

Association Links

Content Links