August 2025 Mid-Month Recap

by | Aug 19, 2025 | Monthly Updates

The number of stocks rising lately has increased even though this year’s winners have taken a breather. A bull’s dream is for the broader market to keep trending higher as investors rotate like this underneath the surface.  Small caps and non-Mag 7 stocks have fully...

July 2025 Mid-Month Recap

by | Jul 15, 2025 | Monthly Updates

Market technicians view “golden crosses” as a bullish signal. A golden cross occurs when a stock’s (or an index’s) 50-day moving average crosses up through the 200-day moving average as both are rising.  Many stocks have golden crosses now because of steep price gains...

June 2025 Mid-Month Recap

by | Jun 17, 2025 | Monthly Updates

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

by | May 20, 2025 | Monthly Updates

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...

April 2025 Mid-Month Recap

by | Apr 16, 2025 | Monthly Updates

The shares of Apple common stock peaked just after Christmas and then lost a third of their value in less than four months. They have since recovered about 17%.  There are many stocks that have been more volatile but Apple is the largest company by market value in the...

March 2025 Mid-Month Recap

by | Mar 18, 2025 | Monthly Updates

It is ironic that the relative strength of international stocks versus U.S. stocks bottomed right when the “Make America Great Again” president was inaugurated.  But that is exactly what happened.  There has been a wide performance disparity that has emerged this year...
Knowledge – Results

Experts in Risk Management

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

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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.

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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.

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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.

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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.

October 2026 Market Commentary

WHAT WE LEARNED IN SEPTEMBER Here is a typical day in September:  Oil up, bond yields up, stocks down.  At first...
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February 2026 Market Commentary

Feb 3, 2026

January was a battle between high quality stocks and lower quality stocks. Lower quality stocks won.  That includes small and micro caps.  (Our view is that the primary small cap stock index, the Russell 2000, is a low-quality index.  About 40% of stocks in the index...

January 2026 Market Commentary

Jan 5, 2026

THE INVESTMENT LANDSCAPE FOR 2026 Happy New Year!  The beginning of a new year is as good a time as any to take an inventory of important variables affecting investors and to see what the investment landscape looks like.  The summary below attempts to do just that....

December 2025 Market Commentary

Dec 2, 2025

Current retail investor sentiment is mostly mixed so not much to be taken from that. However, one indicator stands out.  Last week the CNN Fear and Greed Index was sitting at one of its most “extreme fear” levels of the year – see below. Source:  CNN Remember that...

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Monthly Updates

May 2026 Mid-Month Recap

May 12, 2026

Q and A   The stock market’s meteoric rise since March 30 is raising questions from clients.  Let’s start with the most asked question: Q.  Since the Iran conflict started, oil prices are higher along with higher inflation and interest rates. How can the market...

April 2026 Mid-Month Recap

Apr 15, 2026

If you find that your portfolio’s investment returns are dominated by a small handful of stocks, you are not alone. We have experienced the same thing. Burton Malkiel (renowned author of the classic “A Random Walk Down Wall Street”) did a recent study about this...

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