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...

December 2023 Mid-Month Recap

by | Dec 19, 2023 | Monthly Updates

The S&P 500’s price change so far in Biden’s Presidency is now essentially right at the average gain that we have seen at this point in the four-year Presidential Cycle for the S&P 500 going back to 1928.  We are now at the end of year three of the election...

November 2023 Mid-Month Recap

by | Nov 14, 2023 | Monthly Updates

WE WISH YOU AND YOUR FAMILY A HAPPY THANKSGIVING!     It is hard for investors to gauge the trend of future inflation because of conflicting economic reports and Fed speeches. Some Fed speakers make it sound like the battle against inflation has been won.  Others...

October 2023 Mid-Month Recap

by | Oct 18, 2023 | Monthly Updates

Corporate earnings season has just started for Q3, but early results are positive. Industry estimates for members of the S&P 500 indicate profits of 1.3% higher than a year earlier – a nice improvement from the second quarter’s decline of 2.6%.  S&P 500...

September 2023 Mid-Month Recap

by | Sep 19, 2023 | Monthly Updates

One of the drawbacks of stronger economic data for the U.S. economy is that interest rates just won’t stop going up and are near recent highs from last fall.  If or when they break these higher levels, the short-term reaction from the stock market will likely be...
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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
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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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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.

June 2025 Market Commentary

Investor sentiment soared in May along with stock prices.  According to a recent AAII survey, the percentage of...
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October 2024 Market Commentary

Oct 1, 2024

China may be our biggest adversary, but the health of their economy and markets are important to the U.S. They are a major trading partner and their markets contribute to overall global stability. Chinese policymakers are finally alarmed enough to shift out of low...

September 2024 Market Commentary

Sep 4, 2024

August was a roller coaster for stocks. Moves lower in a roller coaster market can be terrifying, and in the first three trading days of August, investors had to contend with economic data showing what looked like a sharply decelerating economy and the unwind of the...

August 2024 Market Commentary

Jul 30, 2024

Just when it seemed mega-caps may never go down and small-caps may never go up again, we have seen a short-term reversal of epic proportions. The tech-heavy NASDAQ 100 is down about 8% while the small-cap Russell 2000 is up almost 10% over the last 13 trading days. ...

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Monthly Updates

February 2025 Mid-Month Recap

Feb 11, 2025

Earnings season so far has recorded the strongest year-over-year earnings growth since 2021. Revenue and earnings beat rates are solid but share price reactions have been muted.  Instead, investors are focused on outlooks which are starting to sour.  This is of...

November 2024 Mid-Month Recap

Nov 12, 2024

As we mentioned in previous commentaries, Barron’s Big Money Poll represents the thoughts of large U.S. investment advisors. Their opinions and forecasts are what is discounted in stock and bond prices.  We think that is important. The recent fall edition of the Poll...

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