December 2021 Mid-Month Recap

by | Dec 14, 2021 | Monthly Updates

We sincerely appreciate our relationships with clients and friends and want to say thank you during this joyous season.  May your holidays be bright.  We wish you the best in 2022. Pundits have been quick to point out that inflation could be a major roadblock to...

November 2021 Mid-Month Recap

by | Nov 16, 2021 | Monthly Updates

Pavilion Global Markets recently did a study on the source of stock market returns over the last decade. According to Pavilion, the decomposition of returns for the S&P 500 breaks down as follows: 31.4% from earnings 7.1% from dividends 21.0% from multiple...

October 2021 Mid-Month Recap

by | Oct 19, 2021 | Monthly Updates

This quarter’s earnings season is off to a good start as 81% of companies reporting have beat EPS estimates, and 80% are beating revenue forecasts. We remain focused more on what companies will say on the conference calls about four key areas and view these factors as...

August 2021 Mid-Month Recap

by | Aug 19, 2021 | Monthly Updates

Last week when stocks were rising with the S&P 500 closing at its fifth straight record high, investors seemed unfazed by a Fed taper later this year.  After yesterday’s FOMC minutes and three sharp down days in a row, the market now worries over a Fed taper. ...
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.

August 2025 Market Commentary

This earnings season (Q2) is still very young, but beat rates in both revenue and profits are well above average. Yet...
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December 2023 Market Commentary

Dec 5, 2023

  During this holiday season, we want to thank you for your friendship and trust in us.  Our best wishes to you for a Merry Christmas and Happy Hanukkah!   We follow the U.S. housing market closely because housing is such a significant part of our economy....

November 2023 Market Commentary

Nov 1, 2023

October was the third straight lousy month for stocks with the S&P 500 down about 3% through yesterday.  Both the S&P 500 and NASDAQ entered correction territory late last week.  Small caps (Russell 2000) are down about 18% from their high in July and down 32%...

October 2023 Market Commentary

Oct 10, 2023

We may be in a bull market, but outside of the mega-caps in the S&P 500, it has been a flat year for the stock market. The S&P 500 is up a rosy 11.7% through September, but the median S&P 500 stock is up just 0.4% YTD.  And the broader market is up less...

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Monthly Updates

April 2024 Mid-Month Recap

Apr 17, 2024

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

Mar 12, 2024

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...

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