August 2023 Market Commentary

by | Aug 1, 2023 | Recent Commentary

June saw a huge increase in bullish sentiment that carried through in July. It has been a complete turnaround since the continuously pessimistic readings throughout 2022.  The about-face has been so large that an investor has to ask:  Are we seeing an increase in...

July 2023 Market Commentary

by | Jul 1, 2023 | Recent Commentary

While the consumer price index (CPI) has fallen from 9% to 4% year-over-year, the producer price index (PPI) has been more volatile on both the upside and subsequent fall. (The CPI measures inflation to consumers or end-users.  The PPI measures wholesale price...

June 2023 Market Commentary

by | Jun 1, 2023 | Recent Commentary

We mentioned in our May commentary that the main theme for the next bull market could very well be Artificial Intelligence (AI).   Although fundamentals and valuation metrics lead us to believe we are not yet in a new bull market, no one has told investors in AI...

May 2023 Market Commentary

by | May 2, 2023 | Recent Commentary

Corporate earnings season for Q1 is now about halfway completed. So far, modest expectations have been exceeded.  Coming in, investors expected a 6.3% drop in profits.  Now a 4.2% decline is expected.  Here are year-over-year earnings forecasts for the rest of 2023...
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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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This is achieved through an ongoing assessment of market risks given your specific financial situation and goals.

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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

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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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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...
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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. ...

July 2024 Market Commentary

Jul 9, 2024

This week marks the beginning of earnings season for the second quarter.   S&P 500 companies are expected to report a fourth straight quarter of growth, with profits forecast to rise 8.8% over last year’s second quarter (source:  FactSet). The top 10 companies in...

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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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