Recent Commentary

June 2024 Market Commentary

In the week leading up to Memorial Day weekend, the S&P 500 traded higher 23 out of the prior 30 weeks. There have only been a handful of other periods since WWII where the index had as many positive weeks in a 30-week span. Is the market exhausted after this run,...

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May 2024 Market Commentary

Early in April, higher interest rates drove share prices roughly 5% lower up until the 2.8% gain in the S&P 500 last week. Yields were not the driver last week.  Instead, it is another narrative, specifically artificial intelligence, that pushed the market higher...

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April 2024 Market Commentary

With Q1 2024 now complete, the S&P 500 index posted a return of 10.2%. That was good enough to beat the tech-heavy NASDAQ 100 and the blue-chip Dow Jones 30 on the large-cap front.  It also beat both small-caps and mid-caps. It is remarkable that we haven’t seen a...

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March 2024 Market Commentary

The main section in last month’s February commentary was titled “The Tech Bull Market Rolls On.”   Tech stocks continue to lead the charge and exploded to the upside after NVIDIA reported stellar results last week.  AI continues to be the driving theme in the stock...

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February 2024 Market Commentary

The Q4 earnings season is about halfway over and it has been mixed at best, in our view. Companies are beating EPS estimates at a normal clip, but revenue growth has been disappointing.  This can lead to both lower profit margins and slower earnings growth ahead. ...

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January 2024 Market Commentary

  TURN THE PAGE:  HELLO 2024!   We will start with an executive summary of economic and market factors we think are important as we gauge the chances for another good year in stocks in 2024: DOMINANT THEMES:  Inflation, the Fed, and artificial intelligence...

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December 2023 Market Commentary

  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....

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November 2023 Market Commentary

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%...

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October 2023 Market Commentary

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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September 2023 Market Commentary

What a difference a month makes.   After a strong June and July, the S&P 500 is down about 3% this month so far with the NASDAQ 100 down about 4%.  Small caps are down about 6%.  So, while we may have seen a broadening of the market, unfortunately it has been to...

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Knowledge – Results

Experts in Risk Management

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

Knowledge – Results

Experts in Risk Management

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

Knowledge – Results

Experts in Risk Management

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

Knowledge – Results

Experts in Risk Management

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

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.

May 2025 Market Commentary

Earnings season has been strong. The results could have sparked more bearishness, but instead have generally been a...

January 2025 Market Commentary

The S&P 500 has had a 20%+ return for two years in a row. It has only rallied 20%+ in back-to-back years three other times in history.  Last year’s advance was mostly smooth without a 10% correction along the way.  The ‘Mag 7’ now account for a third of the...

November 2024 Market Commentary

With an YTD gain of 22.1% through yesterday, the S&P 500 is on pace for its second annual 20% gain in a row. Surprisingly, that has only happened two other times:  first, three times in a row from 1954-56, and second, four years in a row from 1995-98.  However,...

October 2024 Market Commentary

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...

Monthly Updates

March 2025 Mid-Month Recap

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...

February 2025 Mid-Month Recap

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...

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