June 19, 2020—It’s official. The longest economic expansion in U.S. history back to 1854 ended in February 2020, according to the National Bureau of Economic Research (NBER).[i] The coronavirus pandemic ended an expansion that chugged along for ten years and eight months, as business closures and social-distancing measures to contain the outbreak brought economic output to a screeching halt in the span of just two months.
May 29, 2020—Of all the asset classes available in which to invest, the nuances of investing in gold may be least appreciated. Gold is attractive as a long-term store of value or portfolio hedge, but it can also be extremely volatile, generates no income or organic growth, and involves storage costs. As a result, the case for gold in a portfolio is much more gray than black or white.
May 26, 2020—We design our client portfolios in two stages. The first stage is tactical asset allocation. For example, in equity asset classes, we allocate among U.S. large cap, U.S. small cap, developed international, and emerging markets. The second stage is the construction of portfolios within each asset class, comprising mixes of funds to achieve various objectives and tilts.