201304.21
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Tactical Update

Here is a list of things that concern us. Fed incentivized risk seeking  A recent surge in risk asset prices Continued global rebalancing Continued global deleveraging Bail-ins as much or more than bail-outs Continued excess leverage in the banking sector Technical indicators rolling over and flashing orange Tired fiscal houses Tired fundamentals Experimental Monetary Policy…

201302.04
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Tactical Update

Here are a few good lessons.  Perhaps describing his oracle, from Warren Buffett in 1979, “The future is never clear,” and “You pay a very high price for a cheery consensus.”  And from Frank Napolitano, the irascible head of the firm who bank rolled my trading career in 1996..”Dougie, always remember…Cash is King!” If you’ve been…

201301.09
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Tactical Portfolios Update

The Tactical Portfolios range from ETF-based trend-following models to all-stock or all-bond model portfolios that are actively managed. While we tend to use the same asset classes as are found in our Strategic Portfolios, the allocation to each asset class is adjusted using a top-down approach based on our economic outlook, as well as fundamental and technical analysis. The…