2017 Q4 Quarterly Report – 3rd Quarter Review

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US Economic Commentary As we commenced the 3rd quarter, GDP for the 1st quarter had just been revised upward from 1.2% to a “still modest” 1.4% in the 3rd estimate. The Federal Reserve’s acknowledgment of this tepid pace of economic growth was apparent in Fed Chair Janet Yellen’s dovish comments on July 12th during the Fed’s mandated semi-annual Monetary Policy Report to Congress. Yellen indicated that the Fed may not need to hike rates much … Read More

High Yield Market Update

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The U.S. high yield bond market has grown substantially to around $1.3 trillion today. At the same time, the global high yield market has become more geographically diverse. North America’s share of the market has fallen from 87.1% in 2005 to 62.6% in 2016. Meanwhile, Europe’s share rose from 12.4% to 20.6%, and emerging markets’ share jumped from 0.5% to 16.8%. Because we see high yield as important component of a well-diversified portfolio, Hanlon Investment … Read More

2017 Q3 Quarterly Report – 2nd Quarter Review

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US Economic Commentary The 2nd quarter began in April with trepidation among investors as the U.S. stock market continued its advance in the face of modest real GDP growth, which on its third revision was increased to a 1.40% annualized growth rate for the first quarter compared to an initial reading of only 0.70% growth. Weakness in consumer spending has been a drag on growth and inconsistent with recent consumer confidence surveys which had indicated … Read More

2% GDP Growth – Get Comfortable With It

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In a first century fable, Gaius Julius Phaedrus said “things are not always what they seem; the first appearance deceives many; the intelligence of a few perceives what has been carefully hidden.” At first glance, fables seem like nothing more than entertainment, but hidden within are deeper meanings and truisms. What Phaedrus was telling us was that we need to look deeper, below the surface, to see what the real meaning of the story is. … Read More

Why You Need Tactical and Alternative Investments In Your Portfolio

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In the field of investing, the question of which assets to own and how much of each asset to own is an eternal one. Since asset blends and proportions have a large impact on portfolio performance, the importance of asset allocation cannot be overstated. The Old Fashioned Approach For decades, many advisors and clients have adopted a long-term strategic approach that allocates X% of a portfolio to stocks and Y% to bonds. A common allocation … Read More

Is All Passive Investing The Same?

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Passive investing has become all the rage as hundreds of billions of dollars flow from lagging active managers to passively invested ETF/Mutual Fund index-linked products. We can see from the graph below that the flow into passive investments is remarkable.Some of our age’s greatest investors have echoed the benefits of passive investing. Jack Bogle built the multi-trillion-dollar investment firm Vanguard upon the tenet of low cost index investing. Even the sage of Omaha, Warren Buffet, … Read More

Did You Miss the Forest for the Trees?

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When you’re too close to a situation, it’s helpful to step back and get a big-picture perspective. In the investment world, that means looking well beyond how various types of investments are performing today, and instead looking for performance over the long haul. Investors often focus too much on just one Asset Class, usually the best performing Asset Class over recent months and years. Performance, however, tends to run in cycles as various Asset Classes … Read More