June 3, 2016

Recession Watch June 2016

Ripped From the Headlines: “Will a Fed Rate Raise Put the U.S. In Recession?” Once again, media pundits are all atwitter about the idea the Fed will raise rates either this month or next, putting the U.S. into Recession.

As before, this is less about the actual impact to the economy and more about attracting eyeballs to either sell advertising or convince investors they have to do something and do it NOW, which generally rewards Wall Street.

While the risks have risen since the last Recession Probability Indicator update, they are still within the “Stable Investing Climate” range. Historically, investors have been best served by making few, if any, changes to their portfolios when the investing climate registers a “stable” reading on the RPI.

The Recession Probability Indicator (“RPI”) scored a 17 at the most recent reading, meaning the economic environment for investment is stable and below the “reduce risk” warning level of 20. That is subject to change but as with all things that have to do with investing, it’s better to take direction from facts and not fears.

Most of the time the RPI moves between 3 and 17.

The market can move around a lot even with a stable reading. Despite that, history vastly favors those who stay invested as long as there is no recession imminent.

If you’d like to review a more in depth examination of why it’s important to stay invested absent recession signals, click to visit the Recession Probability Indicator page and scroll down to see what happens if you stay invested except for recessions. CLICK HERE

If you’d like to understand why it’s important to try to reduce risk ahead of recessions CLICK HERE.

A quick note on my expectation for what the Fed will or will not do regarding rates and when. Regular readers know that, so far, I’ve been reasonably accurate in gauging Fed decisions. Famous last words, right? I did say “so far.”

My outlook at the moment is that the Fed will hold off in June but is likely to raise in July if things are as they are right now.

My opinion is that if the Fed raises in June, it means they have assurances that the British will not exit from the European Union. Conversely, if they do not raise in June that suggests they are holding fire because they don’t know what the Brits are going to do. If Britain does exit the EU I do not believe the Fed will raise until the impact of such a move becomes clear. That may mean September, that may mean later. If oil falls again in the interim, that may also put off rate hikes as the inflation numbers will mitigate slightly.

Regardless, the US economy is capable of withstanding a rate raise. However, such a raise combined with a British exit from the EU is likely to stoke fear in investors and result in yet another double digit sell off. Barring recession, such a sell off represents opportunities rather than obstacles.

As always, a link to the American Institute for Economic Research’s Monthly Business Conditions for those interested. Their view is similar to mine– risks are rising, but still no clear warning of imminent recession. CLICK HERE

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To Smarter Investing,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios, LLC.

May 3, 2016

Q1 2016 Quarterly Update and Market Outlook

>Q1 2016 Year-to-Date and Market Outlook Update

The video below reviews performance for all 6 Process Portfolios results year-to-date through April 15, 2016 and also includes an updated Market Outlook near the end.

2016 began with the worst January in at least a generation and a return to higher levels of volatility thanks to central bank statements and decisions that seem to be increasingly opaque and unpredictable to some market watchers. I’ve been fortunate in that the Fed hasn’t done anything far distant from my expectations, at least so far. We’ve also seen the financial media predictably stoking fear and the usual parade of media guests short on data but long on opinion.

Regardless, careful students of the markets have seen a fair number of signs that suggest we may see smoother waters later in the year, as long as the economy does not move onto a recessionary footing.

Overall, reasonable performance with 4 of 6 portfolios beating the benchmarks, and 3 of 6 outpacing the broad market. Most portfolios have managed to do so with less risk than investing in an index fund. It’s fair to say it’s been a very good quarter for the 3 portfolios that clocked a 4%+ return, 2 with substantially less risk than buying an S&P 500 index fund. That’s a nice result for such a tumultuous period.

The video below features the executive brief and results updates in the first 4 slides. Feel free to use the video player’s tools to skip ahead to what you are interested in. Thereafter there is a little more “color” on each portfolio followed by an updated Market Outlook. Rounding out the periphery of the presentation are descriptions of each ACI Process Portfolio, including risk management.

This video concludes with the always exciting regulatory disclosures, which seem to get longer by the day. We can thank the admirable solidarity law school graduates in government demonstrate with their private sector compatriots, constantly striving to make sure their fellows on the other side of the fence have plenty of work.

As I know everyone loves to read the disclosures, I’ve had our theme music looped at the the end to give you an even better reading experience.

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Warm Regards,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios, LLC.

February 2, 2016

Stock Market Outlook Q1 2016

Impending Bear Market or Just a Sharp Correction?

In this update, I ask (and answer) the question of whether we are on heading into a damaging Bear Market or if it’s more likely what we are seeing is just a sharp correction.

The video is front loaded with the “executive summary” in the first 4 minutes or so, but I’ve included a deep dive into what I’m seeing in the markets to frame my current view.

I tackle concerns about oil & energy, our economy, the global economy, and the perceived risks in China that seem to crowd the headlines.

In slide 11, the red line somehow moved when I converted the presentation to video. It should be around 23.5 rather than the 27 or so displayed. FYI.

You might also want to pause at the end of slide 7 – the final bullet points went by a bit fast.

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Warms Regards,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC
Process Portfolios, LLC

January 15, 2016

2015 Process Portfolios Performance Summary

Press play to for the 2015 performance summary for all 6 Process Portfolios.

Highlights:
* 4/6 Portfolios beat their benchmarks.
* 3/6 portfolios beat the market (only 1 is designed to do that). All 3 featured about 30% less risk than buying the market.
* Significant out-performance in Market Income Portfolio and strong 2nd half performance in Durable Opportunities Portfolio.
* Video also contains a very brief discussion of key investment risks to watch in 2016.

Please review relevant disclosures by clicking the buttons at the bottom. As you know, investing involves risk. Past performance is no guarantee of future results. Opinions expressed in the above video are not guarantees.

Please share with the buttons below, and as always feel free to get in touch with questions by calling the office or reaching out via email.

Warm Regards,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios, LLC.

January 6, 2016

Recession Watch

Is 2016 the Year of Recession? This question seems to be on everyone’s mind and even the media talking heads have jumped on it to grab readers & viewers.

Spoiler: As of today, there is no recession on the horizon. The Recession Probability Indicator (“RPI”) scored a 12 at the most recent reading, meaning the economic environment for investment is stable. That is subject to change, but as with all things that have to do with investing; it’s better to take direction from facts and not fears. My personal opinion is that the odds of recession are higher in 2016 than they were in 2015, but the fact remains: no recession yet on the horizon.

That doesn’t mean the market can’t go up and down (sometimes a lot), but that history vastly favors those who stay invested despite volatility, as long as there is no recession imminent. Don’t take my opinion, click the title at the right to see the facts– Why Recessions Kill Investment Portfolios.

Here’s some simple and quick proof-in-the-pudding: Pretend you had $200,000 to invest in January 2000. The first block gets invested the way financial salespeople tell you to invest – it’s going to stay invested no matter what because you “have to be in it for the long term.”

The second block of $100,000 is, to be simple, going to move to 100{1b789970f5b587cdad7e2a0d5c032cbf2e438ab9022fea5c2ba3cf7af142fa35} cash as soon as it looks like there may be a recession coming. Call that the “RPI Guided” for Recession Probability Indicator.

Where are these two investments at the end of December 2015?

As you can see below, it pays to make rational decisions about investments rather than getting caught up in short term volatility or whatever the media clones are spouting off about.

As I observed in one of last month’s articles, We May Have a Bump Coming in the Markets (click title to read), it wasn’t clear a Fed rate raise was going to be the positive short term catalyst many market observers & participants thought. It may be that much of what we are seeing as we start 2016 is the holiday-delayed reaction to the Fed raise, mixed in with a liberal dose of alarming headlines arising from a wide spectrum of topics, some of which have no real bearing on investing. Some (me) might say most of which have no real bearing on investing.

Remember, fear helps the media sell advertising and stock brokers earn commissions, but it sure as heck doesn’t help investment portfolios do what they are supposed to do, which is be there for you when you retire, with the assets you need to live the way you want to. Don’t let short term noise get in the way of a solid plan. Only impending recessions should do that, and if you have a real investment plan, you already know what you are going to do when the next recession comes.

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To Smarter Investing,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios, LLC.

December 7, 2015

Why Recessions Kill Investment Portfolios (and Poorly Protected Retirements)

image source dreamstime — image source unavailable

Why Recessions Kill Investment Portfolios (and Poorly Protected Retirements)

We’ve all heard “You’ve got to be in it for the long term,” or “You can’t catch the rallies unless you are in the market” from brokers or financial salespeople (they prefer “financial advisor”) and as a result more than one investor has had night sweats or an obsessive compulsion to check portfolio balances several times a month when the market starts selling off hard.

But that thinking is incredibly costly:

As you can see from this 25 year market study from Hepburn Capital Management, catching the rallies isn’t nearly as important as missing the valleys.

Click graphic to enlarge

If you are like most people, the above makes it pretty clear that your broker or financial salesperson (ahem, “financial advisor”) isn’t giving you the facts.

Bottom line: If you missed the best and the worst over the last 25 years, you are almost doubling your investment performance. Reasonable risk for reasonable return is good label and it’s how the most successful investors handle their accounts.

What does this really tell us?

The worst times for investing are prior to recessions. Put your money to work ahead of a recession and most likely you will have to live with years of losses before your account even makes it back to break even. Why is that?

Click to enlarge

The above shows you the gain required just to get back to break even. Following the DotCom crash, it took the market about seven years just to get back to break even. Following the Great Recession, it took about five years and that was with massive, unprecedented government support in the form of trillions of quantitative easing.

Still not buying it? Here’s an even simpler example; Pretend you had $200,000 to invest in January 2000. The first block gets invested the way financial salespeople tell you to invest – it’s going to stay invested no matter what because you “have a long term plan.”

The second block of $100,000 is, for the sake of simplicity, going to be moved to 100{1b789970f5b587cdad7e2a0d5c032cbf2e438ab9022fea5c2ba3cf7af142fa35} cash as soon as it looks like a recession may be coming – Call that “RPI” guided for Recession Probability Indicator. CLICK HERE to get the most recent recession probability reading.

Click graphic to enlarge. Both examples exclude dividends.

Now, this is just an illustration, but it’s pretty clear that getting out before things get bad and getting in after things have already started to recover may be a very good thing. Consider that in this illustration, the RPI guided account would be 97{1b789970f5b587cdad7e2a0d5c032cbf2e438ab9022fea5c2ba3cf7af142fa35} higher AND you didn’t have to lose sleep at night worrying if your portfolio was going to be ruined while you were “in it for the long term.“ Protecting the RPI guided account when investment conditions were not favorable made a huge difference between these two investment accounts. H-U-G-E.

The fact is, both of these accounts are in it for the long term, but normal “buy and hold” was also in it for the best days at the price of being in it for the worst days. As we’ve seen, this is too high a price to pay for most investors.

Now, your financial salesperson may have also told you that you can’t predict recessions. That is not true. The Federal Reserve, along with dozens of other in-the-know players like hedge fund and mutual fund managers, track certain sets of data to give them a heads up when a recession is coming. Nothing in life is absolutely guaranteed except death, taxes, and calls from telemarketers but these data sets – things like consumer price index, retail sales, leading indicators, purchasing managers index, etc. can be assembled to give a pretty good picture of when recessions are most likely. In the past, they have given a warning signal anywhere from three to nine months before the market realizes we’re in a recession and acts accordingly.

Click graphic to enlarge

In the above illustration, the RPI gave a recession signal in January 2008 and confirmed it in March 2008, which would have spared many investors heartache (and dollars). Is it perfect? No. The market bottomed in March 2009 and the RPI didn’t give a reinvestment signal until October 2009, seven months later. But look at the table above the graph. Even missing that seven months, the RPI guided account still saw serious and sustained gains vs. the buy and hold.

There are no guarantees the RPI will spot the next recession – in the last 30 years it’s accurately warned of a recessionary bear market a bit over 70{1b789970f5b587cdad7e2a0d5c032cbf2e438ab9022fea5c2ba3cf7af142fa35} of time. Of course, there are no guarantees you will be robbed tonight – but I’ll bet your house is probably equipped with an alarm anyway.

Whatever a thief would take from your house is worth substantially less than your investment account(s). Sleep better knowing ACI is monitoring a pretty good alarm built to help protect your money.

Remember, successful investing isn’t about catching the rallies nearly as much as it is about missing the valleys.

To get a monthly update on the likelihood of recession in the form of the Recession Probability Indicator (and other good stuff), sign up at the top right.

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To Smarter Investing,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios, LLC.

November 13, 2015

Jobs Up, Spending Solid. Will December Bring Santa or the Grinch? RPI & Business Conditions Update

The Market has circled back around to concerns about a possible Fed rate raise and weakness in overseas economies since recovering in October, losing over 2% as of today’s writing. But recent data suggest little in the way of changes in US economic data – jobs are trudging along with a slight recent improvement, consumer spending is stable and appears to be strengthening into the holidays, and the recent fall in oil prices will be help keep a damper on inflation while supporting holiday spending.

The Recession Probability Indicator (“RPI”) most recent reading is 12, denoting a stable investment environment where the economy is supportive of continued investment with little to no current risk of recession. A growing economy is supportive of future earnings, which is a positive for the stock market.

If you are new to the RPI, it’s a tool to measure the strength of the American economy and the safety of the investment climate. It’s built on data from the Federal Reserve and has demonstrated itself to be highly effective on a historical basis.

CLICK HERE to learn more about the RPI and see an illustration of it’s potential impact on investing. Scroll down to look at the updated tables. You will be impressed.

For those interested, below is my summary opinion of current conditions and whether the Fed is going to act like Santa or the Grinch in December;

Although prices in some sectors of the market are a bit high, overall they are still within historical ranges and not in bubble territory. Many sectors are at or near fair value. If the economy appears supportive of current stock prices, why the the choppiness we’ve seen since starting November? First, the media has to talk about something to create attention and sell ads. Playing on fear is one of the most effective tools for capturing consumer attention.

Second, the Fed has been sending mixed messages for months which prolongs uncertainty — the only thing that is clear is the Fed wants to raise rates but hasn’t been able to pull the trigger yet.

Third, October was a strong month for the market and it’s perfectly normal for the market to give back some gains following a big move up. Barring nasty earnings surprises or a changing probability of recession, a pullback following a run like October gives the market time to consolidate in order to move higher in the future.

So, will the Fed raise rates in December and what will happen when/if they do?

As of today, approximately 68% of analysts and traders are predicting a raise in December. There have been few if any changes of import since the Fed declined to raise in September and inflation risks continue to muted. My opinion, right or wrong, is for rate liftoff in early to mid 2016 and no raise in December. We’ll see. If I’m going to be wrong on the Fed rate raise, December is probably the month it happens.

When the Fed does raise, be it December or later, will markets react? More than likely. However, the Fed isn’t going to raise aggressively, and the increments will be small and gradual. The decision is unlikely to impact equity markets except in the very short term.

Here is a link to the November Business Conditions Summary from the American Institute for Economic Research for interested readers—> CLICK HERE

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Warm Regards,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios

October 17, 2015

Will US Economy Sink or Support the Stock Market?

Will the Economy Sink or Support the Stock Market? Investment & Business Conditions Update

October 2015

There has been great concern recently among talking heads whether or not the Fed will raise rates and what the impact on the economy will be if they do. The fact is the US economy is trudging along and is likely to continue to do so whether or not the Fed raises rates incrementally over the next few quarters. The market’s concern, misplaced in my opinion, is that once the Fed starts hiking it won’t stop until rates are normalized. That isn’t going to happen. Any hikes will be small, and the path to normalcy will take several years. Our economy is okay, but it isn’t in a position to support a typical rate hike cycle and the Fed, despite fumbling the message repeatedly, knows it.

So, if we can discount the Fed (at least for now) what are we really seeing? The Recession Probability Indicator improved mildly from last month with a current reading of 12, indicating a stable investment climate and a mildly growing economy with no current risk of recession. That suggests that the economy, as it continues to grow, should ultimately support higher earnings which is a positive for the stock market.

The RPI runs on a 2 month delay due to the Fed’s data release schedule.

If you are new to the RPI, it’s tool to measure the strength of the American economy and the safety of the investing climate. It’s built on data from the Federal Reserve and has demonstrated itself to be historically effective.

CLICK HERE to learn more about the RPI and see an illustration of it’s potential impact on investing. Make sure you take time to scroll down to take a look at the updated tables. Prepare to be impressed.

For those interested, I’ve also included the most recent summary from the American Institute for Economic Research below.

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Warm Regards,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios, LLC.

Monthly Summary of October Business Conditions from the American Institute of Economic Research

…The Economy…

Unusual demographic shifts currently underway and slated to last for many more years may be affecting the overall economic growth rate as well as creating pockets of relative strength and weakness. One example is in housing, where multifamily construction has rebounded more robustly than single-family homebuilding following the housing boom and subsequent bust that helped usher in the Great Recession.

Our Leaders index improved slightly in the latest reading, while cyclical scores changed little. Taken together, the AIER data suggest that the risk of recession in the coming six to 12 months remains low.

…Inflation…

The Consumer Price Index slipped month-to-month for the first time since February 2015. This is consistent with last month’s report that inflationary pressure was easing. The latest AIER inflationary Pressures Scorecard points to further downward pressure on inflation for months to come. Only eight indicators out of 23 show rising inflationary pressure, compared with 12 last month. The easing resulted from a recent slowdown in consumer demand and fast growth in supply. A decline in energy prices was another important contributor.

…Policy…

The Fed kept interest rates unchanged at its September meeting, in line with market expectations. But the central bank’s projections continue to indicate that the first rate hike in more than nine years is likely to occur by the end of December. After holding rates near historic lows for so long, anticipation of the initial step toward normalization in monetary policy may actually stimulate borrowing in the short run as people try to get ahead of future increases.

Demographic change is slowing growth in the labor force and gains in educational attainment. The fastest way to reverse this—skill-based immigration—is unlikely to garner political support in Washington. Alternative but slower solutions include making it easier for American youth to continue their education beyond high school.

…Investing…

Yields on mortgage-backed securities are about in line with their historical relationship to U.S. Treasurys. An improving economy and healthier finances for borrowers would boost overall loan quality and help narrow yield spreads slightly. However, the prospect of Fed interest rate increases is likely to boost pressure on yields across the fixed-income spectrum.

Lumber futures prices have fallen more than other housing-market indicators would suggest.

A bubble in stock prices of U.S. homebuilders from 2000 through 2005 was worse than the better-known tech-stock bubble of the late 1990s. Following the bust in homebuilder shares and the Great Recession, homebuilder stocks since 2011 have slightly outperformed the broader market.

Global equity markets have struggled in recent months, reeling from a worldwide economic slowdown, the effects of potentially higher U.S. interest rates, a strong U.S. dollar, and ongoing military conflicts that have created arefugee crisis. For those with a high tolerance for risk, these times can create opportunity.

CLICK HERE for the full summary.

September 24, 2015

Stock Market Ups and Downs. What’s Next? Stock Market Outlook

Stock Market Outlook September 24, 2015

We’ve seen a lot of volatility (up and down, mostly down) in the market recently and headlines have some investors worried. Are there good reasons to be concerned? Maybe, but what’s really happening under the stock market’s hood? Video below.

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Warm Regards,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC
Process Portfolios, LLC

September 16, 2015

Is the Potential Fed Rate Raise a Recession Risk? RPI & Business Conditions Update

Is the Fed in Danger of Starting an Accidental Recession? RPI & Business Conditions Update
September 2015

There is a lot of debate about the lack of clarity in the Fed’s communication to market participants over the last several months, and markets generally do not like uncertainty. Some recent headlines are talking about an accidental recession. So, can premature rate raises spark recessions? A Fed rate raise in the 1930’s at about this same point in that recovery arguably provoked a 2nd stock market crash while putting the US into a recession it took a World War to lift us out of.

Institutional buyers are aware of these academic parallels even if the average investor is not.

But is that happening now? As readers of my posts know, I do not expect a rate raise tomorrow (9/17/2015). IF one does come, I expect it to be VERY dovish. But rather than wasting time trying to read the Fed’s tea leaves, let’s have a quick look at what the Recession Probability Indicator and current business conditions are telling us.

The most recent reading (June 2015) is STABLE with an RPI score of 17. (20 and below usually favorable, 20+ usually much less favorable). The RPI runs on about a 2 month delay due to the Fed’s data release schedule.

Quick reminder on the RPI — it’s a tool for measuring the strength of the American economy. It’s derived from data provided by the Federal Reserve and has demonstrated itself to be historically effective.

The RPI reading suggests that the economy can tolerate higher rates without slipping into recession, counter to what many headlines seem to suggest.

To learn more about the RPI and see an illustration of it at work CLICK HERE. Make sure you take the time to scroll down to the updated table if you haven’t seen it. You are in for an eye opener.

I’ve also included the most recent business conditions summary from the American Institute for Economic Research below. Their view largely coincides with mine on several issues including the view that the economy is doing okay with no recession on the horizon (as yet).

My opinion is that the Fed is going to raise very slowly over a multi-year period, with the end of that process around a 3{1b789970f5b587cdad7e2a0d5c032cbf2e438ab9022fea5c2ba3cf7af142fa35} rate several years from now. We’ll see if the future bears out that opinion.

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Warm Regards,

Dak Hartsock
Chief Market Strategist
ACI Wealth Advisors, LLC.
Process Portfolios, LLC.

Monthly Summary of September Business Conditions from the American Institute of Economic Research

…The Economy…
Headwinds from China’s slowing growth and a devalued yuan may curb the U.S. expansion, but the risk of a recession remains low. Our Leaders index remained solidly above 50 percent in the latest month, suggesting the probability of a domestic slump is still low.

…Inflation…
The CPI, compared with a year earlier, continued to advance for a second straight month in July, but future inflationary pressure has eased. In the latest AIER inflation scorecard, 12 indicators support rising inflationary pressure, compared with 17 in the last month’s report, and eight point to falling inflationary pressure, compared with just three last month. The pullback mainly came from a stronger U.S. dollar pushing down import prices and from improving business productivity. Going forward, should the Fed tighten credit by raising key interest rates, it would amplify downward pressures on prices.

…Policy…
Fed policy makers have long telegraphed their intention to raise short-term rates from near zero this year, but recent market turmoil may have raised fresh concerns about the timing of the first increase in almost a decade. The focus now turns to the mid-September meeting and whether the Fed will use the occasion to begin the normalization process and what policy makers might reveal about the central bank’s future plans.

The recent sharp fall in oil prices, driven both by China’s slowdown and rising U.S. crude output, is creating pressure to lift the long-standing U.S. crude export ban. Proponents say ending the policy would raise U.S. prices, stimulating investment, spurring domestic production, and cutting gasoline prices. In July, the U.S. Senate Energy Committee passed a bill to lift the export ban. Whether the measure will pass Congress and how the Obama administration may react if it does remains uncertain, but an end to the 40-year-old policy may be closer than ever.

…Investing…
Slowing growth in China coupled with a devalued yuan and improving U.S. consumer demand all suggest a widening trade gap with China. That, in turn, may lead China to buy more U.S. Treasury securities, helping to restrain gains in long-term yields just as Fed tightening approaches.

Commodities are still struggling with no short-term relief in sight. But over the medium term, better global growth and a stable dollar combined with the deep price declines that have already occurred suggest that there may be light for raw materials at the end of a long tunnel.

U.S. equities are still getting fundamental support from profit growth. Risks from rising labor costs and higher interest expense may threaten profit margins, but productivity may be the magic bullet that facilitates profit growth and higher wages that can, in turn, boost future spending.

Global equities have been volatile and U.S. investors gave mixed signals with their new investment dollars ahead of the worst declines in Chinese markets. New cash would help support markets, while additional withdrawals from global market mutual funds and ETFs would hurt. Fed tightening remains on the horizon as a potential new source of volatility, especially for emerging markets.

If you’d like to see the full summary just CLICK HERE.

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Recession

Recession Watch June 2016

Q1 2016 Quarterly Update and Market Outlook

Stock Market Outlook Q1 2016

Impending Bear Market or Just a Sharp Correction?

2015 Process Portfolios Performance Summary

Recession Watch

Why Recessions Kill Investment Portfolios (and Poorly Protected Retirements)

Why Recessions Kill Investment Portfolios (and Poorly Protected Retirements)

Jobs Up, Spending Solid. Will December Bring Santa or the Grinch? RPI & Business Conditions Update

Will US Economy Sink or Support the Stock Market?

Stock Market Ups and Downs. What’s Next? Stock Market Outlook

Is the Potential Fed Rate Raise a Recession Risk? RPI & Business Conditions Update

For ACI, investment management begins with understanding and actively managing risk for our clients and partners. We do this through smarter investments built on low cost, highly liquid and diversified investments rather than expensive financial products. CLICK HERE to learn more.

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Success in any endeavor comes from hard work, vision, and planning. We can help you create a more confident future by working with you, your CPA, your tax and estate counsel to make sure that when the tomorrow becomes today, you are where you want to be.

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