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How Investing Transformed Over the Century

Malcolm Butler, JD
President

I recently read a book on the sinking of the Lusitania in 1915. The author thoroughly details the lives of some of the affluent passengers who were aboard the luxury liner’s final voyage. As I was learning about these “high net worth” people who lived one hundred years ago, I kept wondering about how they saved and invested, and how early 20th century investing contrasts with early 21st century investing.

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Where We Are in the Cycle

By Joel Goodman, CFA
Chief Investment Officer
Scott McGhie, CFA, CPA
Director of Research & Portfolio Management
Alex Morris, CFA, MBA
Research Analyst

In the fourth-quarter newsletter, we discussed how we think about long-term equity return expectations. The purpose of the article was to explain how fundamental returns (driven by earnings growth) and speculative returns (driven by changes in valuation) collectively impact market prices. While changes in valuation are the overwhelming driver of equity returns in the short run, earnings growth (a proxy for intrinsic value) is what truly matters over the long-term.

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Countering Volatility with Counterintuitive Action

Julia Butler, CFP®, JD, MBA
Chief Operating & Compliance Officer and Director of 401(k) Advisory & Financial Planning Services My mom asked me once how I swallowed pills. “Show me,” she said. I went through the motions of pretending to put a pill in my mouth, mimed the act of taking a sip of water, then leaned my head back and swallowed. “That’s exactly the opposite of what you should do,” she said. “Instead of leaning your head back, you should take a sip of water, tilt your chin forward, then swallow.”
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Have we seen the beginning of the Great Rotation?

Malcolm Butler, JD
President

"A blue-chip stock is the stock of a large, well-established and financially sound company that has operated for many years. A blue-chip stock typically has a market capitalization in the billions, is generally the market leader or among the top three companies in its sector, and is more often than not a household name.

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Expectations for Future Equity Returns

By Joel Goodman, CFA
Chief Investment Officer
Scott McGhie, CFA, CPA
Director of Research & Portfolio Management
Alex Morris, CFA
Research Analyst
In the second quarter newsletter, we noted there were more than $10 trillion of negative-yielding bonds around the world. While U.S. Treasury bonds are not in that group, they are pretty close: the 10-year Treasury currently yields 1.6%, compared to an average of 6.5% over the past 50 years.
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The Benefits of Trusts

Julia Butler, CFP®, JD, MBA
Chief Operating & Compliance Officer and Director of 401(k) Advisory & Financial Planning Services

Trusts can serve many purposes in a family’s financial, retirement, estate, and tax planning. Trusts can ensure that assets are professionally managed across generations...

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An Asset Manager Embraces Financial Planning

Malcolm Butler, JD
President

I have been investing other people’s money for over 36 years. As most of my clients are either saving for retirement or living off of their retirement savings and/or trust accounts, my overriding goal has been to build durable, income-producing portfolios...

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