Category: Newsletter

41 posts categorized as "Newsletter"

Private Client Group Newsletter Q2

July 26, 2019 SEIA

By Eric C. Pritz, CFP®, CMFC, Senior Partner
Opportunity Knocks
Qualified Opportunity Funds offer a new way to defer and potentially reduce your capital gains
While most of the discussion surrounding the 2017 Tax Cuts and Jobs Act has focused on changes to corporate and personal tax rates, deductions and exclusions, there’s one potentially beneficial provision that has received relatively little media coverage but a lot of cocktail party buzz among affluent investors – a new program designed to encourage investments in economically distressed communities certified by the Treasury Department as “Opportunity Zones.”

The SEIA Report Q2

July 25, 2019 SEIA

By Deron McCoy, CFA®, CFP®, CAIA, AIF®, Chief Investment Officer
Happy Birthday America! Happy Birthday Cycle!
One decade.
On July 1st, the current business cycle turned 10 years old. That’s a long time and in fact breaks the record for the longest economic expansion ever by eclipsing the previous record set during the 1990s1. No doubt a litany of articles will be written about this milestone, but while most publications will likely focus on the negatives in the aftermath of the Great Recession, we would like to focus on the positives and the true underlying reason why this expansion has endured so long—you!


April 12, 2019 SEIA

By: Deron McCoy, CFA®, CFP®, CAIA, AIF® Chief Investment Officer

Asset Allocation: Your Portfolio’s North Star

Every individual portfolio needs an intended destination and a road map to guide it. At SEIA, our mission is to provide the straightest and smoothest path possible to your unique destination. Asset allocation is the means by which we accomplish that; allowing us to dial up or dial down portfolio risk to properly align with your stated objectives. 

Private Client Group Newsletter Q4

January 23, 2019 SEIA

By: Vince A. DiLeva, MS, CFP®, AIF®, Senior Partner
How should I balance my portfolio’s need to generate cash flow with my desire for principal growth to leave a legacy for my children?
These are two very common primary concerns in retirement. Tackling the dilemma of providing cash flow to meet expenses is a process, and you need to start in the months prior to your retirement date so you can build your portfolio’s structure to meet your income goals. The first thing you need is a budget/spending expectation in your retirement years.


January 15, 2019 SEIA

By Sam Miller , CFA®, CAIA®, Senior Investment Strategist
Gridlock Ahead?
As expected by most political pundits, the 2018 Midterm election saw Democrats win the House with Republicans maintaining the Senate. Despite a reputation for deploying unconventional tactics, President Trump appears to be bound to historical norms in at least one sense: US voters continue to prefer a government with shared power. The end result is a continuation of a trend that we have witnessed many times before: the president’s party lost control of the House in a midterm election, leading to a divided Congress. Traditionally, this results in gridlock as neither party can freely move forward with their legislative agenda.


September 13, 2018 SEIA

By Sam Miller , CFA®, CAIA®, Senior Investment Strategist
What are GICS?
Global Industry Classification Standards (GICS), launched in 1999, is a taxonomy for publicly traded companies. It assigns each company a sector, industry group, industry, and sub-industry based on its principal business activity. Initially constructed with 10 high level sectors, there were no major changes until 2016, when Real Estate was carved out of Financials to create an 11th sector.

Private Client Group Newsletter Q3

September 13, 2018 SEIA

By Jennifer Kim, MS, CFP®, CMFC, ChFC, CLU, Senior Partner
Whatever your personal reason for engaging in philanthropy, there are two undeniable facts: Giving can be an incredibly fulfilling experience that when carefully planned and structured, offers meaningful financial benefits.
A planned giving program also affords you more control over what will be given, when it will be given and how it should be used. But which structure is the best fit for your personal circumstances and objectives?


June 7, 2018 SEIA

With midterm elections coming later this year, investors have begun to focus on potential outcomes and the likely impact of each scenario on the financial markets.
A record number of House Republicans and an elevated number of House Democrats have chosen to not seek reelection in November, meaning there is much at stake for future policy direction in Washington as well as the markets as new representation replaces old.
To read the full newsletter click here.


June 7, 2018 SEIA

With midterm elections coming later this year, investors have begun to focus on potential outcomes and the likely impact of each scenario on the financial markets.
A record number of House Republicans and an elevated number of House Democrats have chosen to not seek reelection in November (Exhibit 1), meaning there is much at stake for future policy direction in Washington as well as the markets as new representation replaces old.
To read the full newsletter click here.

The SEIA Report Q1

March 27, 2018 SEIA

Each time tax reform has been signed into law historically, winners and losers have been created as a result. For example, in 1986 sweeping changes to the tax code did away with the tax shelter afforded to real estate investors, wiping out the savings and loan industry in the process. More recently, varying corporate tax rates around the world have created incentives for domestic companies to offshore significant sections of their financial statements. Similarly, as the details were revealed for this most recent tax reform, winners and losers have emerged.
To read the full newsletter, click here.

PCG Newsletter Q1

March 27, 2018 SEIA

The New Tax Law: Winners and Losers
Late last year, President Trump signed into law the Tax Cuts and Jobs Act – a bill that was quickly pushed through Congress without the benefit of public hearings or a thorough impact analysis. Since that time, accountants, attorneys and financial experts have parsed through the entire 500+ pages to identify many of the new opportunities and obstacles contained in the legislation.
To read the full newsletter, click here.

The SEIA Report

December 11, 2017 SEIA

In this final report we take a look back at 2017. To read the full report click here.

PCG Newsletter

December 11, 2017 SEIA

We’ve all heard it said countless times before: there’s nothing the stock market hates more than uncertainty! Yet in a year marked by a spate of natural disasters, nothing has managed to impede the market’s inexorable rise. In the twelve months following Donald Trump’s election, US stocks (the S&P 500®) rose 21%, making it the fourth largest post-presidential election yearly gain since 1936 – exceeded only by Bill Clinton (32% rise in 1996), JFK (29% growth in 1960) and Bush Sr. (23% in 1988).
Click here to read the full newsletter.

The SEIA Report

September 28, 2017 SEIA

In this quarterly report we talk about 7 Steps to Strengthen your Information Security & Privacy.
Download the full report here to read this article and more.

PCG Newsletter

September 28, 2017 SEIA

It’s hard to believe it’s back to school season already. It’s also hard to believe that it’s been 10 years since the start of the financial crisis that brought about the Great Recession. A decade later, we find ourselves in the nation’s second longest economic recovery and expansion (FYI: the average duration of a bull market is 3.5 years).
Download the full private client group report here.

Reflation? Or just a scare…

June 15, 2017 SEIA

The textbooks say that fiscal policy tools are best utilized early in the business cycle, as the boost to stimulus can serve to offset early cycle weakness. But when used later in the business cycle, the boost may accomplish little more than the addition of inflationary pressures as there is little slack in the economy to absorb new stimulus. Now eight years after the recession, given the current economic environment (with unemployment already below the Fed’s long-term target) and the current agenda (focused on tax reform, deregulation and infrastructure spending), many pundits are calling for ever-rising inflation in the years ahead.

Download our report here.

Fact Checking The Stock Market

March 21, 2017 SEIA

Due in no small part to an overwhelming sense of political fatigue, some investors and pundits headed into the New Year with a decidedly bearish outlook. For investors, the one thing that cannot be spun is the raw data.
Since mid-2015, we have been likening our sluggish economy to a plane flying at low altitude (“Flying at Low Altitude”). While the economy is indeed growing (the plane is airborne), it is nevertheless chugging along at a meager rate (low altitude). Therefore, any economic soft patches (turbulence) that occur near the zero GDP line (lower altitude) cause considerably more angst than periodic turbulence that’s experienced when the economy is humming along north of 5% (cruising altitude with no need for seatbelts). The margin for error is simply far smaller at low altitude.

Download our full report here.


December 24, 2016 SEIA

It is a famous quote attributed to Christopher Columbus. It is wisdom that too few investors ever take to heart. Consider for a moment that U.S. investors typically allocate about 75% of their equity portfolio to U.S. stocks, yet our economy only accounts for about 22% of global GDP (JPMorgan).
Download our full report here.


September 15, 2016 SEIA

The Republican and Democratic conventions have both concluded with the expected nominees prevailing – but not without some controversies along the way. The Republican convention got off to a rocky start including an attempt to “unpledge” Trump delegates, as well as the notable absences of Republican Governor John Kasich and previous nominee Mitt Romney. Ultimately, the convention ended well with the speeches of vice presidential nominee Mike Pence, Trump’s children and presidential nominee, Trump himself being well received by the assembled delegates.
Download our full report here.


June 15, 2016 SEIA

Between the never-ending U.S. election coverage and the turmoil in global capital markets to begin the year, there’s a good chance you may have missed a seismic shift that registered barely a blip in the press. For the first time in a half-decade, Congress finally took some positive actions to benefit economic growth.
Download our full report here.


March 10, 2016 SEIA

After a frustrating 2015, where most major asset classes either returned less than 1% or lost money outright, investors were welcomed into the new year with the worst first ­week of stock market losses—EVER! Following the 6th worst opening day since 1928, the S&P 500 continued to lose ground, ending the first full week down 6%, with the tech­ heavy NASDAQ down 7.3%. But losses weren’t confined strictly to Large Caps—by mid­day Monday, small cap stocks (Russell 2000) were officially in bear market territory, down more than 20% from their June peak.
Download our full report here.


December 31, 2015 SEIA

They say opposites attract. In capital markets, perhaps there are no two more opposite asset types than high-quality U.S. Treasuries and energy-related Master Limited Partnerships. One is deemed perhaps the safest asset in the world, while the other lately seems perpetually mired in losses. We focus on them a bit more closely this quarter, as we may be at an inflection point— for both assets.
Download our full report here.


September 4, 2015 SEIA

Global investors and even Japanese citizens are woefully although understandably under allocated to Japanese stocks. Why? For most of our “investment” lifetimes, the island nation has been a place to avoid, with equities (Nikkei 225) still unable to fully recover from the Japanese bubble that popped 25­years ago. From the 1989 top to the 2009 bottom, Japanese stocks lost 83% of their value. Even despite recent gains, a $1 million Japanese equity investment made in 1989 would be worth $500,000 today compared to $6 million if invested in U.S. stocks (S&P 500).
Download our full report here.


June 10, 2015 SEIA

Six years into an economic cycle is bound to bring on some changes. In every bull market, as it matures, consumer sentiment improves. It’s only natural that we should collectively feel better as our stocks gain wealth. However, “happier” investors tend to fuel exuberant over sustained rallies, and eventually greed begins to take hold. As the herd mentality sets in, prices move ever higher—until ultimately valuations become too stretched and the inevitable downslope of the business cycle begins and equity prices correct.
Download our full report here.


March 17, 2015 SEIA

On June 19th of last year, Crude Oil was trading at $106.83/barrel. A mere seven months later, on January 19th, frenetic trading had brought the price per barrel down to $46.47 (a historical drop of 56%). Yet demand is holding steady and, in fact, projected to increase over the next couple of years. The problem today is not a demand problem but rather a “supply” problem that’s directly attributable to the U.S. Shale Oil revolution. In short, the world is awash in too much oil.
Download our full report here.


December 31, 2014 SEIA

Six years after the 2008 election, which netted Democrats 60 Senate seats and a super majority (along with the ability to enact broad legislation), the 2014 midterm “Republican wave” changed the balance of power, resulting in the most dominantly Republican Congress since 1929. In the Senate, Republicans picked up at least seven seats giving them a 52-54-seat majority (races are still to be decided in Alaska and Louisiana). In the House, they gained 13 seats to give the party its largest majority since before World War II.
Download our full report here.


September 4, 2014 SEIA

Asset allocation “strategies” have traditionally been limited to determining what percentage of a portfolio should be invested in stocks vs. bonds. Bond yields around the globe are at historical lows. Rates are eventually heading higher, which will lead to interest rate risk for bond holders’ principal. Domestic equities are arguably in the later innings of an all already above average bull market in terms of length and returns. So it is therefore safe to say that “traditional” asset allocation is not what it once was. Consequently, high net worth investors are increasingly turning towards Alternative Investments (“alts”) as a part of their overall long term game plan. With this in mind, let’s break down the game film on alternative investments:
Download our full report here.


June 30, 2014 SEIA

FEAR: A five-year-old bull market can change people. Not that long ago, we were preaching to anyone who would listen the merits of stocks. But the conversation proved difficult as fear overwhelmed many investors. As recently as February 2011 we said, “Even with our current bull market posting a near 100% gain…history suggests that this bull may still have room to run.”
Download our full report here.


March 30, 2014 SEIA

Analysts can value assets in many ways. For real estate, metrics such as Costper-Square Foot and Capitalization Rates are common. For equities, valuation ratios include Price-to-Cash Flow (P/CF), Price-to-Sales (P/S), Price-to-Book (P/B) and the lengthy Enterprise Value-toEarnings before Interest, Taxes, Depreciation and Amortization (EV/EBITDA).
Download our full report here.


December 31, 2013 SEIA

The Federal Reserve (the Fed) was not the original central bank of the United States. In 1791, the then fledgling U.S. government granted the First Bank of the United States a charter to operate as our central bank until 1811 when Congress refused to renew its charter. Five years later, the Second Bank of the United States was established but it again lost its charter in 1836.
Download our full report here.


September 30, 2013 SEIA

A lot can change in six years. For example, in 2007, Apple launched its game-changing mousetrap (the iPhone); but that year also marked the beginning of the financial crisis. In October 2007, U.S. equity markets started to retreat from their recent all-time highs and markets fell into turmoil.
Download our full report here.


June 30, 2013 SEIA

Last quarter we suggested that although equity markets were approaching six-year highs, “higher yielding securities will continue to perform.” That prognostication quickly proved true as investors’ constant thirst for yield pushed income-oriented assets northwards as dividend securities (Utilities, Consumer Staples, Pharmaceutical Companies, Telecom, Master Limited Partnerships, etc.) enjoyed a rousing first quarter. But now with the S&P 500 at historic peaks, many are questioning whether the market can continue to advance or to heed the catchy rhyme of “Sell in May and go away.”
Download our full report here.


March 31, 2013 SEIA

BULL MARKET REVIEW: In early February, the venerable Dow Jones Industrial Average, with its long and storied past, traded above 14,000 for the first time since October 2007, moving to within 180 points (1.3%) of its all time high. The S&P 500, meanwhile, moved above 1500, to levels last seen in December 2007. With major U.S. equity indices approaching all time highs, it may be a good time to step back and reassess where capital markets could go from here. But before we look ahead, let’s look at where we have been.
Download our full report here.


December 30, 2012 SEIA

One beneficiary of the result will be Federal Reserve chairman Ben Bernanke, who will have the continued support of the President, rather than face Mitt Romney, who announced he would not renew Bernanke’s term. From this perspective, markets can relax as quantitative easing (QE) money printing is set to continue and interest rates should remain low. Other winners include:
Download our full report here.


September 30, 2012 SEIA

Congress is poised for another showdown on taxes and the budget deficit later this year—and this time, like any memorable heavyweight title bout, it has a name. Fed Chairman Ben Bernanke, leader in monetary policy, coined the year-end fiscal policy decisions as the “The Fiscal Cliff.” While it doesn’t pack the same punch as “The Thrilla-in-Manila,” the stakes are higher.
Download our full report here.

A MODERN GREEK TRAGEDY 2012: “A Midsummer Dream or Nightmare”

June 30, 2012 SEIA

Europe matters once again—and once again the problems center on Greece. At its core, the European sovereign debt-crisis (ESDC) involves debt ridden countries (Greece) that are no longer able to refinance their own government debts without assistance and loans from a third party (Germany). In exchange for the loans, austerity is promised in order to reduce spending and deficits, however, it’s not working. The defensive posture we outlined here late last year began to take shape in early April as fears over the European-debt crisis began to flare up—again.
Download our full report here.

What are some financial opportunities I should look for?

March 30, 2012 SEIA

Every year brings some financial change, and 2012 is no exception. Here are some relevant changes relating to investment, tax and estate planning for this year. Retirement Plans. Annual limits for 401(k), 403(b) and 457 contributions rise slightly to $17,000, and you can contribute an additional $5,500 to these accounts if you are 50 or older this year. IRA contribution levels are unchanged from 2011: The ceiling is $5,000, $6,000 if you will be 50 or older in 2012.
Download our full report here.

Year End Review, 2012 Preview

December 31, 2011 SEIA

Twelve months ago the US equity markets wrapped up 2010 with a 15% gain. Small caps and emerging markets fared even better with 20%+ gains. It appeared that Ben Bernanke’s Quantitative Easing programs staved off recession and continued recovery and expansion were in store for 2011. Our year end review highlighted trades in the capital markets that would profit from this ongoing recovery.
Download our full report here.

Relative Valuations Amid Economic Uncertainty

September 30, 2011 SEIA

The government recently said that the economy grew at a 1% annual rate in Q2, down from its initial estimate of a 1.3% pace and not much better than Q1’s 0.4% growth rate. With the two most recent quarters posting growth rates below 1%, recession worries have increased as periods of 1% growth or less have preceded nine of the past 11 recessions. Year-over-year GDP now stands at 1.5% which is again below the level at the onset of all the recessions since the first quarterly GDP was calculated — with one exception: The six-month recession in 1980 started in a quarter with lower GDP (1.4%). On only one occasion (Q1 2007) has GDP dropped below 1.5% without a recession starting in same quarter—but in that case the recession began three quarters later in December 2007.
Download our full report here.

Soft Patch be Damned – Time to Get Patriotic.

June 30, 2011 SEIA

I think we all know that the media tends to over analyze not only what is wrong but also what could go wrong. Although it is not the end of the world (that prophecy proved false on May 21st), this year is looking more and more like last year. Recall the 2010 summer doldrums and economic soft patch that caused downward pressure on equity prices. Goldman Sachs states that:
Download our full report here.

Tax Laws in 2011

March 30, 2011 SEIA

After months of political power plays, in the waning hours of 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act.
Download our full report here.