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Portfolio Strategy Review Q3 2018
by Jerry Matecun | October 16, 2018 | Portfolio Strategy | 0 Comments
Q3 Highlights: A judge who likes beer, rising interest rate fear, and an intensifying trade war. The US 10-year bond rate is a good proxy for the cost of money. If you need credit to buy a house,...Portfolio Strategy Review Q2 2018
by Jerry Matecun | July 17, 2018 | Portfolio Strategy | 0 Comments
Crypto kept crashing and Trump keeps bashing; except for his pal Vlad. The new tax cuts have bolstered US economic growth in this 9th year of economic expansion. Median forecasts for Q2 economic...Portfolio Strategy Review Q1 2018
by Jerry Matecun | April 13, 2018 | Portfolio Strategy | 0 Comments
The Great Melt Up in stocks continued in January, and then it didn’t. After a January peak driven by economic optimism for US tax reform, a swift 10% decline ensued triggered by several factors: an...Browse by Category
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Portfolio Strategy
Latest Posts
Portfolio Strategy Review Q3 2018
by Jerry Matecun | Oct 16, 2018 | Portfolio Strategy
Q3 Highlights: A judge who likes beer, rising interest rate fear, and an intensifying trade war. The US 10-year bond rate is a good proxy for the cost of money. If you need credit to buy a house, car, invest in a business, etc., the rate matters. For example, when...
read morePortfolio Strategy Review Q2 2018
by Jerry Matecun | Jul 17, 2018 | Portfolio Strategy
Crypto kept crashing and Trump keeps bashing; except for his pal Vlad. The new tax cuts have bolstered US economic growth in this 9th year of economic expansion. Median forecasts for Q2 economic growth are 3.7%, much higher than Q1’s 2.2%. The policy may be good...
read morePortfolio Strategy Review Q1 2018
by Jerry Matecun | Apr 13, 2018 | Portfolio Strategy
The Great Melt Up in stocks continued in January, and then it didn’t. After a January peak driven by economic optimism for US tax reform, a swift 10% decline ensued triggered by several factors: an early year rise in interest rates; the tweeter-in-chief’s tough tariff...
read morePortfolio Strategy Review 2017
by Jerry Matecun | Jan 22, 2018 | Portfolio Strategy
Markets not only continued to defy gravity, the ascent accelerated! And the 2018 predictions are in. Drum roll please: Allan Roth: US stocks will return between -21.7% and +34.7%; international stocks between -26.4% and +42.4%. Thanks Mr. Roth. Did you really want...
read morePortfolio Strategy Review Q3 2017
by Jerry Matecun | Oct 18, 2017 | Portfolio Strategy
Is the Bull Getting Tired Legs? The last stages of a bull market prompts investment pundits and professionals to make more than their usual predictions about the imminent market declines that are on the horizon. In contrast to the early stages when few are willing to...
read morePortfolio Strategy Review Q2 2017
by Jerry Matecun | Jul 15, 2017 | Portfolio Strategy
5:59am “OK campers rise and shine and don’t forget your booties……the question on everybody’s lips is” ……do you think the US market is in bubble territory? Feels like Groundhog Day as US stock markets keep rising. Record highs occur almost daily. Expensive stocks keep...
read more401k & Retirement Planning
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Trends & Best Practices in 401k Administration
by Jerry Matecun | Jan 4, 2018 | 401k & Retirement Planning
I thought I would highlight a few trends for you in 401k Plan Administration as we head into 2018.A continued trend and concern for employers is employees who are stressed about their personal finances. This often leads to lower productivity; and for employees who...
read moreDon’t Forget Your People: Beneficiary Designations!
by Jerry Matecun | Dec 4, 2017 | 401k & Retirement Planning
Last month we reviewed some differences and similarities between 401ks and IRAs that can create cost and confusion. Yet another difference you and your employees should know about is beneficiary designations. This applies to 401ks, IRAs, insurance policies, annuities,...
read moreRetirement Plan Differences
by Josh | Nov 5, 2017 | 401k & Retirement Planning
Retirement plan accounts such as IRAs, qualified pension, or 401k Plans, all enable participants to grow money tax deferred. Yet distribution options, protection from creditors, beneficiary designations, and contribution limits can vary significantly by Plan type. The...
read moreManaging Your Fiduciary Liability
by Jerry Matecun | Aug 1, 2017 | 401k & Retirement Planning
There are 4 key areas for plan sponsors to understand that will help you manage your fiduciary liability with confidence.Excessive Plan FeesSelecting Imprudent InvestmentsFailing to Follow Plan Document TermsLate Participant ContributionsExcessive FeesIn the current...
read moreThe DOL Rule Goes Live
by Jerry Matecun | Jun 30, 2017 | 401k & Retirement Planning
In case you missed it while you were busy with your daily duties, the DOL Rule (aka Conflict of Interest Rule) went live on June 9th. It only took 7 years to draft, craft, and compromise against fierce resistance from lobbyists, politicians, and financial...
read moreFiduciary Duties: ERISA 3 (16) – Administration Layer
by Jerry Matecun | May 25, 2017 | 401k & Retirement Planning
Most owners and Plan trustees understand that they are Plan fiduciaries. However, most are unaware of the full scope that fiduciary duties entail. Hence, the false belief that in hiring service providers they relieve themselves of these duties. It is true that...
read moreInvestment Discipline
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Bitcoin, Buffet, and Bubbles
by Jerry Matecun | Nov 27, 2017 | Investment Discipline
What We Know Bitcoin – Selling off 20% today after a meteoric rise. But what is it? Some new store of value? New mode of transacting? How is it priced? I don’t know it well enough to explain it. And I don’t care. It hasn’t been around long enough to tell if it’s a...
read moreDOL Fiduciary Rule and Political Football
by Jerry Matecun | Apr 21, 2016 | Investment Discipline
You likely haven’t paid much attention to the new fiduciary rule being put forth by the Department of Labor. It’s been four years in the making during which time it has been put forth for rigorous review and comment. And quite a political football. The rule basically...
read moreInflation, Deflation, and Your Assets
by Jerry Matecun | Apr 2, 2016 | Investment Discipline
Current market speculation is that the Federal Reserve will raise rates to keep the inflation genie in the bottle. Or not. Deflationary forces such as a strong dollar, weak commodity prices, and stagnant wage growth are prevalent. Economists are divided: are...
read moreInvestment Philosophy: The Why of Our Index Approach
by Jerry Matecun | Nov 16, 2014 | Investment Discipline
Philosophical Foundation Many factors inform our investment philosophy: our experience, excess investor fees, investor emotions, testing data over multiple time periods, careful reading of historical studies, the daily spasmodic CNBC charade of short-term market...
read moreInvestment Discipline: How Strategy is Formed and Executed
by Jerry Matecun | Dec 20, 2013 | Investment Discipline
Strategy Overview The purpose of this paper is to provide an overview of our strategic framework, how it is put together, and how various tactics are used in its execution. Investment discipline begins with understanding the best asset mix that will help you to...
read moreInvestment Risk: What Risks Are You Willing to Take?
by Jerry Matecun | Dec 10, 2013 | Investment Discipline
Stocks For the Long-Term….What About Your Term? The first reaction to the chart below is – a no-brainer – stocks compound at a much higher rate than bonds and inflation; therefore, put your money in stocks for the long-term! Yet we know that in the last 15 years we...
read moreBusiness Valuations
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Interest Rates, Valuation, and Investment Choice
by Jerry Matecun | Feb 10, 2017 | Business Valuations
The benchmark US Treasury bond yield spiked from 1.35% in early July to about 2.50%; almost a 100% increase in 7 months! Will rates continue to spike with the so-called “reflation trade”? How would the interest rate change impact the valuation of various asset classes...
read moreBuyer’s View and Risk of Return
by Jerry Matecun | Nov 11, 2016 | Business Valuations, Exit Planning
I hate to use clichés but when they help clients to understand key concepts that can get lost in technical details – I’ll use em! No pain, no gain; no guts, no glory – are ways to describe the risk vs. return decision. Investors have choices in how to invest across a...
read moreCash Flow: Vaguely Right or Precisely Wrong
by Jerry Matecun | Aug 16, 2016 | Business Valuations
In explaining how he adjusts a company’s cash flow for investment analysis, Warren Buffet once quoted the economist John Maynard Keynes, “I would rather be vaguely right, than precisely wrong.”Buffet’s comments mean it’s false to pretend that financial analysis is a...
read moreValuation Theory, Transactions, and Conflicted Views
by Jerry Matecun | May 15, 2016 | Business Valuations
At a breakfast panel I attended, the speaker said that most business valuation work is done for tax compliance and litigation purposes. He noted that these valuations are performed under the fair market value standard, which is highly theoretical and doesn’t work in...
read moreWords and Standards Have Dollar Implications!
by Jerry Matecun | Feb 15, 2016 | Business Valuations
Many business valuations are done to facilitate the transfer or sale of a business. The terms and valuation of internal transfers are often dictated in the buy-sell agreement. This is a common contract in businesses that have more than one owner. The problem is that...
read moreThe Importance of the Credible Expert
by Jerry Matecun | Nov 15, 2015 | Business Valuations
Business appraisals are needed in many situations. Regardless of the situation, if your goal is an objective and reasonable result, a competent and credible expert is your logical starting point. A professional who is abreast of current best practices and able to...
read moreExit Planning
Latest Posts
Buyer’s View and Risk of Return
by Jerry Matecun | Nov 11, 2016 | Business Valuations, Exit Planning
I hate to use clichés but when they help clients to understand key concepts that can get lost in technical details – I’ll use em! No pain, no gain; no guts, no glory – are ways to describe the risk vs. return decision. Investors have choices in how to invest across a...
read moreFamily Business Ties: Good, Bad, or Ugly?
by Jerry Matecun | May 5, 2016 | Exit Planning
I was raised in a family business. As the eldest son I experienced the Good, the Bad, and the Ugly! I’ve also had the pleasure and opportunity of working with family owned-business over the last twenty years. Many of their stories go something like this: Once upon a...
read moreBusiness Succession Plan Considerations
by Jerry Matecun | Feb 5, 2016 | Exit Planning
Most small business owners contemplate the future of his or her business. Because “the business” usually the wealth generator and a large portion of net worth, many estate planning issues can affect the company’s future stability. A business succession plan is...
read moreThe Purpose of Your Buy-Sell Agreement
by Jerry Matecun | Nov 7, 2015 | Exit Planning
A Buy-Sell agreement (BSA) serves several key purposes for business owners. A well-articulated BSA creates a ready market and liquidity to a selling owner, and should establish price, terms, and financing for the transfer. In short it spells out a process so that all...
read moreBusiness Exit Planning: Transitions Are Inevitable
by Jerry Matecun | Aug 3, 2015 | Exit Planning
Your business planning, focus, and success has given you income, status, and lifestyle. Yet many successful business owners fail the transition phase, also known as business exit planning. Failure to recognize or acknowledge the inevitable is bad business and has...
read moreThe Change We Make
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Making Sense of Commission-Driven Advice
by Jerry Matecun | Jan 18, 2018 | The Change We Make
A referral from a trusted adviser like one’s CPA usually helps to take some risk out of the selection decision. However, just because a CPA works with numbers and is tax savvy doesn’t mean they are fully aware of the investment landscape nor motives that may work...
read moreFinancial Advice Only a Banker Could Love
by Jerry Matecun | Jan 7, 2018 | The Change We Make
Many banks now operate as a one-stop shop for all your financial needs. The convenience factor is seductive. To what outcome this “all-things, to all-people” boilerplate approach? This is a tale of a community bank, acquired several times, and now part of a publicly...
read moreWhen the Message is Clear
by Jerry Matecun | Dec 15, 2017 | The Change We Make
I was doing a 401k education and enrollment session at one of the health care clinics I service. One of the attendees was especially attentive and she was taking very detailed notes. After finishing the presentation, she approached me for some more information: “I...
read moreBig-Brand Name Boilerplate Solution
by Jerry Matecun | Jun 14, 2016 | The Change We Make
Think having a big brand name financial adviser gives you safety, more resources, and a better outcome for your investment dollars? This set of facts below looks at the reality of big company business models driven by their profit seeking motive at the expense of the...
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