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Factor Primer Series: Profitability

As we ease into not only a new year but a new decade, we continue our series on factor investing (What is a Factor?; Small-Cap; Value; Momentum). Today, we dig into the profitability factor. As a reminder, we have defined factors as a source of excess return that is sensible, persistent over long time periods, […]

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Wealth Watch

Good 2019, Good 2020?

The year 2019 has been filled mostly with joy from a market perspective.  Most days, weeks, and certainly months you could look at your statement and feel quite good about the progress made.  So good, it leads many to ask whether the gifts the market has been giving can keep on coming or has the […]

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Factor Primer Series: Momentum

The Chicago Bears downed the Dallas Cowboys last week.  After what looked to be a lost season several games ago, they are now riding the wave of winning momentum and clinging to the idea that the playoffs may still be within reach with more of the same recent, positive experience.  Returning to our series on […]

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Wealth Watch

The State of the State – Revisited

In May 2017, Gurtin Municipal Bond Management presented “Illinois and Chicago Credit Update,” which was an insider’s look at the state of the municipal bond market in Illinois and Chicago. It was an informative but sobering look at the many financial challenges faced by Illinois and Chicago. Just recently, Gurtin returned with “Updates for the […]

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Factor Primer Series: Value

Coming back to our series on factor investing (What is a Factor?; Small-Cap), this installment will focus on the value factor. As a refresher, we defined factors as a source of excess return that is sensible, persistent over long time periods, pervasive across markets, and cost-effective to capture. What is the Value Factor?  Broadly speaking, the […]

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Zero Commission Revolution

Sending shockwaves across the investment world, Charles Schwab announced zero commissions for stock and exchange-traded fund (ETF) trading effective October 7 (mutual funds will still have a small cost to buy and sell). Rival brokers, TD Ameritrade, E*TRADE, and later, Fidelity, followed suit. The move to zero commission trading is aimed at both keeping clients […]

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Wealth Watch

Factor Primer Series: Small-Cap

Returning to our series on factor investing (What is a Factor?), today we turn our attention to small-cap stocks. As a reminder, last time we defined factors as a source of excess return that is sensible, persistent over long time periods, pervasive across markets, and cost-effective to capture. What is the Small Cap Factor?  The […]

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Wealth Watch

The Positives of Negative Interest Rates

Negative interest rates are unbelievable.  In fact, in many ways, they were inconceivable until just a few short years ago.  Interest rates had a theoretical stopping point at 0% in past financial theory.  After all, why would someone lock in a negative return on an investment?  Wouldn’t they just hold cash instead?  It turns out […]

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Factor Investing Primer Series: What Is a Factor?

Factor investing, sometimes referred to as smart beta or enhanced indexing, is rooted in academic research. In their attempts to better understand the market, researchers have uncovered a number of persistent anomalies in the market. They sought to explain, then systematically exploit these “factors” in the market. As the breadth of this research evolved, researchers […]

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Blog

How and When to Invest That Bonus Money

To invest or not to invest? That is the question. For financial professionals (private equity professionals, investment bankers, and asset managers) this question surfaces on an annual basis as bonuses are paid. After determining your saving priorities, a decision must be made about how to deploy the cash. Since bonuses and carry are such a […]

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Wealth Watch

Indexing – Not as Easy as It Seems

With practically every area of the market up significantly this year, the appeal of index funds has been growing as well. Investors are attracted to the broad diversification, low cost, and tax efficiency index funds provide, and as a result, flows into index strategies eclipsed $1.6 billion in 2017 and 2018, according to Forbes. In […]

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Blog

Child’s UTMA is Ending – What Protection Exists?

Uniform Transfers to Minors Act, or UTMA, accounts are a popular way to hold investments and bank accounts for minors.  Such accounts are owned by the minor but controlled by a designated adult custodian.  The minor becomes the outright owner of the account assets when he or she reaches the age of majority specified in […]

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