The Massive Melt-Up Rally

by | Jun 2, 2020 | Recent Commentary

Once again, investor sentiment proved to be a good contrary indicator.  At the depths of the market crash (late March), sentiment was overwhelmingly bearish.  Since then, the market has had an amazing run (see main section).  As people turned more positive on stocks,...
Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

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Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

Let us Help
Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

Let us Help
Knowledge – Results

Experts in Risk Management

Are you prepared for the next market correction or financial crisis?

Let us Help
3

Real Retirement Solutions

designed to improve
  • Wealth Preservation
  • Management of Risky Assets
  • Peace of Mind

This is achieved through an ongoing assessment of market risks given your specific financial situation and goals.

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Professional Expertise

Leadership Team

Richard Furmanski

Richard Furmanski

CFA

has been a portfolio manager and analyst for over 35 years. He manages conservative, tax-efficient portfolios for both pre-retirees and retirees. His lower risk approach appeals to investors who want less volatility and competitive risk-adjusted returns.

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Mary Ellen Adam

Mary Ellen Adam

Director of Operations

has been in office administration for over twenty years. Her experience includes customer service, firm operations, and office administration. She interacts with our clients on a day-to-day basis and handles any requests that may arise.

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Frequently Asked Questions

If you can't find the answer to your questions here, feel free to give us a call at 847-847-2505

Do you manage both stock and bond portfolios?

Yes. We build a portfolio of conservative, high-quality stocks and hold them for the long-term. The average holding period is 4 – 5 years. Our focus is on stocks that are suitable for retirement portfolios.

Our high-quality bond portfolios are designed to provide both income and stability of principal. Bonds provide the anchor for balanced accounts (those holding both stocks and bonds).

What is your investment philosophy?
We take great care in purchasing only high-quality stocks and bonds intent on a multi-year holding period. Portfolio turnover and taxable realized gains are modest in comparison to other active managers. We do not time the market but will become more defensive, in terms of stock holdings, when market conditions warrant.
Will the portfolio be managed in accordance with my financial goals?
Yes. Each of our clients has a custom-tailored portfolio. These custom portfolios are designed to meet specific client objectives with a thoughtful approach to specific constraints such as risk tolerance. And as each client’s situation changes, the portfolio does as well. There is no cookie cutter approach.
What kind of expertise do you have and how can that help me in difficult markets?
We have been working with high-net-worth clients like you since 1982. Over that time we have helped them to navigate several bear markets and financial crises (including the stock market crash of 1987). We hold the Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP) designations.
Are you sensitive to taxes when managing portfolios?
Yes. Our holding period for an individual stock averages 4 plus years which means our turnover is low and realized gains can be carefully managed. Further, where possible, we tax loss harvest small losses as a way of offsetting gains taken elsewhere in the portfolio.
How have you performed?
Results will differ by client and the level of customization but we have provided competitive investment returns for many years.
How do you charge for your services?
We charge a management or consultant fee based upon the size and level of customization of the account. As the account grows, we benefit together.

Recent Commentaries

Stay up to date with all of our latest comments and analysis.

November 2025 Market Commentary

We are in the heart of earnings season, and it has been an excellent one. About 64% of S&P 500 companies have...
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The Bond Market Takes Center Stage

Sep 4, 2019

  Is the growing “consensus” that’s calling for recession correct?  Not in our view.  The leading/coincident indicator ratio tends to plunge consistently for long periods of time in the lead-up to recessions, unlike the three instances of sideways movement we...

Why Investors Should Care About Rate Cuts

Aug 1, 2019

To date, about one-half of companies in the S&P 500 have reported Q2 earnings.  Seventy-seven percent of companies have reported a positive EPS surprise, a very strong showing.  The overall earnings decline is expected to be 2.6% for the quarter.  For CY 2019,...

P/E Ratios and Bull Markets

Jul 12, 2019

The current economic expansion is celebrating its 10th birthday this month — the longest on record.  What accounts for its longevity?  In our view, the lack of an economic boom.  No boom, no bust.  The next recession may be the most widely anticipated of all time. ...

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Monthly Updates

Keeping An Eye On Inflation

Feb 17, 2021

Here are a few of our favorite market internal indicators that are confirming the all-time highs in stocks.  The first one, the cumulative advance/decline line (breadth), is rising along with stock prices, a healthy sign. Second, high-yield bond spreads (the spread in...

Value Is Where You Find It

Jan 21, 2021

More and more investors think we are in an epic stock market bubble.  They may be right, but we won’t know until after the fact.  There are a few important differences between now and the dot.com bubble of 20 years ago.  First, 2000’s high valuations were based on...

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