A Valuation Measure For Everyone

Sentiment affects valuations:  Last year’s big rise in the S&P 500 was sparked more by optimism and rising sentiment (which resulted in higher P/Es) than earnings growth.  Can we get another strong year of stock market performance based on rising sentiment?  Let’s...

High-Momentum Stocks Get Crushed

Most investors recognize two main categories of stocks, growth stocks and value stocks.  But a third category, momentum stocks, have caught fire in recent years – both in popularity and performance.  Momentum stocks are the stocks that have recently done the best. ...
Knowledge – Results

Experts in Risk Management

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

Knowledge – Results

Experts in Risk Management

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

Knowledge – Results

Experts in Risk Management

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

Knowledge – Results

Experts in Risk Management

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

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.

June 2025 Market Commentary

Investor sentiment soared in May along with stock prices.  According to a recent AAII survey, the percentage of...

January 2023 Market Commentary

  Equity investors do not have a lot to like, but that is always the case closer to market bottoms than tops. That doesn’t mean we have to rally in 2023, but just because positives are limited doesn’t mean we have to keep going lower either. The end of a bear...

December 2022 Market Commentary

The stock market has been strong since early October.  The S&P 500 rallied 6.5% in October and is up 2.5% so far in November (through November 28th).  Although this is likely a bear market rally, something has changed in investors’ minds.  In the short term,...

November 2022 Market Commentary

After the market and sentiment hit a low on September 30, stocks had a fabulous October. The Dow surged 14.0% in October with the S&P 500 up 8.0%.  NASDAQ trailed but was up 3.9%.  It was the best month for the Dow since January 1976. The most impressive part of...

Monthly Updates

August 2023 Mid-Month Recap

The Q2 earnings season is about over. The big story has been the selling we have seen of stocks after they report.  The average stock has fallen 0.71% on its earnings reaction day, the worst in 10 years. The reports themselves were quite good.  Entering earnings...

July 2023 Mid-Month Recap

The June CPI (consumer price index) was released last Wednesday. The readings came in at 0.2% month-over-month for both headline and core.  We tend to focus more on the headline number that includes food and energy, two important components of consumer spending.  On a...

As a current or near term retiree you have real concerns…

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