Stocks Continue Rise in the Second Quarter

Toews began the quarter with a partial (1/3) allocation to US Stocks, with all other asset classes fully invested. We completed our exit out of US stocks in Mid-April. During the quarter, small cap stocks initially suffered losses while the … Continue reading

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Stocks Hold Significant Risks even at Fair Value

Investing platitudes (allocate, rebalance, repeat) about stocks betray the high risks and limited time horizons for the bulk of investors. The reason has everything to do with the way we price stocks. Small businesses, not listed on exchanges, sell for … Continue reading

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Toews Delivers Up Capture as Tactical Suffers

Investors remained anxious entering 2013, and there was no shortage of stress-evoking events. Despite that, the S&P 500 realized the best gain since 1997, rising 32.4%. Toews investors spent the majority of the year fully invested in stocks across their … Continue reading

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The Most Important Characteristic of Loss Avoidance Strategies – Up-Capture

Originally posted on October 30th, 2013
It’s not a small matter. Strong return years make outsized contributions to the overall above-inflation returns realized by equities. It is also hugely important behaviorally for investors. Continue reading

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Investors Vulnerable to Fixed Income Behavioral Biases

Investors continue to view fixed income as the default “risk-off” slice of investors’ portfolios, even as they are faced with two distinct challenges: Yields are dismal and risks are high. Part of the problem is that solutions to the fixed … Continue reading

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Markets Finish the Year Higher in the Face of Uncertainties

“Sometimes, what matters is not so much how low the odds are that circumstances would turn negative, what matters more is what the consequences would be if that happens.” Jean Marie Eveillard Markets Finish the Year Higher in the Face … Continue reading

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Risks Mount during Second Quarter as Markets Falter

Toews portfolios began the quarter fully invested. Only a few days into the quarter, however, markets turned lower and continued in a negative trend through most of May and June. For the quarter, the S&P 500 lost 2.8%. International Developed … Continue reading

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Why we’re concerned

In our last commentary we discussed two divergent opinions on the economy. The optimistic view was represented in a recent WSJ poll, where the consensus of economists predicted slow but steady US GDP growth of 2.5% in 2012, with average … Continue reading

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Toews Participates in First Quarter Rally – S&P up 12.6%

The Toews System during Market Rallies After a turbulent year in 2011, the markets moved steadily higher to finish the first quarter up 12.6%. The Toews dynamic hedging strategy bought US and international equities and high yield bonds during the … Continue reading

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Market Environment – Unanticipated Risks Ahead for Investors

Over the past year, there were several shocks to the economy, including an earthquake and tsunami in Japan, a downgrade to the U.S. credit rating, and numerous debt events in Europe. The effects of these events were felt in the … Continue reading

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