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 allocations. In fact, with the exception of 6 market days when we were 2/3 invested, our US stock algorithm remained

Originally posted on October 30th, 2013It’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.

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 income problem are foggy. In this commentary we discuss the risks, both asset based and behavioral, as well as viable

“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 of Uncertainties Does the debt situation in Europe continue to threaten global growth? Yes. Is unemployment still higher than during

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 Stocks (EAFE) lost 7.1%, while Emerging Markets Stocks (MSCI EM) fell 8.9%. Toews exited equities markets in May and finished