2017 Q3 Quarterly Update

The world’s equity markets combined to produce strong returns during this year’s third quarter. The S&P 500 gained 4.48% and the MSCI EAFE Index of foreign stocks advanced 5.47%. Over the trailing 12 months, the MSCI All Country World Index has gained a remarkable 18.99%, after adjusting for foreign currency translation. Fixed income markets have… Read more »

Investment Publications: Patrick Collins et al.

A list of published articles on the topics of Asset Management, Trustee duties in portfolio design, monitoring and surveillance, Family Trust, Longevity Risk and Retirement Income Planning.   A Risk Primer for Investment Fiduciaries (with special attention to the management of endowment funds) – Patrick J. Collins, Ph.D., CLU, CFA, California Trusts and Estates Quarterly… Read more »

2017 Q2 Quarterly Update

Stock prices continued their ascent in the second quarter, adding to the positive returns posted earlier in the year. The S&P 500 Index gained just over 3.0% for the three-month interval, pushing the year-to-date return to 9.3%. Following their stellar returns in 2016, share prices of smaller U.S. companies did not fare quite so well…. Read more »

2017 Q1 Quarterly Update

The U.S. stock market opened positively this year. Both the Dow Jones Industrial Average and the S&P 500 reached all-time highs, with a quarterly gain of 5.2% and 6.1%, respectively. Foreign markets advanced as well; the MSCI Europe Index outperformed the U.S. for the quarter, finishing up 7.6%. The MSCI Pacific Index closed out the… Read more »

Cooking up a Diversified Portfolio

A diversified portfolio owns securities from various markets – the bond market, the real estate market, and the stock market. Additionally, a diversified portfolio benefits from geographic diversification. This means that it typically owns both U.S. and foreign securities. By contrast, a “focused” portfolio owns only a few securities – often within just one market…. Read more »

Portfolio Analytics

Portfolio Analytics provides technical information on the portfolio model used in your Investment Policy Statement [IPS]. The model employs historical returns, variances and asset class correlations for the period January 1973 through the end the previous year. The model focuses on the economic consequences of the strategic asset allocation decision. It does not take into… Read more »

Portfolio Management: Theory & Practice

Since our inception, the core mission of Schultz Collins has been to help investors make rational, informed and intelligent investment decisions. Prudent decision making, however, requires a basic understanding of capital markets and a familiarity with evolving research in the field of Financial Economics. In 2006, we published Portfolio Management: Theory and Practice to summarize… Read more »

Investment Themes: Fact or Fiction?

If you watch financial TV programs or read articles in the newspaper’s business section, you may notice an emphasis on “investment themes”. What investment themes will likely generate better portfolio returns? Will political themes outweigh economic themes? Will high corporate earnings boost investor sentiment; or, will high unemployment cast a dark shadow over investors? Investment… Read more »

What Investors and Trustees Should Know about Investment Advice

Is professional financial advice harmful? This article reviews and evaluates the current state of the U.S. Financial Advisory Profession. It cites findings from academic and governmental regulatory agency sources indicating that the profession is rife with conflicts of interest, abusive practices, and even outright fraud. This is not a matter of “a few bad apples;”… Read more »