Waiting for Good News

“The optimist sees the doughnut; the pessimist sees the hole.” ― Oscar Wilde “If you change the way you look at things, the things you look at change.” ― Wayne Dyer Over the past several weeks we all have been inundated with information and news, both on the COVID-19’s ability to create a devastating health […]

Why is COVID-19 Like a Lily Pad?

Thankfully, COVID-19 finally has everyone’s attention. Why “thankfully”? The coronavirus is like a single lily pad in a pond. Assume a lily pad replicates itself every two days. How many days before the pond is covered in lily pads? 47 days. And for the first 40 days, you don’t even notice the lily pads. The […]

Thoughts on Coronavirus

Like many around the world, we are saddened by the loss of life and disruption caused by the outbreak of the coronavirus (COVID-19). While the outbreak has already impacted equity and fixed income valuations, we continue to believe it is unlikely these effects will persist over the long-term or impact our ability to fulfill our […]

Is There a Buying Opportunity?

The fear over the spread of coronavirus and the spike in market volatility this past week are capturing headlines. One question we are being asked by clients is if the current decline in the markets is a “buying opportunity.” To help answer this question, we looked at the performance of the markets after various pandemics. The […]

Is the SECURE Act a Gift or a Lump of Coal?

As 2019 was drawing to a close, many people missed the Christmas present Congress gave us in the form of major tax law change passed on Friday, December 20, 2019: the SECURE Act (Setting Every Community Up for Retirement Enhancement Act). This new legislation affects current retirement and estate planning in many ways. Ultimately, its intent is […]


There’s a new word you need to learn: smishing. And you need to protect yourself from it! The occasion of email phishing scams is so frequent, we should be very conscious of these criminal efforts. Do you studiously review emails from trusted relationships to be certain they are legitimate before responding? Perhaps our diligence is […]


Last year, the Department of Labor rolled back implementation of regulations that would have set high standards of fiduciary care, rules heartily supported by NWCM and firms like ours.  Given our disappointment in the rollback, we hoped the SEC would install a new fiduciary standard that would require all financial practitioners to adhere to the […]


The yield curve inverted for the first time since 2007. Yield curve inversions have preceded the last 7 recessions. Inversions tend to happen when the Federal Reserve raises short-term interest rates yet long-term bond yields decline (indicating a growth slowdown). While yield curve inversions historically are a good predictor of recessions, such inversions are not […]


The following chart shows a timeline from the 1920’s through to today. The vertical pink shadings are recessions. Unshaded periods on the timeline are economic expansions. The blue “mountain” graphics are a Bull market’s performance of the S&P 500 from the end of a Bear market—the “trough”—to the end of the Bull market—the “peak”. The […]