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Perspectives

October 2024

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The United States Is The Outlier In Funding The Majority Of Its Debt On The Short End

by Fortem Financial October 28, 2024

This phenomenon is undoubtedly a function of what Giscard d’Estaing deemed the “exorbitant privilege” of possessing the world’s reserve currency. Financially speaking, you can get away with murder. More than 54% of America’s debt matures in the next three years. The weighted average cost of our debt is 3.39%, or a level lower than every part of the yield curve. Without a meaningful decline in interest rates and inflation – or another round of QE – America’s interest expense, alr… View More

Election Year Performance Pre & Post Election Day

by Fortem Financial October 21, 2024

As The Strategas Washington team has repeatedly reminded us this year, election years, especially those in which incumbents are running, tend to be quite good for stocks. With only 14 days until election day and the market up almost 24% YTD, it seems like a good past will be prologue. Perhaps more interesting now is what performance might look like postelection day. As one might suspect, the average gain from election day until the end of the year is also positive, albeit smaller. There was only… View More

Will Sticky Inflation and a Weakening Labor Market Eventually Trouble Equities?

by Fortem Financial October 14, 2024

U.S. equities rose for the fifth week in a row (S&P 500 +1.13%) closing at an all-time high. Banks were strong as Friday earnings boosted the stocks. Treasuries were weaker (the 10-year yield is up 35 basis points [bps] over the past eight sessions.) Best sectors were technology (+2.51%) and industrials (+2.11%); worst sectors were utilities (-2.55%) and communication services (-1.28%).   Key takeaways:   Core CPI was +0.3% (above consensus of 0.2%). Headline CPI was +0.2% (above con… View More

Will it be a Hard Landing, a Soft Landing, a Bumpy Landing, or No Landing?

by Fortem Financial October 7, 2024

While 2Q24 was characterized by narrow market leadership and a hawkish repricing of Fed rate-cut expectations, 3Q saw solid performance from a wider spectrum of companies and increasing expectations for rate cuts in 2024. Please see our 3Q Review below for additional insight...   3Q Review U.S. equities rose again in Q3 for the fourth consecutive quarter (S&P 500 +5.5%. NASDAQ +2.6%, and Russell 2000 +8.9%). The S&P 500 hit all-time highs in mid-July but slid in early August, rallyin… View More

Will the Desired Soft Landing Materialize?

by Fortem Financial October 1, 2024

Stocks advanced again last week (S&P 500 +0.64%) as the equal-weighted index continued to outperform the cap-weighted index. The big stories last week included the China stimulus and a respectable core PCE report. The best sectors were materials (+3.39%) and consumer discretionary (+1.75%); the worst sectors included healthcare (-1.11%) and energy (-0.82%).​​   The U.S. economy is beginning to struggle due to high price levels, high and rising consumer debt, and, in many industries,… View More

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PRIVACY NOTICE REGARDING CLIENT PRIVACY

Fortem Financial Group, LLC, has adopted this policy with recognition that protecting the privacy and security of the non-public personal information we obtain about our customers is an important responsibility.

All financial companies choose how they share your non-public personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your non-public personal information. Even when you are no longer our customer, we will only share your non-public personal information as described in this notice. So, please read this notice carefully to understand what we do.

The types of non-public personal information we collect and share depend on the product or service you have with us. This information can include items such as your Social Security number and income, your account balances and transaction history, and your investment experience and account transactions.

We collect your non-public personal information in a variety of ways. For example, we obtain your non-public personal information when you open an account or give us your income information, tell us about your portfolio or deposit money, or enter into an investment advisory contract. We also collect your non-public personal information from other companies. For example, from the custodians who hold your account assets.

All financial companies need to share customer’s non-public personal information to run their everyday business. Below, we describe the reasons we can share your non-public personal information and whether you can limit this sharing.

We share your non-public personal information for our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, report to credit bureaus, to protect the confidentiality or security of your records, or as permitted by law. We may also share your non-public personal information for our own firm’s marketing purposes; so that we can offer our products and services to you.

Federal law gives you the right to limit only sharing non-public personal information about your credit worthiness for our affiliates’ everyday business purposes; sharing non-public personal information about you with our affiliates to market to you; and sharing non-public personal information with non-affiliates to market to you.

We don’t share non-public personal information about your creditworthiness with our affiliates for their everyday business purposes. We don’t share your non-public personal information with our affiliates to market to you. We don’t share your non-public personal information with non-affiliates to market to you. We also don’t share your non-public personal information for joint marketing with other financial companies. State laws and individual companies may give you additional rights to limit sharing.

We share non-public personal information with our parent company affiliate, Focus Financial Partners, Inc, for its internal and external auditing purposes. We also share your non-public personal information with a non-affiliate for the purpose of aggregating it and providing summary information based on this data to our parent company, Focus Financial Partners, Inc.

To protect your non-public personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our policy about obtaining and disclosing non-public personal information may change from time to time. We will provide you notice of any material change to this policy before we implement the change.

If you have questions please call us at 760-206-8500 or go to our website at www.fortemfin.com.

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Fortem Financial Group, LLC ("Fortem Financial" or the "Firm") is a federally registered investment adviser with offices in California and Arizona. Fortem Financial and its representatives are in compliance with the current registration and notice filing requirements imposed upon federally registered investment advisers by those states in which Fortem Financial maintains clients. Fortem Financial may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements.

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