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Perspectives

Some Caution is Warranted

by Fortem Financial February 13, 2023

U.S. equities closed lower last week as the S&P 500 (-1.1%) fell for the first time in three weeks and Nasdaq (-2.4%) in six weeks. WTI crude was up 8.6%, the best week since early October. Treasuries turned into a headwind due to a repricing of the Fed rate path. The only positive sector was energy (+5.0%); the worst sector was communication services (-6.6%) due in part to Google (-9.7%).   Source: Bob Doll, Crossmark Investments   Chart reflects price changes, not total return. B… View More

Staying Cautious but It's Getting Tougher

by Fortem Financial February 6, 2023

We first became cautious on future market returns last March and have remained so ever since. Despite some countertrend rallies after the market peaked at 4,797 on January 3, 2022, we continue to believe that the inversion of the yield curve, aggressive Fed tightening, and the likelihood of a decline in corporate profits renders the chances of recession by the end of 2024 at about 3 in 4. Having said that, the tape and the economic data over the past month suggest that a recession is unlikely t… View More

Fed Raises Interest Rates Again. Slowing, Not Stopping.

by Fortem Financial February 1, 2023

The Fed downshifted to a smaller rate hike to start 2023, but the job is far from done. As expected, the Fed raised rates by 25 basis points (bp) today, slowing from the 50bp hike in December, and the 75bp hikes at the four meetings before that. However, the Fed continued to reiterate that ongoing tightening is warranted and repeated the view that the risk to doing too little is greater than the risk of doing too much. While we have to wait for March to get updated forecasts from the Fed (the d… View More

Inflation and Earnings Estimates Continue to Decline

by Fortem Financial January 31, 2023

U.S. equities finished higher last week (S&P 500 +2.5%), closing above the 4000 level for the first time since early December. The path of least resistance remains higher even though earnings season continued to undershoot expectations. Best sectors were consumer discretionary (+6.4%) and technology (+4.1%); worst sectors were healthcare (-0.9%) and utilities (-0.5%).   4Q Reporting Season Continues To Underwhelm The 4Q reporting season continues to underwhelm with earnings growth expec… View More

Last Year's Worst Stocks Performing the Best So Far this Year

by Fortem Financial January 23, 2023

Source: Bob Doll Crossmark Global Investments   Sincerely, Fortem Financial(760) 206-8500team@fortemfin.com     Latest News   Market Recovery Hinges on Quick Drop in Inflation Rate Stocks and bonds have been buoyed by expectations that price increases will cool quickly. The Wall Street Journal Read Story   Activist Takes Big Stake in Salesforce Elliott Management has a multibillion-dollar stake in the business-software provider. The Wall Street Journal Read Story   Earn… 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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