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Perspectives

PIVOTAL WEEK FOR MARKETS ON TAP

by Fortem Financial July 25, 2022

Naturally, during times of market stress, every week seems pivotal. Still, the next five days will be chock-a-block with earnings, economic releases, and economic events that are likely to set the tone for the market and a fair amount of political commentary for the rest of the summer. More than 170 S&P 500 companies will report earnings this week (including 12 Dow components), while 2nd quarter GDP and the Fed’s preferred measure of inflation - the Core PCE- and the ECI will also be annou… View More

Yield Curve firmly inverted….Now what??

by Fortem Financial July 18, 2022

The Treasury yield curve flattened significantly over the course of the week as short-term yields rose and long-term yields dropped while inflation continued to run hotter than expected. The flattening of the yield curve started early in the week as China re-imposed Covid restrictions leading to concerns of additional slowdowns to the world economy. Data released on Wednesday showed the consumer price index increased at a 9.1% year-over-year rate for June, which is the highest annual increase in… View More

ANOTHER BIG UPSIDE SURGE IN U.S. INFLATION

by Fortem Financial July 13, 2022

CPI again surged +0.7% m/m (!) and 5.9% y/y. Shelter rose +0.6% m/m. Both core and headline CPI m/m surprised to the upside again this month, indicating inflation has broadened. Bottom line: U.S. inflation is still too high, and monetary policy needs to continue to tighten aggressively in our opinion. Having chosen a +75bp hike last meeting, that should become the default for the July Fed hike at the end of the month. HOW WILL U.S. CONSUMERS DEAL WITH INFLATION? Consider: 1) SMOOTHING THE … View More

Dividend Payers Continue to Outperform

by Fortem Financial July 12, 2022

In January 2022 we rebalanced our portfolios to reduce exposure to companies that had extended multiples and were paying little or no dividends. These equities are considered long-duration equities because they will grow into their stock pricing multiples over an extended time period. These companies' stock performance have a history of being very volatile in times of economic slowing and high inflation. In January, we added a number of companies to our portfolio that better met the attributes … View More

Q2 Earnings Season Starts this week….What to expect

by Fortem Financial July 11, 2022

Watching For 2023 Downward Guidance During 2Q Reporting Season The second quarter earnings season is set to begin this week and while earnings are expected to be up about 6%, the 2Q story is about energy holding up the aggregate data. We are more interested in guidance for the remainder of the year and into 2023. We are of the view that 2023 estimates are too high and will likely come in once analysts are given the cover from companies. For 2023, the consensus estimate is near $250, our estimate… 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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