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Perspectives

U.S. Equities Were Mixed Last Week

by Fortem Financial June 17, 2024

U.S. equities were mixed last week. The S&P 500 (+1.58%) and NASDAQ posted solid gains, while the Dow and Russell 2000 were both lower. Breadth was narrow again. The upside was driven in large part by another rate rally and more soft-landing optimism. The best sector was technology (+6.43%); the worst sectors were energy (-2.29%) and financials (-1.97%). Key takeaways: The U.S. CPI was flat m/m (3.3% y/y) and core (except food and energy was+ 0.2% m/m (3.4% y/y) in May. While the downsid… View More

Crosscurrents Continue to be Confusing

by Fortem Financial June 10, 2024

Equities advanced last week (S&P 500 +1.36%) as the S&P 500 and NASDAQ hit new all-time highs. Breadth was narrow as the equal weight S&P fell for the week. Best-performing sectors were technology (+3.83%) and healthcare (+1.96%); laggards included utilities (-3.81%) and energy (-3.41%). May non-farm payrolls increased 272,000 well above consensus. The unemployment rate rose to 4.0%. the highest level in over two years. Disappointing for potential Fed rate cuts, average hourly ear… View More

1Q Earnings Season Nearly Complete, Overall Growth Was Strong

by Fortem Financial June 3, 2024

After Nvidia reported last week, the first quarter earnings season is nearly complete, and overall, it was strong. The overall index grew at 8.0%, which was better than the January 1st expected growth rate of 7.2%. Revenues were at 3.8%, a touch lighter than the January 1st estimate of 4.1%, with the drag coming from Utilities and Materials. Despite not having strong growth rates, financials were the standout sector as their growth expectations exceeded estimates even before the collapse of SVB … View More

THE 2024 ELECTION & POLICY INVESTMENT PLAYBOOK

by Fortem Financial May 29, 2024

Now that we are past Memorial day in an election year, all eyes are on the upcoming election. We get a lot of questions as to what the market usually does in election years. I thought it would be helpful to share some information on what we should expect.   Macro/Pre-Election: Policymakers Will Keep Liquidity/Stimulus Flowing In 2024 S&P 500 has increased in every presidential reelection year since 1944 as sitting presidents stimulate the economy ahead of their reelection. Average retu… View More

COMMON MAN CPI CONTINUES TO RUN HOT

by Fortem Financial May 21, 2024

The primary justification for excluding food and energy from the Bureau of Labor Statistics’ “core” CPI number is that the data are noisy and, therefore, difficult for economists to forecast. Naturally, that raises another question: Does the data exist for economists and policymakers to make their decisions, or do they exist for regular people when deciding how to run their economic lives? Excluding food, energy, and housing from the “supercore” measure seems a little much because, le… 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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