Yearly Archives > 2016

Oct
21

Advisor Alpha Continued

Written by: and

In 2001, Vanguard introduced the concept of Advisor Alpha, a method by which advisors can attempt to quantify their value or, at the very least, be aware of the areas where we can maximize value for clients. Recently, in a September 2016 white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha,” Vanguard […]

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Sep
29

Advisor Alpha

Written by: and

In 2001, Vanguard introduced the concept of Advisor Alpha, a method by which advisors can attempt to quantify their value or, at the very least, be aware of the areas where we can maximize value for clients. Recently, in a September 2016 paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha,” Vanguard expounded […]

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Sep
27

Thinking about Social Security

Written by: and

Even for the mass affluent, Social Security is a major part of retirement planning.  Say a married couple receives a total monthly benefit of $3,000, which equates to $36,000 per year.  Using a 4% annual withdrawal rate, this couple would need an additional $900,000 in investments to replace their Social Security benefits. With this simple […]

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Jun
29

The Battle for the Chart

Written by: and

Although we don’t trade on technical analysis, we occasionally see something interesting in the market’s chart patterns.  There are many short-term traders that act based on technical analysis, so chart patterns are to some degree a self-fullfilling prophecy.  Furthermore, many hedge funds and other market timers key into specific index levels that charts inspire and […]

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Jun
27

Brexit in Context

Written by: and

On Friday, we experienced the first wave of fallout from Brexit – the United Kingdom (UK) referendum to leave the European Union (EU) – and we are seeing continued losses across markets today. In our view, the selling is quickly becoming overdone. There are still a myriad of unknowns about the mechanics of how, when […]

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Jun
27

What to Expect from the Market

Written by: and

There is extreme danger in relying on the accuracy of any prediction.  The future is much too unknowable to venture guesses on how the economy will grow, what will become of interest rates and inflation or how profitable corporations will be. That said, with investing we need to make some baseline assumptions about how various […]

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Jun
24

Earnings Shmearnings

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The most popular measure of a stock’s valuation is undoubtedly the price-to-earnings ratio, otherwise known as P/E.  Investors and analysts commonly reference a stock’s P/E ratio when estimating whether a stock is cheap, expensive or fairly valued.  Quite frankly, the P/E ratio is also the first number that we look at when beginning to analyze […]

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Jun
17

Concentrated Investing

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In a new book, Concentrated Investing, authors Michael van Biema, Allen Benello and Tobias Carlisle examine the characteristics of successful concentrated investors.  They define “concentrated” as a portfolio containing 10 to 30 positions.  By this definition, Atwater Malick’s core stock portfolio, which presently holds 21 stocks (we’re slowly acquiring a 22nd), is indeed concentrated. Before we […]

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Jun
16

Insights for Clients and Advisors

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The CFA Society of the United Kingdom recently released a fifty-five page study entitled The Value of the Investment Profession: A Report on Stakeholder’s Views.  This global analysis of views on “the investment profession’s role, its effectiveness and value” offers key insights for clients and advisors alike; we’d like to share a handful with you: “Honesty […]

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Jan
20

Weathering the Storm

Written by: and

You have likely heard the media reports that the Standard and Poor’s 500 is off to its worst ever start to a year.  Clearly, this is disconcerting news.  Although we believe that there is still hope for optimism in 2016, the present situation is bleak.  In many ways, markets have been worse than you think.  […]

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