CLS Blog

Think Big by Going Small

October 18, 2017

Content provided by Joe Smith, CFA, Senior Market Strategist Small-cap stocks have long offered investors opportunities to capture sizable gains either through index exposure or active management. The long-term excess return premium to small-caps has been well documented and exploited by investors for decades. This year, small-caps have generally lagged relative to the rest of…

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The Biggest Risk in the Markets

October 12, 2017

Content provided by Rusty Vanneman, CFA, CMT, Chief Investment Officer At a recent panel, an advisor asked our portfolio managers what they believed to be the biggest risk in the markets today. As usual, I was proud of every response from our portfolio managers on the panel. We sounded smart, disciplined, and experienced. We should…

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How Have I Changed?

September 29, 2017
Rusty Vanneman

Content provided by Rusty Vanneman, CFA, CMT, Chief Investment Officer I’m often asked by investors, now that I have 30 years in the industry under my belt, how I have changed as an investment professional over the years. It’s a good question and, frankly, it should be asked of every investment manager and advisor. The…

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Market Performance Around Crisis Events

September 27, 2017

Content provided by  Kostya Etus, CFA, Portfolio Manager Mr. Market may give a nod to a geopolitical crisis but is really more concerned with economic strength and corporate profitability. While a crisis may weigh on the economy, it is typically not the case. There have been a lot of headlines recently about North Korea, Venezuela,…

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The Arranger

September 22, 2017

Content provided by Robyn Murray, Freelance Writer It takes a lot to get Patty Colombe down. Naturally sunny and cheerful, Colombe believes in staying positive in the face of adversity. But, she’s had her share of trials. Over the last few years, Colombe lost her mother and nearly lost her grandson in a car accident….

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Q&A with Christopher Davis, Portfolio Manager at Davis Funds

September 15, 2017

CLS’s Chief Investment Officer, Rusty Vanneman, CFA, CMT sits down with hristopher Davis, a Portfolio Manager at Davis Funds and explores what it means to be a good individual investor, what characteristics a respectable financial advisor should possess, and what a financial advisor should look for in a professional money manager.

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Currencies’ Impact on Portfolios (and My Honeymoon)

September 14, 2017

Content provided by Joshua Jenkins, CFA, Portfolio Manager Over the last year, currencies have been on the forefront of my mind, which is unusual. I’m not saying they are not important. In the short term, they definitely impact returns. Portfolio Manager Case Eichenberger recently wrote about that here. Over the long term, however, the impact…

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Oh, That Crazy Debt Ceiling

September 8, 2017

Content provided by Marc Pfeffer, Senior Portfolio Manager I know many investors don’t follow the short-term Treasury market on a day-to-day basis. But, as someone who has followed the fixed income market for my entire career, which includes running money market funds, I know these securities are key components. During the summer months, the debt…

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Why Stock-to-Bond Ratios are Poor Measurements of Risk

August 31, 2017

Content provided by Joseph Smith, CFA, Senior Market Analyst Risk Budgeting makes CLS different in its ability to measure and manage risk in portfolios. Risk Budgeting is not the same as managing to a stock-to-bond ratio. Stock-to-bond ratios can lead to undesirable levels of risk for long-term investors. At CLS, we differ from our money-managing…

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Some Trading Maxims That Influenced My Investing

August 18, 2017

Content provided by Rusty Vanneman, CFA, CMT, Chief Investment Officer Years ago, I worked with bond and currency traders around the world (mostly in New York City, Chicago, and London), providing trading recommendations and market commentary every 20 minutes during market hours. The work environment was fast-paced, fun, and absolutely awesome in terms of being…

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