On May 12th, 1925, Lawrence Peter Berra is born in St. Louis, Missouri.
Yogi Berra, born on May 12, 1925, was an American professional baseball catcher, coach, and manager. He is best known for his long and successful career with the New York Yankees, where he played from 1946 to 1963. Berra was a key player in the Yankees' dynasty, winning 10 World Series championships as a player, the most in baseball history. He was renowned for his exceptional catching abilities, quick wit, and memorable phrases, known as "Yogi-isms.” After his playing career, Berra transitioned into coaching and managing, leading both the Yankees and the New York Mets. He continued to be a beloved figure in baseball, known for his affable personality and contributions to the sport. Berra was inducted into the Baseball Hall of Fame in 1972. He passed away on September 22, 2015, leaving a legacy as one of baseball's greatest players and personalities. The ‘fork in the road’ bit supposedly described to Joe Garagiola how to get to Yogi Berra’s home in Montclair, New Jersey. However, the saying predates the sage and can be found in print as early as 1913. As Berra admitted in the title of his 1998 book, “I Really Didn’t Say Everything I Said.” At least not originally. Here are some of Yogi's most memorable sayings, original or otherwise, and their lessons for investors.
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Calm before the storm?
Last week was quieter after the Federal Reserve meeting and the most recent jobs report. Markets resumed their upward march as the narrative of two to three rate cuts in 2024 was resuscitated. After a soft first-quarter gross domestic product (GDP) reading, Fed Chair Jerome Powell wasn’t as hawkish in his comments at the conclusion of the most recent Fed meeting, and he reiterated that there were no expectations for rates to go up from current levels. In addition, the April jobs report surprised to the downside as unemployment ticked closer to 4%. That all seemed to calm the markets as we plowed ahead. Remember: Powell wants to cut rates and the markets want to push higher, so there is plenty of fuel to ignite the market. The fact that we are within a day or two of fresh all-time highs (except for the Dow, which has its quirks), pretty much tells you all you need to know about markets right now — and the word to describe the mood is definitely not “pessimistic.” We are seemingly beginning to tread over familiar territory. The market will likely notch a new high and then begin to fret about the economy slowing, with the usual talk of “soft landings” and the Fed’s ability to manage a slowdown of the economy without driving us into a recession. That seems to be the nature of markets; in the absence of news, worry will fill the vacuum and volatility will creep in. Here’s what we know: Consumers are still spending and earnings have been better than expected (more in the next section). But the economy is slowing and inflation is still a problem. Counting on the Fed to negotiate these cross-currents is pretty ambitious. The Fed can either raise rates or lower them, but there isn’t some sort of Fed mission control room that monitors and tweaks markets and the economy. It’s an election year and people are uneasy for several reasons. We have international tensions and markets will react to any developments, good or bad. The markets want to run right now, and until the news turns negative there seems to be no reason for concern. We aren’t close to recession territory, and the markets appear content with slower growth and the possibility of a rate cut or two. The closer we get to the election, the more the Fed likely will sit on its hands and hope things work out. All this talk of engineering a soft landing — given that the Fed has never been able to achieve one — is probably just that … talk. Six months is an eternity for the markets. Stick to your plan, and if you are nervous, pull back into a more conservative allocation when we hit new highs. If your allocation is out of whack, rebalance. Focus on the long game. We could possibly see more volatility soon, but don’t let that distract you from your goals. Earnings matter — and they always will Earnings haven’t been a source of pain for markets. Instead, the linear relationship between interest rate expectations and inflationary data has caused market turmoil over the past month. Despite all the handwringing over rate cuts (how many, how soon), earnings have weathered higher rates and appear to be doing pretty well. As of May 3, 80% of the S&P 500 has reported first-quarter results. About 77% reported positive earnings per share (EPS) surprises, while 61% reported a positive revenue surprise. EPS for companies in the S&P 500 now look to be up 5.2% from a year earlier, better than the 3.4% analysts expected at the end of March and marking the strongest growth in nearly two years. That’s pretty good, given short-term rates are around 5%. Earnings kept the markets from dropping off aggressively last month, and now that we are perhaps seeing weakness in the economy and job growth, it may finally lead to the Fed cutting rates. It seems fair to say that barring a collapse into recession (which appears not to be the case), the news for companies can only get better if we see the Fed begin to lower rates. Coming this week Most of the Fed speakers last week stayed on message, which is some form of a) “it’s too early to commit to cuts” or b) “we need to see the data that confirms what we are doing is working” or even c) “we need to keep rates higher for longer so inflation doesn’t come back.” We’ll hear from more speakers this week, and we’ll see what their tune is after the latest inflation data is released. Speaking of inflation data, we’ll get the latest Producer Price Index (PPI) and Consumer Price Index (CPI) numbers this week. CPI came in hotter than expected last month and inflation has been trending upward over the past few months. Needless to say, a cooling in the inflation readings will fuel more talk of cuts and get the market cranking upward. Other data this week includes retail sales, inventories and MBA mortgage applications (Wednesday) plus weekly jobless claims, the Philly Fed manufacturing survey, building permits and housing starts (Thursday). We will close out the week with leading economic indicators. Year-over-year growth remains negative but is on an upward trend. Fed stays put
Expectations for a rate cut going into last week’s Federal Reserve meeting were practically zero. Markets were anxious to see what Chairman Jerome Powell’s post-meeting tone would be in light of continuingly stubborn and sticky inflation numbers. We are nowhere near the targeted 2% the Fed would like to see before considering rate cuts; in reality, we have trended higher in recent months. Markets sold off hard on Tuesday, and it was the worst day for markets in over a year. In a brief four-month period, we have gone from expecting as many as six or seven rate cuts this year to anxiety that the Fed wouldn’t confirm no rate raises in the next few months. But Powell did indeed confirm the Fed plans to stay put (with the appropriate disclaimers, of course) and markets initially liked what they heard. The Dow was up over 400 points at one point during Powell’s press conference on Wednesday, swinging over 560 points and nearly recouping the prior day’s losses. Markets ended the day mixed, with the Nasdaq and S&P 500 both down and the Dow ticking up slightly. The markets rebounded the next day as they took comfort in the Fed’s confirmation that a rate increase isn’t on the table, at least for now. Another encouraging sign was the easing of some of the Fed’s quantitative tightening measures, which is a stealthy way of cutting rates. The Fed has been unloading Treasuries to shrink its balance sheet, removing money from the economy and keeping rates higher. On this topic, the Fed commented, “Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion.” In theory, that will increase the money supply and potentially lower rates. Markets were calm after the meeting, but what a letdown from where we were just a few short months ago. We went from six possible cuts to praying for rates to stay where they are for the rest of the year. But for the Fed to get us to 2% inflation, the amount of pressure would need to be immense and would lead to a recession. There are a lot of inputs to inflation that higher interest rates can’t quickly impact, like higher wages and housing. Pay cuts would do the job but that isn’t realistic, but if people lose jobs and their replacements are hired at lower wages that would also lower inflation. If people are forced to sell homes at distressed levels because they’re out of work and there aren’t many buyers to step in, that would drive down housing costs. All these are terrible scenarios in which the overall economy would have to suffer greatly. Driving inflation down from 3.5% to 2% will take a long time to achieve, given where rates are currently. Rushing to drive inflation to 2% via further Fed rate hikes would lead to a recession — and no one is up for that. Fed Funds futures are currently saying we have about a 70% chance of a rate cut in September and another in November or December. But after what we’ve seen in the first four months of the year, the prediction of a possible November rate cut is almost laughable and utterly useless. The only good news is the market seems to have woken up to the possibility of no rate cuts this year and has hung in there, so when we actually get a cut, it will really get the markets moving. Jobs come in soft, rescuing a nervous market The Job Openings and Labor Turnover Summary (JOLTS) report for March came in at +8.49 million job openings. That’s the lowest number in three years and was lower than estimated. Quit rates eased and hiring continues at a slower rate. The ADP employment number released on Wednesday was stronger than expected for the corporate side, adding 192,000 jobs versus a consensus 175,000. ADP’s report covers more than 500,000 companies totaling more than 25 million employees. We finally caught a break from the string of negative inflation readings on Friday. The Bureau of Labor Statistics (BLS) nonfarm payrolls reading for April came in at 175,000, well below the consensus of 243,000 and the range of predictions (190,000-303,000). Unemployment ticked up to 3.9% from 3.8%, and wage growth slowed more than expected while hours worked declined from the prior month. February’s payroll number was revised down from 270,000 to 236,000, while March was revised slightly upward from 303,000 to 315,000. Markets clearly welcomed the weaker jobs data, which broke with the recent trend of hotter inflationary data. We managed to salvage a pretty bad week on Friday and finished pretty much where we started the week. The weaker jobs number reaffirmed the Fed will not have a reason to raise rates. Plus, with the unemployment rate creeping toward the psychologically important 4% threshold, markets will begin to buzz about the Fed having to do something about its second mandate, full employment. So far, the Fed has been primarily focused on the first of its dual mandates, price stability or inflation. If jobs start to dry up, markets figure the Fed will need to pivot and cut rates to keep the jobs market healthy. Given the Fed’s posture of waiting on data before committing, we would need to see several more months of steady declines in jobs. The concern is that, just like the Fed was late to the inflation game, so too it may be late to bolster jobs because we may already be on the slide to recession. Coming this week
On April 28th, 1944, 750 US soldiers perish while practicing for the D-Day invasion of Normandy during Exercise Tiger at Slapton Sands, England.
U-boats preyed on sluggish landing ships, and support between the Army and Navy proved spotty. The tragedy highlighted many issues that needed fixing before the actual invasion could take place. But even the final plan is far from perfect. Indeed, constant practice and small-unit tactics eventually penetrated Hitler’s Atlantic Wall long after the original plan was abandoned out of necessity. As General Eisenhower, Supreme Chief Allied Expeditionary Force was fond of saying, “In preparing for battle, I have always found that plans are useless, but planning is indispensable.” As we potentially head toward correction territory in most major market indices (including bonds!), it is a great opportunity to “battle test” your own plans. If markets continue their downward trend, are you prepared financially and mentally? Use what so far is a moderate correction to stress test your portfolio. What will it look like in a stock market that is down twice as much? Three times? What will you see if interest rates rise more than they already have? How prepared are you for 3% inflation? If you aren’t ready for what your portfolio might look like, then it's time to act. Adjust your tactics and fine-tune your strategy. Don’t ditch a good plan; be ready for what comes next. It’s always preferable to be the predator than the prey. April showers continue
After a strong start to the week, markets took another tumble as first-quarter gross domestic product (GDP) decelerated much more steeply than anticipated on Thursday. The Dow was down over 700 points at one point and the S&P 500 was down over 70 points before recovering about half of the losses. Lingering fears of elevated inflation, recessionary worries and Friday’s personal consumption expenditures (PCE) report all combined with disappointing guidance and earnings reports from Meta and IBM to create a toxic environment. Friday was much calmer with a nice rebound, and the market broke its three-week losing streak. PCE rose 0.3% in March, bringing the year-over-year reading to 2.7% (versus 2.5% in February). An increase was expected given the latest consumer price index (CPI) and producer price index (PPI) readings. Much of the angst and negativity was expressed on Thursday, but markets rallied to close out the week on a high note. Personal income rose 0.5% in March and is up 4.7% in the past year. Somewhat troubling was that government pay rose 0.8% in March and is up 8.5% in the past year. The government is also spending less, which may help explain the decreased GDP number we just saw. Real GDP for the first quarter came in at +1.6%, significantly below the consensus of 2.5% and even outside the consensus range of +1.7% to 2.8%. Personal spending was the primary positive driver, while net exports (exports – imports) were the largest detractors. GDP dropped from 4.9% in the third quarter of 2023 to 1.6% just two quarters later, which is quite a deceleration. In our view, this is what deceleration looks like: inflation outpacing growth. We are not outgrowing inflation, and that is exactly what we do not want to see. Once the government stops spending, the cracks of a fragile economy can’t be covered up. Sure, consumers are spending, but not as much as before, and for how long? The 1.6% rate is the slowest growth rate in almost two years. Inflation remains a big problem, while prices are up. This means short-term interest rates will stay higher for longer, and recession is in play. Earnings will be further hampered and markets will likely suffer. Let’s hope there’s not a bigger storm brewing, and we see the markets bloom in May after a stormy April. Earnings contribute to the market’s turbulence It’s important to note that not every market driver is macroeconomic. Sure, major data surprises, disappointments or confirmations keep things moving, but earnings are still the market’s lifeblood. Yes, the economic environment should be considered if the markets are to perform or stall, but if the underlying securities making up the markets aren’t healthy, all the negative macro news simply contributes to declines and volatility. No amount of great economic data will help if earnings are weak for a prolonged period. After several years of higher inflation, higher interest rates and heightened regulations, companies are starting to show signs of weakness. The cost of doing business is rising, and it is much more difficult to pass costs on to consumers. Companies are having a hard time keeping up. Last week was a prime example, with 30% of S&P 500 companies reporting first-quarter earnings. Verizon disappointed on Monday, but markets may have felt a little oversold from the week prior and we pushed higher. Tuesday brought some bright earnings from Spotify, General Motors and GE. Then we received the first estimate for first-quarter GDP. Markets reacted to the news as you would expect, but earnings disappointments from Meta added to the nervousness. We clawed some of the losses back, but the week was a classic example of how weakness in one area can make things worse somewhere else, and the combination can lead to dramatic market movements. Coming this week
It was a bad month last week
The market’s pain continued last week, as Federal Reserve speakers doused hopes of coming rate cuts in the face of persistent inflation and continued strength for the economy and jobs. Adding to market misery was the anticipation of Israel’s possible response to a massive drone and missile attack from Iran. The drone attack was mostly ineffective; Israel shot down almost all the missiles and drones. Casualties were light, but sadly, one 10-year-old girl was severely injured by shrapnel. The big news regarding the Iranian attack wasn’t that it was going to happen or that it was ineffective but it was the first time Iran fired at Israeli and U.S. forces from inside its own borders. That’s a significant change; prior to last week, Iran was using its proxy forces in Gaza (Hamas), Lebanon (Hezbollah), Yemen (the Houthis), and Iraq and Syria (the Islamic Resistance in Iraq) to attack Israel and U.S. forces in the region. Markets feared the Israeli response would target Iranian energy infrastructure and send oil prices soaring. They were also worried the conflict in the region would spill over into something larger, involving more nations. Israel responded early Friday by targeting an Iranian military base in a very limited attack. Oil spiked overnight, but settled back to its recent levels on Friday. The worst didn’t happen, but markets were still very nervous and sold off most of the week. Bond yields didn’t benefit from any flight to safety, as Treasury yields oddly increased instead of dipping, as you might expect when people turn to bonds. Volatility rose by nearly 50%, shifting from a sleepy 12-13% range to over 18%. Are we out of the woods? Not by a long shot. Israel isn’t a country that forgets, and they will respond when they feel the time is right. Until this crisis subsides, we will have to live with the volatility. Fed speakers talking down rate cuts (more in the next section) only added to the tension, while lukewarm earnings contributed to the sour mood last week. However, with the exception of the last couple of weeks, all of the markets are up significantly from October 2023 lows. We’ve had a recent retraction, but that’s something we should expect from time to time in the stock market. We’re not overly concerned with the current state of the markets, but it’s always good to remember things can deteriorate quickly. Discipline, patience and vigilance are all in order. Hope for rate cuts in 2024 begins to fade Stubbornly high inflation, solid job growth and a resilient economy (according to the latest numbers, at least) have all converged to deny the directional data the Fed would like to see before starting rate cuts. According to the CME FedWatch tool, it is looking increasingly likely that we will not see a rate cut until September. Fed Chair Jerome Powell spoke last Tuesday and offered the following: “We think policy is well positioned to handle the risks that we face.” He also said, “Right now, given the strength of the labor market and progress on inflation so far, it’s appropriate to allow restrictive policy further time to work.” That translates to no rate cuts until we see lower inflation, slower job growth and a softer economy. Powell did say the Fed was prepared to cut rates if the economy slowed significantly. That would also mean we were headed into a recession, and no one wants rate cuts under those circumstances. We went from a possible six or seven cuts starting in March to three cuts starting in June — and now we’re at maybe one or two starting in September. But the longer the Fed waits, the less likely we are to get a rate cut. September is already uncomfortably close to the elections and cuts could be viewed as a political move by the Fed. We have said earlier that the window for the Fed was tight given the election, and for now the window appears to have closed for cuts in late spring and early summer. If we do see rate cuts, they likely won’t happen until November and/or December. That would be after the election, but will it be enough to revive sluggish markets and propel us to a strong ending to the year? Or will it be too little too late? Coming this week
🗓️ On April 20th, 1611, William Shakespeare’s tragedy Macbeth is performed for the first time at the Globe Theatre in London.
🎭One of William Shakespeare's most famous and frequently performed tragedies it is believed to have been written sometime between 1603 and 1607. The Bard’s shortest tragedy is a nod toward James I, a Scot who ascended to the throne of England after the death of Queen Elizabeth I. The play is often considered one of Shakespeare’s darkest works, deeply imbued with elements of the supernatural, political ambition, and moral corruption. Macbeth draws heavily on historical sources, particularly the works of Raphael Holinshed, whose "Chronicles" Shakespeare used as a basis for many of his historical plays. The real Macbeth was a Scottish king from 1040 to 1057 whose rule was far more stable and less tyrannical than depicted in Shakespeare’s depiction. Today, Macbeth retains a reputation for being unlucky, allegedly because the text uses the spells of real witches. It is still considered bad form to utter the actual name of the Scottish Play while inside a theatre. 🏴 Investing lessons from Shakespeare's "Macbeth" might not be immediately obvious, given its primary focus on ambition, power, and guilt. Then again, there may not be three better words to describe Wall Street. Several key investment insights can be extracted when considering the themes and decisions driving the narrative. Here are four of them: 🎭 "What's done cannot be undone.” Just as Macbeth overextends himself based on the witches' sketchy predictions, some of us might rely too heavily on speculative, risky investments touted by “experts.” Talk about unlucky. Which brings us to… 🎭 "A tale, told by an idiot, full of sound and fury, signifying nothing.” Macbeth is heavily influenced by the witches, whose equivocal prophecies lead him astray. This highlights the importance of choosing advisors wisely and being critical of the sources and quality of the information on which investment decisions are based. Avoid the bad actors and the false predictions. 🎭 "Let every man be master of his time.” Macbeth is fixated on immediate power, neglecting the long-term implications of his actions, which ultimately lead to his destruction. Focusing solely on short-term gains can jeopardize long-term wealth, especially if it means taking unsustainable risks or engaging in questionable practices. 🎭 "Confusion now hath made his masterpiece.” Macbeth's actions caused immense psychological distress, which affected his decision-making abilities and reign. Similarly, investors should be aware of the emotional and psychological toll that investing can take, especially in volatile markets, and strive to maintain clarity. Inflation accelerates, jobs stay strong and rate cut expectations implode
Markets had a rough week as the Consumer Price Index (CPI) and Producer Price Index (PPI) readings didn’t show signs of slowing inflation. Instead, inflation has crept slowly back up after dropping to 3.0% in June 2023. We’ve previously covered the market’s expectations about rate cuts, including how many cuts we might expect this year and the Federal Reserve’s narrow window to make them without looking political. Over the past three months, we’ve gone from expecting six or seven cuts to accepting three — and now markets are praying for one or two by the end of the year. In March, it seemed the Fed would make the first cut at its June meeting. However, the chances of that happening have dropped significantly. The reason? Inflation has stalled between 3%-4% and remained stubbornly elevated for almost a year. And what else has remained stubbornly inflated? The cost of oil. Regular gas nationally was around $3.70 per gallon last week, and oil is now hovering around $86 per barrel. Measures of inflation omit “volatile food and energy prices.” But the problem is that once those volatile prices move upward for a prolonged period, they begin to impact other things. Specifically, when the price of gas goes up, people spend more on gas and less on other things. One could argue higher prices limit producers’ ability to keep raising prices on their products because people are buying less, which slows economic activity and inflation. In the meantime, how long does that take to manifest itself if people don’t have money they can spend or borrow or both? As we know, energy is in everything. For producers, when input costs (in this case, gas) go up, prices also go up to make up for additional costs. If people are willing to pay, then prices will remain high. This can only go on for so long before people run out of money and the cycle reverts because businesses cannot sell the same things for the same prices. As a result, they make less and employ less before they cut prices. Then less energy is needed because they are producing less and, theoretically, demand for energy goes down. If we don’t have a policy to stabilize volatility, it will be reflected in prices. Right now, it is contributing a great deal to inflation — whether or not it’s “officially” measured. Add to all this the upcoming travel season and the brewing anticipation of how Iran may continue to retaliate against Israel for its recent attack on the Iranian embassy in Syria. That will put even more pressure on oil prices and drive gas prices higher, thus impacting inflation. That gives the Fed two choices: a) leave rates where they are and wait for the economy to slow down while hoping for a long and soft landing, or b) raise rates again to stem inflation and potentially drive the economy into recession. Neither scenario sounds like fun, and neither looks like it will feature rate cuts any time soon. What else is worrying markets? First-quarter earnings reporting started last week, providing fresh worries for markets. Delta Airlines had record earnings, but that didn’t save markets from selling off on Wednesday following the CPI report. After a brief bounce, the next day JP Morgan issued weak guidance that sealed a rough week. We got crushed as rates continued to rise, with the 10-year Treasury yield settling at 4.5%, its highest level since November. Another sour note was an action of 10-year Treasury notes on Wednesday, which was met by soft demand and weak participation from investors. It seems people aren’t confident about the future and want higher rates to tie up their money longer. Finally, as we touched on earlier, Fed funds futures are implying just one or two quarter-point cuts this year. That’s a long way from the six or seven cuts people expected in January. And thanks to elevated inflation, we may not see any cuts at all this year. Coming this week
On April 11th, 1898, President William McKinley petitions Congress to issue a declaration of war against Spain. Congress, awash in anti-Spanish rhetoric after the unexplained explosion aboard the USS Maine in Havana harbor, obliged, and the President called for 125,000 volunteer troops. His own Assistant Secretary of the Navy answered the call, resigning to become the second in command of the 1st United States Volunteer Cavalry. Theodore Roosevelt put together a group of volunteers drawing on his own diverse past. He enlisted cowboys and college men; beat cops and scam artists; blue-blooded politicians and Native Americans. The distinct mix of the group became its strength, with natural administrators standing side-by-side with bare-knuckle fighters. For Teddy Roosevelt, all that mattered was that the blend worked. Remember when politicians could unite people? Me neither. But it happened with Roosevelt and his Rough Riders. As we head into another divisive election season, it is important to remember that political opinions are best conveyed at the polls on election day (or more commonly on Facebook) and not in your portfolio. It is a fact that Republicans often feel better about the economy under a Republican president, while Democrats often feel better about the economy under a Democratic president. Duh. This is an example of confirmation bias. Human beings will look for information confirming their biases and ignoring what goes against them. And yet, we are awash in statistics that continue to show that investors who allowed their political opinions to overrule their investing discipline would have missed out on above-average returns during political administrations they didn’t like. We should all unite behind at least one idea: hating or loving the government is not an investment strategy. Markets pull back slightly from record highs After hitting record highs in late March, markets pulled back a bit last week. Stocks moved lower after the March Institute for Supply Management’s (ISM) manufacturing reading came in higher than expected and indicated slight expansion for the first time in over a year. The ISM prices paid index also surprised on the upside, showing a rebound in input prices. This “good news” rattled markets, which have been looking for signs the economy is shrinking so the Federal Reserve can start interest rate cuts in June. But the ISM services report on Wednesday provided a bit of solace; the report showed services fell back for the second month in a row and prices paid for those services fell to their lowest level since the beginning of the pandemic in March 2020. And then there’s the data on jobs. The ADP employment report released on Wednesday showed we added 184,000 private sector jobs in March. Industries adding the biggest numbers? Construction, financial services and manufacturing. Meanwhile, the Bureau of Labor Statistics (BLS) reported 303,000 new non-farm payroll jobs were added in March, mostly in the health care, government and construction industries. The unemployment rate stayed steady at 3.8%. All of this data says the economy is still healthy, which seems like good news on the surface. However, it’s continued cause for concern that the Fed will put off rate cuts. In response, the yield on the 10-year U.S. Treasury jumped to its highest intraday level since November. Remember a year — and even six months — ago, when all the talk was about a coming recession? The hubbub seems to have evaporated, and experts’ expectations for a recession are dwindling. The U.S. economy seems to have reached a balance where steady commercial activity, growing employment and rising wages can coexist despite higher interest rates. Coming this week
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Patrick HueyPatrick Huey is a small business owner and the author of two books on history and finance as well as the highly-rated recently-released fictional work Hell: A Novel. As owner of Victory Independent Planning, LLC, Patrick works with families and non-profit organizations. He is a CERTIFIED FINANCIAL PLANNER™ professional, Chartered Advisor in Philanthropy® and an Accredited Tax Preparer. He earned a Bachelor’s degree in History from the University of Pittsburgh, and a Master of Business Administration from Arizona State University. Archives
May 2024
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Patrick Huey is an investment advisor representative of Dynamic Wealth Advisors dba Victory Independent Planning, LLC. All investment advisory services are offered through Dynamic Wealth Advisors. You can learn more about us by reading our ADV. You can get your copy on the Securities and Exchange Commission website. See https:/ / adviserinfo.sec.gov/IAPD by searching under crd #151367. You can contact us if you would like to receive a copy. The tax services and preparation conducted by Patrick Huey and Victory Independence Planning are considered outside business activities from Dynamic Wealth Advisors. They are separate and apart from Mr. Huey's activities as an investment advisor representative of Dynamic Wealth Advisors.
Patrick Huey is the author of two books: "History Lessons for the Modern Investor" and "The Seven Pillars of (Financial) Wisdom"; this is considered an outside business activity for Patrick Huey and is separate and apart from his activities as an investment advisor representative with Dynamic Wealth Advisors. The material contained in these books are the current opinions of the author, Patrick Huey but not necessarily those of Dynamic Wealth Advisors. The opinions expressed in these books are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. They are intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed in these books is no guarantee of future results. As always please remember investing involves risk and possible loss of principal capital.
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