Open the full Key Financial Data report for 2017. This report includes important information regarding the 2017 Tax Rate Schedule, standard deductions and exemptions, tax rates on capital gains and qualified dividends, exemption amounts for Alternative Minimum Tax, gift and estate tax exclusions and credits, education credits and deductions and tax deadlines.
The article below was published as a Market Bulletin on November 9th, 2016 by Dr. David Kelly, Chief Global Strategist with J.P. Morgan Asset Management. Click here to view a PDF of the original publication.
After a long and brutal U.S. Presidential election campaign, Donald Trump has emerged victorious, with Hillary Clinton conceding in the early hours of the morning, and Trump congratulating her on a hard-fought campaign. Importantly, the swing to the Republicans also saw the party retain control of the U.S. Senate. In a much easier-to-predict result, the Republicans retained a comfortable majority in the House of Representatives.
Trump’s victory was achieved by tapping into, and to some extent, stoking general voter discontent. While most of the campaign on both sides was negative, Trump’s populist messages of lower taxes, gun rights and a conservative religious agenda, allied with opposition to trade agreements and illegal immigration, were ultimately successful in knitting together a winning coalition.
Markets had been anticipating a Clinton win, which would have represented a continuation of the status quo. Trump’s victory, by contrast, has elevated global uncertainty, partly because of the danger of a trade war and partly because it is not clear which parts of a very ambitious agenda of tax cuts, increased defense and infrastructure spending and health care reform can, or will, be implemented. Global financial markets have reacted in predictable “risk-off” fashion, with global stock markets and oil prices falling, and gold and U.S. Treasuries rising. The Mexican peso has fallen, as has the U.S. dollar.
For investors, however, the question is not how markets have reacted, but what is the long-term outlook in the wake of the U.S. elections? A few key points need to be made:
First, the U.S. economy that President Trump will inherit is in pretty good shape. Real economic growth has picked up in recent months while the unemployment rate, at 4.9%, is close to any economist’s definition of full employment. S&P 500 earnings have rebounded smartly from the oil and dollar induced slump of 2015 and inflation is still moderate. Moreover, the global economy is also showing signs of life with the global manufacturing purchasing managers’ index hitting a two-year high in October. All of this, absent political uncertainty, would be positive for stocks and negative for bonds.
Second, the uncertainty and volatility following the U.S. election will, for now, reduce the probability of a Federal Reserve (Fed) rate hike in December, although the Fed will want to leave its options open until it can assess the market and economic fallout from the election result.
Third, while last night’s results represented a Republican sweep, actual policy change may be far less dramatic than was proposed by Trump during the campaign. First, it should be noted that there is a wide gulf between Trump’s agenda and that of many “establishment” Republicans and the latter may well balk at unfunded tax cuts or spending increases. In addition, both the new President and Congress will likely act more slowly on dismantling the Affordable Care Act or trade agreements, until some better alternatives can be found.
Finally, it should be noted that, as has been the case elsewhere in the world this year, voters have chosen change over caution and politicians tend to respond to what voters want rather than what they need. While the Trump agenda is unlikely to be implemented in full, members of Congress may be willing to go along with some proposals to increase spending, lower taxes, reduce illegal immigration and increase tariffs. If they do so, they may well further stoke inflation in an economy that is already heating up. Longer term, increasing government debt to fund these initiatives has obvious dangers.
The knee-jerk reaction of investors to last night’s election was to sell U.S. and global stocks and buy Treasury bonds. However, in the medium term, a warming economy, further stoked by expansionary fiscal policy, could favor the former over the latter.
In the long-run, investors would do well to make sure that they are well diversified outside of U.S. stocks and bonds and that they have sufficient exposure to alternatives and international securities. In light of the Brexit vote and the U.S. elections, 2016 has proven decisively that populism is a good political strategy— whether it proves to be good for long-term economic fortunes is another question entirely.
DISCLOSURE: The Market Insights program provides comprehensive data and commentary on global markets without reference to products. It is designed to help investors understand the financial markets and support their investment decision making (or process). The program explores the implications of economic data and changing market conditions for the referenced period and should not be taken as advice or recommendation.
The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit and accounting implications and determine, together with their own professional advisers, if any investment mentioned herein is believed to be suitable to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.
J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This communication is issued by the following entities: in the United Kingdom by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other EU jurisdictions by JPMorgan Asset Management (Europe) S.à r.l.; in Hong Kong by JF Asset Management Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited; in India by JPMorgan Asset Management India Private Limited; in Singapore by JPMorgan Asset Management (Singapore) Limited, or JPMorgan Asset Management Real Assets (Singapore) Pte Ltd; in Taiwan by JPMorgan Asset Management (Taiwan) Limited; in Japan by JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Korea by JPMorgan Asset Management (Korea) Company Limited; in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Cth) by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919); in Brazil by Banco J.P. Morgan S.A.; in Canada for institutional clients’ use only by JPMorgan Asset Management (Canada) Inc., and in the United States by JPMorgan Distribution Services Inc. and J.P. Morgan Institutional Investments, Inc., both members of FINRA/SIPC.; and J.P. Morgan Investment Management Inc.
In APAC, distribution is for Hong Kong, Taiwan, Japan and Singapore. For all other countries in APAC, to intended recipients only.
Copyright 2016 JPMorgan Chase & Co. All rights reserved.
MI-MB_Election Response_4Q16
What is an RIA?
A Registered Investment Advisor (RIA) is a professional advisory firm that offers personalized financial advice to its clients, many of whom are affluent. Many independent RIAs work with complex portfolios and address unique needs that require a highly customized level of investment management strategy and consultation. RIA firms are registered with the Securities and Exchange Commission or state securities regulators, are subject to the Investment Advisers Act of 1940, and have a fiduciary duty to act in the best interest of their clients.
1) Get advice based on what's best for you.
Whether it's your retirement planning, tax situation, estate planning or assets at multiple places, it's fundamentally important that your advisor truly understand you, your goals and your situation. Many independent registered investment advisors (RIAs) are in a position to do that and pride themselves on strong personal interaction with their clients and dedication to their needs. They believe that their independence is key to offering investment advice based on what's best for their clients.
2) Understand exactly what you're paying for.
Independent RIAs typically charge a fee based on a percentage of total assets managed. This fee structure may have advantages. It's simple and easy to understand, helping to avoid surprises. It also gives your advisor an incentive to grow your assets - when you succeed, your advisor succeeds.
3) Get advice for your complex needs.
Many independent RIAs provide services that address a variety of complex investment needs that often arise when you accumulate significant wealth, such as assisting you with the sale of a business, complicated tax situations, trusts and inter-generational issues. Some advisors are specialists in certain investment strategies. Others can assist you with comprehensive services, such as estate planning or borrowing. Given the rich diversity of specialization throughout the industry, no matter how complex your individual needs, you will likely find an independent RIA who can provide advice that's right for you.
4) Enjoy a different kind of relationship.
The goal of an RIA is to help find solutions that are closely aligned with client needs and objectives, and many independent RIAs enjoy a deep, personal relationship with their clients. This often takes regular, ongoing interactions. And because many independent RIAs are entrepreneurial business owners, the buck stops with them, so to speak, and they frequently have a strong sense of personal accountability to their clients.
5) Know where your money is held.
RIAs typically use institutional custodians - generally large brokerage firms or banks - to hold and safeguard their client's stocks, mutual funds and other assets. These custodians also provide important infrastructure services such as executing trades and preparing monthly brokerage statements for clients. This helps an RIA focus on understanding your needs and providing the best advice possible.
State-registered RIAs may not file a Form ADV, and advisors who are exempt reporting firms only complete parts of Form ADV. This content is made available by Charles Schwab & Co., Inc. for educational purposes.
©2011 Charles Schwab & Co., Inc. All rights reserved. Member SIPC.
The Bipartisan Budget Act of 2015 impacts two important claiming strategies: "Restricted Application" and "File & Suspend."
WHAT'S CHANGING:
The first change will limit use of this strategy. If you haven't reached age 62 by the close of 2015, it will no longer be possible to file a restricted application to receive spousal benefits (based on someone else's earnings record) while delaying your own retirement benefit (based on your own earnings record). Instead, an application for any Social Security benefit will be deemed to be an application for all benefits you might be entitled to, and you will receive the highest benefit you are eligible for.
However, if you are already 62 or older on December 31, 2015, these changes do not apply to you. In other words, if your date of birth is before January 2, 1954, you will still be able to file a restricted application when you reach full retirement age to receive spousal benefits (to receive benefits based on your spouse's earnings) while deferring your own retirement benefit (based on your own earnings record).
The second change will limit (but not eliminate) advantages of using this strategy. In the future, if you voluntarily suspend receiving a Social Security benefit, this will also mean that while your benefit is in suspense:
If you are already eligible to file-and-suspend (or will be eligible before May 2, 2016), there is a limited time during which you can still choose to suspend your own benefit (in order to be eligible for a larger benefit later) without affecting a spouse's, ex-spouse's, or child's eligibility. Also, if you elect to suspend benefits on or before April 30, 2016, this should preserve your ability to request a retroactive lump sum if you change your mind prior to attaining age 70. After April 30, 2016, these planning opportunities will disappear. (...)
If you have any concerns regarding social security claiming strategies or questions about your financial situation, please contact Marlis Gilbert, our Chief Planning Strategist, by calling 515-270-6444.
From your Gilbert & Cook Investment Team
The downward slide of U.S. and global equity markets came swiftly in the first 12 trading sessions of 2016 (1). The worst start to a year ever. During a streak of tumultuous days like this, it is important to separate fear from facts. Sentiment from fundamentals. Emotion from discipline.
If supported by an extreme change in market fundamentals, the extent and trajectory of the January slide would say there is a high probability of a near term U.S. recession. The Investment Team at Gilbert & Cook does not share this view. The U.S. economy has created an average of 217,000 jobs per month for the past 4 years (2). Unemployment currently sits at 5%. (3) The Housing Affordability Index is near a 40 year low (that’s a good thing) as measured by the average mortgage payment as a percentage of household income. The consumer is strong.
Preliminary reading from the Bureau of Economic Analysis has the U.S. posting full year 2015 gross domestic product growth of 1.8%. A slowing pace, but not a retreat. The International Monetary Fund’s most recent global economic forecast for 2016 is +3.4% growth. A far cry from any recessionary fears. Slow and steady growth is healthy. Capital is deployed prudently in such an environment.
Headlines out of China would have you worry that a slowdown in their economy will pull the U.S. into recession. Again, not the case in our view. All U.S. exports account for 9.3% of our GDP and China is less than 2% (4, 5). If China exports went to zero our GDP in 2015 would have grown by 1.76% instead of 1.8%. And our strong U.S. dollar makes imports from China relatively less expensive.
The Federal Reserve, albeit with fleeting conviction, started raising rates in December and paused in January. We believe the Fed has telegraphed a gradual rate increase plan because they see a sustainable economic expansion in the U.S. When Alan Greenspan raised rates 17 times from the summer of 2004 to the summer of 2006, Fed funds started at 1% and finished at 5.25% (6). The S&P 500 index was up +12% over that same timeframe (7). Chairman Janet Yellen of the current Fed would like to see a longer term target of 3 to 3.5%. Still fairly accommodative from a historical perspective. And by many estimates, it will take several years to approach that target.
Low oil prices have been a double edged sword for some time. On one hand, the energy sector (representing 10% of the S&P 500 index) has seen profits crater. But on the other hand, the oil recession is a boon to consumers and businesses utilizing cheaper energy. A very tough argument if you live in Houston, but earnings in the other 90% of the S&P 500 have continued to expand nicely. Unlike the housing industry in 2008, energy businesses going through profit contraction help other areas of the economy. Oil consumption has actually continued to expand, but a glut of supply is depressing oil prices.
Fear based selling is heightened by those investors with too much of their portfolios devoted to risk based assets. A disciplined and well allocated portfolio matching investments with goals and time horizon allows for staying power during periods of “normal” price volatility. As many of you have heard us explain in person, the S&P 500 index has had an average pullback of more than 14% each year for the past 36. Nothing in the near term has been outside of those normal swings. We view conditions as positive for equity investors over the long term, but there will be short term testing of those convictions. Our goal as a firm is to help create confidence in the things we and our clients can control. Please don’t hesitate to call any member of our team for answers specific to your situation.
1 - S&P Dow Jones Indices
http://www.spindices.com/indices/equity/sp-500
2 - Bureau of Labor Statistics
http://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth
3 - Federal Reserve Bank of St. Louis (FRED) https://research.stlouisfed.org/fred2/series/UNRATE?utm_expid=19978471-2.Y0NpAPxIQfK_8K7-O4DTQg.0&utm_referrer=https%3A%2F%2Fresearch.stlouisfed.org%2Ffred2%2Fsearch%3Fst%3Dunemployment
4 - International Monetary Fund
http://data.imf.org/?sk=FF15B084-3F75-48DA-8466-DBFE065561F8&ss=1415633111418
5 - Federal Reserve Bank of St. Louis (FRED)
https://research.stlouisfed.org/fred2/series/FYGDP
6 - Federal Reserve Bank of New York
https://www.newyorkfed.org/markets/statistics/dlyrates/fedrate.html
7 - S&P Dow Jones Indices
http://www.spindices.com/indices/equity/sp-500
THE QUARTER IN BRIEF
The third quarter of 2015 is now history – and what a trying quarter it was. In looking back at Q3, we see not only a rough stretch for stocks and commodities but also a period in which the financial narrative for the year changed. At the start of July, investors focused on whether or not the Federal Reserve would raise interest rates in September. By the end of the quarter, the evident economic slowdown in China had become the year’s defining story. Key U.S. indicators waned as the quarter progressed, though the housing sector maintained its impressive sales pace. The stock market pulled back – the S&P 500 lost 6.94% in the quarter, which left it negative year-to-date. (1)
DOMESTIC ECONOMIC HEALTH
As the quarter unfolded, the deceleration in overseas manufacturing began to affect America. For evidence, one needed only to look to hiring totals, hard goods orders, and the ISM purchasing manager index tracking the factory sector.
Even with its anecdotal basis, ISM’s manufacturing index is a hugely important indicator – and it was troubling to see it decline from a July reading of 52.7 to a September mark of 50.2, near the contraction level. (ISM’s non-manufacturing PMI went from 60.3 to 56.9 in the same span.) By August, headline durable goods orders were down 24.1% year-over year. (2,3,4)
In September, the economy added a disappointing 142,000 new jobs – and the Labor Department revised July and August hiring downward to respective totals of 223,000 and 136,000. Annualized wage growth – which should be between 3-4% – remained low at 2.2%. The good news? In the ninth month of the year, headline unemployment was down to 5.1% while the U-6 “underemployment” rate dipped to 10.0%. (5)
Inflation – at least as measured by the Consumer Price Index – remained a minor economic factor. By August, the CPI was up just 0.2% in the past 12 months, with the core CPI up just 1.8%. The headline CPI retreated 0.1% in August, its first pullback since January. As for the Producer Price Index, it was flat in August after a 0.2% rise in July; by August, annualized wholesale inflation was at -0.8%, negative for the seventh month in a row due to reduced energy costs. (6,7)
Consumer confidence and personal spending held up reasonably well as economic warning signals came in from abroad. The Conference Board’s consumer confidence index reached a September mark of 103.0, rising from 101.5 in August. While the University of Michigan’s household sentiment index declined during each month of the third quarter, its final September reading of 87.2 represented a year-over-year advance of 2.6 points. Consumer spending was up 0.4% in both July and August; consumer incomes rose 0.5% in July and 0.3% in August. Retail purchases were up 0.7% in July and another 0.2% for August. (8,9)
As the quarter went on, the chances of the Federal Reserve raising interest rates seemed less likely. Indeed, the Fed made no move in September – but a dot-plot forecast it published projected the federal funds rate at 0.40% by the end of 2015. The poor September jobs report could alter that projection, as could the ongoing “global economic and financial developments” that the central bank referenced as cause to leave rates alone. (10)
GLOBAL ECONOMIC HEALTH
Greece may have seized the headlines in Q2, but in Q3 the big story was China. Its stock market exhibited extreme volatility and its economic indicators unsettled investors here and abroad. By July, the warnings were evident: Chinese exports had shrunk 8.3% in a year, imports had fallen for nine consecutive months and the retail sales pace had reached a 15-year low. (11,12)
During Q3, the Shanghai Composite dropped more than 25%. China surprised investors by devaluing the yuan in August; it responded to the correction by putting severe controls on its stock market. China’s official manufacturing PMI showed sector contraction for a second straight month in September, ticking up to 49.8 from 49.7. The Markit/Caixin private-sector factory PMI for China hit a 5½-year low of 47.2 in September. Since as much as half the worldwide demand for coal, copper, and iron stems from China, this was troubling news indeed. (13,14)
Economists questioned if China’s official GDP and manufacturing PMI readings were being vastly overstated. Oxford Economics estimates China’s 2015 GDP will be between 3-4%, and leading Swedish economist Mauro Gozzo projects 3% growth – far removed from the 7% expansion forecast by Chinese government officials. (15)
The Markit (official) manufacturing PMI for the eurozone was a comparatively healthy 52.0 in September, down from 52.3 in August. Deflation had returned: the eurozone CPI retreated 0.1% year-over-year through September. The region’s unemployment rate remained at 11.0% last month. (14,16)
COMMODITIES MARKETS
Last quarter, the Thomson Reuters/Jefferies CRB Index suffered a loss of 14.71%. The other notable commodity sector benchmark, the S&P GSCI index, retreated 19.3% (its poorest third quarter in 45 years). (18,19)
Looking at the S&P GSCI quarterly scorecard, only lean hogs posted a three-month advance, gaining 13.4%; the other 23 commodities all retreated. There were some major Q3 descents among ag and energy futures: crude oil lost 26.9%, unleaded gasoline 21.0%, heating oil 20.9%, and wheat 21.2%. Crude oil ended the quarter at $45.09 a barrel on the NYMEX. (19,20)
Precious and base metals also declined notably in Q3. Gold lost 4.8%, settling at a COMEX price of $1,115.20 an ounce on the quarter’s final day. Silver fell 6.8% in Q3, platinum 15.8%, palladium 3.2%, zinc 15.9%, copper 10.2%, and aluminum 7.9%. (19,21)
Did the U.S. Dollar Index manage a third-quarter advance? Yes, it did. It settled at 96.35 on September 30, up 0.90% in three months. (22)
REAL ESTATE
By August, new and existing homes were being bought up at a pace nicely exceeding year-ago levels. According to the National Association of Realtors, resales were up 6.2% annually in August, even after August turned out to be the second-weakest month for existing home sales in the past four-and-a-half years; 32% of buyers were first-timers. A Census Bureau report showed new home buying surging 21.6% in the 12 months ending in August. (23)
NAR’s pending home sales index softened by 1.4% in August, but even with that retreat, it remained 6.1% higher than a year ago at a healthy 109.4. The overall S&P/Case-Shiller home price index for July showed a 5.0% advance across the past 12 months, ticking north from 4.9% in June. (8,23)
Housing starts and building permits also showed significant annual gains according to the Census Bureau. Groundbreaking had increased 16.6% in the 12 months ending in August (14.9% for single-family projects). The number of permits issued in August surpassed the August 2014 number by 12.5% (8.7% for single-family construction). (24)Did home loans become more expensive in Q3? For the most part, no. A quick check of the June 25 and September 24 Freddie Mac Primary Mortgage Market Surveys show average interest rates increasing only on the 1-year ARM, from 2.50% to 2.53%. The 30-year fixed grew cheaper, with the average interest rate sinking from 4.02% to 3.86%. The story was similar for the 15-year FRM and the 5/1-year ARM; average interst rates on the former declined from 3.21% to 3.08% while average interest rates on the latter dipped from 2.98% to 2.91% (25)
LOOKING BACK ... LOOKING FORWARD
Were there any bright spots on Wall Street during a dismal quarter? Yes. Beneath the big three, a few indices did post some nice three-month advances. The Dow Jones Internet index gained 7.07% in Q3, and the Dow Jones Utilities Average rose 4.82%. The Nasdaq Insurance index ticked up 0.73% for Q3. This paled in comparison to the 34.39% Q3 rise of the CBOE VIX. Third quarter performances for the marquee indices left much to be desired. Their quarter-end settlements were as follows: DJIA, 16,284.70; S&P 500, 1,920.03; NASDAQ, 4,620.16. The small caps were not spared – the Russell 2000 lost 12.22% for the quarter, settling at 1,100.69 on September 30. (1)
Entering the fourth quarter, stock market investors have a central question: can the year be salvaged? Can the S&P 500 possibly finish 2015 with an annualized gain? A Q4 rate hike by the Federal Reserve now looks much less likely, but even if the Fed avoids making a move, will that ease any anxiety about China’s economy or the health of its stock market? Oil prices could remain low, with a major supply glut persisting at a time of reduced demand. Few investors are excited about this oncoming earnings season. Still, the fall could surprise to the upside. As recently as 2013, the S&P 500 gained 10% in Q4. In 2011, it advanced 11% in the last three months of the year. The bulls may be milling around right now, but there is a chance they could run again before 2015 is over – though it will take some notable earnings surprises and encouraging headlines to truly set them loose. (28)
Citations.
1 - online.wsj.com/mdc/public/page/2_3022-quarterly_gblstkidx.html [9/30/15]
2 - instituteforsupplymanagement.org/ISMReport/MfgROB.cfm [10/1/15]
3 - instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm [10/5/15]
4 - ycharts.com/indicators/durable_goods_orders [10/5/15]
5 - forbes.com/sites/samanthasharf/2015/10/02/jobs-report-u-s-added-142000-jobs-in-september-unemployment-rate-steady-at-5-1/ [10/2/15]
6 - marketwatch.com/story/inflation-falls-for-first-time-since-january-cpi-data-show-2015-09-16 [9/16/15]
7 - bls.gov/news.release/ppi.nr0.htm [9/11/15]
8 - marketwatch.com/economy-politics/calendars/economic [10/2/15]
9 - cnbc.com/2015/09/25/us-consumer-sentiment-final-reading-in-sept-rises-to-872-vs-867-estimate.html [9/25/15]
10 - marketwatch.com/story/federal-reserve-keeps-interest-rates-unchanged-but-forecasts-hike-this-year-2015-09-17 [9/17/15]
11 - foxbusiness.com/markets/2015/08/12/us-stock-futures-slump-as-china-devalues-yuan-again/ [8/12/15]
12 - marketwatch.com/story/chinas-economy-enters-second-half-of-2015-on-weak-note-2015-08-09 [8/9/15]
13 - news.morningstar.com/articlenet/article.aspx?id=716336 [9/29/15]
14 - channelnewsasia.com/news/business/international/global-economy-loses-stea/2163526.html [10/1/15]
15 - forbes.com/sites/jnylander/2015/09/23/swedens-top-economist-puts-chinas-gdp-growth-at-3-others-are-less-optimistic/ [9/23/15]
16 - bbc.com/news/business-34401035 [9/30/15]
17 - msci.com/end-of-day-data-search [9/30/15]
18 - investing.com/indices/thomson-reuters---jefferies-crb-historical-data [10/5/15]
19 - indexologyblog.com/2015/09/30/commodities-post-3rd-worst-q3-since-1970/ [9/30/15]
20 - 247wallst.com/investing/2015/09/30/the-4-stocks-that-dominated-the-dow-on-wednesday-2/ [9/30/15]
21 - coinnews.net/2015/09/30/gold-silver-fall-on-month-and-quarter-us-coin-sales-robust/ [9/30/15]
22 - online.wsj.com/mdc/public/npage/2_3050.html?mod=mdc_curr_dtabnk&symb=DXY [10/5/15]
23 - auction.com/blog/september-housing-round-up-housing-market-hits-a-snag-summer-ends-with-a-whimper/ [10/5/15]
24 - mortgagenewsdaily.com/09172015_permits_and_starts.asp [9/17/15]
25 - freddiemac.com/pmms/archive.html [10/5/15]
26 - bigcharts.marketwatch.com/historical/default.asp?
27 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [10/4/15]
28 - money.cnn.com/2015/09/29/investing/stocks-third-quarter-fourth-quarter-rally/ [9/29/15]
Keep all the market volatility in perspective. These recent ups & downs are reminiscent of past Wall Street swings...
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THREE YEARS RUNNING!
Gilbert & Cook was announced as one of the top two “Growers Across America” in October 2021, October 2022 and October 2023. CityWire RIA identifies and selects the fastest growing RIAs in each state by analyzing Form ADV data reported to the Securities and Exchange Commission at the time of publication. Data for this publication is gathered by Discovery Data. No compensation was paid in exchange for inclusion in the “50 Growers Across America”.
The Financial Times 300 Top Registered Investment Advisers is an independent listing produced annually by Ignites Research, a division of Money-Media, Inc., on behalf of the Financial Times (July 2020). Areas of consideration include a 3-year growth rate (2016-19) asset assets under management, the company’s age, industry certifications of key employees, SEC compliance record and online accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.
To identify the “Best Practices Award” winners, InvestmentNews Research created composite scores which examined rate of growth, profitability, and productivity levels from 2018 to 2019 for all the participants in the InvestmentNews Financial Performance Study. Final firms were selected and awarded in November 2019. Gilbert & Cook did not pay a fee to participate or to receive recognition on this list.
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