Market Commentary


College and University Endowment Funds, Vanguard and the 60/40 Model

Author: Gabriel Hament, Post Date: June 26, 2018
Gabriel Hament, Foundations and Charitable Accounts, Cumberland Advisors

At the conclusion of each fiscal year, Commonfund and the National Association of College and University Business Officers (NACUBO) team up and publish a study analyzing the return and asset-allocation metrics across the country’s higher education endowment funds. They refer to this annual analysis as the NACUBO-Commonfund Study of Endowments® (NCSE).[1] For FY2017 (July 1, […]

Quarterly Review: US ETF

Author: David R. Kotok, Post Date: June 19, 2018
Cumberland Advisors - Quarterly Review - 2018 Q1 - US ETF

US stocks were buffeted by crosscurrents in the first half of 2018. There were Trump Tweetstorms, geopolitics in China and Korea, G-7 trading-partner fights with Canada, our largest and most durable trading partner. Add to that a blistering attack on the press (what happened to the First Amendment?) and a White House withdrawal from communication […]

John Mousseau, CFA® Becomes President of Cumberland Advisors as Firm Celebrates 45th Anniversary

Author: Sharon Prizant, Post Date: June 15, 2018
Cumberland Advisors - 45th Anniversary

It is with pride that Cumberland Advisors celebrates its 45th Anniversary. June 18th marks 45 years since Cumberland Advisors officially opened its Vineland, NJ, office. Eight years after moving our principal office from Vineland to Sarasota, FL, we have 45 employees, and as of April 30th, 2018, more than three billion dollars of client investment […]

Thucydides–Part 4

Author: David R. Kotok, Post Date: June 13, 2018

In the modern geopolitical world, money and payments are integrated in war (and trade wars) and politics. We see that intrigue in the daily news flow. Some 2400 years after the Peloponnesian War, we can still glean from antiquity lessons to guide us. The Thucydides Trap includes money as a tool of war or as […]

Man Bites Dog by Bob Brusca

Author: David R. Kotok & Bob Brusca, Chief Economist of FAO Economics, Post Date: June 12, 2018

With all the Trumpian hullabaloo over trade, I want to share with readers a balanced, well-reasoned analysis of US trade issues penned by my good friend Bob Brusca, Chief Economist of FAO Economics. Bob makes it clear that while there are pros and cons to the US’s longtime propensity to run trade deficits, there is […]


Author: Leo Chen, Ph.D., Post Date: June 11, 2018
Cumberland Advisors Market Commentary - Leo Chen, Ph.D.

On day 1 our econometrics professor warned us to be careful with correlation: A strong correlation doesn’t necessarily mean causality. This is the case with the VIX. It’s closely related to the S&P 500 with a negative correlation, but the relationship may not be causal. I will never forget the example our professor gave us: […]

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