Market Commentary


Cumberland Advisors Market Commentary – Time to Re-Examine Donor-Advised Fund Tax Policy

Author: Gabriel Hament, Post Date: September 24, 2019

The tax treatment and rules governing donor-advised funds (DAFs) continue to garner attention nationwide. According to the National Philanthropic Trust’s 2018 DAF Report, as of FY 2017 over $110 billion was housed within 463,622 DAFs across 604 community foundations, 345 single-issue charities, and 53 national charities. Donors contributed $17.24 billion in 2013, which rose to […]

Cumberland Advisors Market Commentary – Brazil & Amazon Fires Part 2

Author: David R. Kotok, Post Date: September 20, 2019
Market Commentary - Cumberland Advisors - Brazil & Amazon Fires Part 2

Many wrote in response to our discussion of the Amazon fires and Brazilian policy. In our original piece,, we were careful to cite sources. We thank all those who sent references and facts and thoughtful answers. A few readers lashed back at us. What I care about in this instance and in others is […]

Cumberland Advisors Market Commentary – 3Q 2019 Review: International Equity ETF

Author: William Witherell, Ph.D., Post Date: September 19, 2019
Cumberland Advisors Market Commentary by William "Bill" Witherell, Ph.D.

With just nine market days remaining in the third quarter, international equity markets (those outside the US) are coming to the close of another quarter of high volatility. Market volatility continues to be driven by the destabilizing effects of the escalating US-China trade and technology disputes, as well as unresolved trade issues the US has […]

Cumberland Advisors Market Commentary – 3Q19 Review – US Equity ETF

Author: David R. Kotok, Post Date: September 18, 2019
Cumberland Advisors - Quarterly Review - US ETF

Volatility and uncertainty characterized the third quarter of 2019. For the first two months the markets were buffeted by China trade war effects and threats, geopolitical uncertainty (Iran, North Korea), turnover in the Trump Administration (Bolton), tweets bashing the Fed (Trump), negative interest rates spreading worldwide ($17 trillion, mostly Europe). By the end of August, […]

Cumberland Advisors Week in Review (Sept 09, 2019 – Sept 13, 2019)

Author: , Post Date: September 15, 2019
Week In Review

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback […]

Cumberland Advisors Market Commentary – Saudi Drone Attack- Market Shock!

Author: David R. Kotok, Post Date: September 14, 2019
Market Commentary - Cumberland Advisors - Oil Disruption - System Shock

Bloomberg tweeted early this morning: “BREAKING: Saudi Aramco executives are having an emergency meeting after 10 explosive drones attacked the heart of the kingdom’s energy industry.” ( Bullets: 1.  There is evidence of a second large-scale Iranian drone. The US shot down the first one. Saudis were hit by this one. How many were launched? […]

Cumberland Advisors Market Commentary – Central Banks, Capital Markets, Debt/Deflation, Real Income Growth, Interest Rates & Housing

Author: David R. Kotok, Post Date: September 13, 2019
Camp Kotok - Big Lake - Stacked Stones - Conversations from Camp Kotok

We wrapped up our Labor Day Camp Kotok with a round of excellent on-the-record discussions that we’re happy to share with you here. David Kotok and Charles Plosser at Camp Kotok: The Challenges Facing Central Banks David Kotok and Christopher Whalen at Camp Kotok: Capital Markets, Debt and Deflation David Kotok and Doug Duncan at […]

Cumberland Advisors Market Commentary – The Rise of Separately Managed Accounts – 2019 Update

Author: Patricia Healy, CFA, Post Date: September 12, 2019
Patricia Healy, CFA

The Rise of Separately Managed Accounts – 2019 Update Cumberland has utilized separately managed accounts (SMAs) to execute its fixed-income strategy since its inception in 1973, long before SMAs were popularized in the early 2000s. The reasons for managing money in this fashion are the same today as they were then: Transparency (you know what […]

Cumberland Advisors Market Commentary – Nine-Eleven

Author: David R. Kotok, Post Date: September 11, 2019
September 11th - David Kotok - Cumberland Advisors

It’s that date again. Those of my economist friends who escaped the South Tower, as I did, still share special bonds with each other. We were attending the annual conference of NABE (National Association for Business Economics) which, by coincidence, was at the World Trade Center in New York that year. Many of us still […]

Bloomberg-Interactive Brokers Studio hosts David Kotok on Markets and Investing (Radio)

Author: David R. Kotok, Post Date: September 9, 2019
Cumberland's David Kotok on Bloomberg Radio

Why we bought stocks before Labor Day weekend David R. Kotok, Chief Investment Officer/Co-Founder, Cumberland Advisors, joined Lisa Abramowicz and Paul Sweeney for a Bloomberg-Interactive Brokers Studio segment on September 4, 2019. He discussed markets and the current investment outlook and he’s asked when investment managers should “dip their toe in or pull their money […]

cumber map
Cumberland Advisors® is registered with the SEC under the Investment Advisers Act of 1940. All information contained herein is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services. Such an offer can only be made in the states where Cumberland Advisors is either registered or is a Notice Filer or where an exemption from such registration or filing is available. New accounts will not be accepted unless and until all local regulations have been satisfied. This presentation does not purport to be a complete description of our performance or investment services. Please feel free to forward our commentaries (with proper attribution) to others who may be interested. It is not our intention to state or imply in any manner that past results and profitability is an indication of future performance. All material presented is compiled from sources believed to be reliable. However, accuracy cannot be guaranteed.