Market Commentary


Trump Trade War & The Keystone Kops

Author: David R. Kotok, Post Date:
Market Commentary - Cumberland Advisors - Trump Trade War & The Keystone Kops

In his Thoughts from the Frontline letter on Friday, John Mauldin wrapped his own strong remarks on Trump’s trade war with China around a tweet from the vastly experienced and hugely connected Harald Malmgren ( “Check out this unusually blunt tweet from former trade diplomat Harald Malmgren, who literally wrote the book on US trade […]

Donor-Advised Funds (DAFs): Warehouses of Charitable Dollars or a Democratic Vehicle for Philanthropy?

Author: Gabriel Hament, Post Date: September 25, 2018
Gabriel Hament, Foundations and Charitable Accounts, Cumberland Advisors

The long-standing debate surrounding the lightly regulated world of donor-advised funds has been gaining traction on the pages of the Nonprofit Quarterly (NPQ).[1] To help frame the discussion, here are some bullet points from Bruce DeBoskey on the history and growth of DAFs, published by the Denver Post: (*) “Today, there are about 300,000 DAFs […]

Eurozone Economy’s Expansion Ongoing and Broad-Based, Downside Risks Worrying

Author: Bill Witherell, Ph.D., Post Date: September 24, 2018
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

The European Central Bank (ECB) left its monetary policy stance unchanged at its September 13 meeting. Net asset purchases will end in December, but with the Bank’s maintaining its stock of assets, the reinvestment of redemptions will maintain substantial stimulus. No increase in policy interest rates is signaled until at least after the end of […]

US ETF Q3 2018 Review

Author: David R. Kotok, Post Date: September 20, 2018
Cumberland Advisors - Quarterly Review - 2018 Q1 - US ETF

Third-quarter US stock markets have faced a formidable array of media distractions, ranging from hurricanes to Trump tweets to SCOTUS scuffles – and on and on. For markets the trade war and the Fed have been key. Fed policy seems predictable as the hiking path continues. Trade war effects are worrisome and starting to reveal […]

Yield Curve?

Author: David R. Kotok, Post Date: September 18, 2018

A while ago we wrote about a one-time tax-code change and why it might be causing the yield curve to flatten. Here is that commentary: “Why the Yield Curve Is Flat & Why It May Steepen” ( Now we are past the September Treasury note and bond auction and past the tax-code-change deadline. So will […]

The Rise of Municipal Separately Managed Accounts 2018 Update

Author: Patricia Healy, CFA, Post Date:
Market Commentary - Cumberland Advisors - The Rise of Municipal Separately Managed Accounts 2018 Update

Cumberland has utilized separately managed accounts to execute its fixed-income strategy since its inception in 1973, long before separately managed accounts (SMAs) were popularized in the early 2000s. What exactly is an SMA? Per Investopedia: “A[n] SMA is a portfolio of assets under the management of a professional investment firm. In the United States, the […]

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