On September 20, 2017, Hurricane Maria laid waste to the Commonwealth of Puerto Rico. As we sit in Cumberland’s offices in Sarasota, Florida, we watch a humanitarian crisis unfold. Millions are without power, internet, cellular service, and clean drinking water. The process of rebuilding will be…

Recognizing strengths and weaknesses among primary asset classes is the core goal of our Tactical Trend strategy. The strategy seeks to identify relative strength and trend strength in an attempt to allocate capital to the strongest asset classes while underweighting or eliminating exposure to…

Part of the allure of modern portfolio theory and the academic research that has become a staple of investment theory is its theoretical certainty. In very basic terms it states that through proper diversification and a long-term investment horizon – regardless of what the markets do – investors…

The 59th annual meeting of the National Association of Business Economics took place earlier last week in Cleveland with a stellar lineup of presentations on the state of the US and world economies. Chair Yellen headlined the meeting with a tour de force discussion of why the Fed can’t figure…

The real story of the muni bond market in the third quarter of 2017 was the impact of the three large named storms: Harvey, Irma, and Maria.

The third quarter of 2017 saw a strong equity market, while yields in the fixed-income market experienced continued volatility. The big picture for the Treasury market during the third quarter was that yields were little changed, with the 1-year Treasury yield increasing by 7.6 basis points and…

As we at Cumberland Advisors expected, the FOMC left its policy rate unchanged for the moment and announced that it would begin the process of normalization of its balance sheet in October. They have a plan. It has been well-articulated. There were no surprises, and the Committee and Chair…

Currently visiting France, a country in which I lived for some 26 years, I am struck by the widespread optimism about the economic and political future of the nation. This upbeat sentiment contrasts sharply with French attitudes in recent decades and with the situation across the Channel in the…

As we march through one all-time high after another in the third quarter this year, our quantitative market volatility strategy has benefited significantly from being fully invested. The leveraged portfolio has done particularly well.

The volatility index, VIX, which is highly correlated…

“George Catlett Marshall, Jr. (December 31, 1880 – October 16, 1959) was an American statesman and soldier. He was Chief of Staff of the United States Army under presidents Franklin D. Roosevelt and Harry S. Truman, and served as Secretary of State and Secretary of Defense under Truman.” Source…