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Perspectives

So, Maybe That Drop In M2 Really Did Matter

by Fortem Financial September 15, 2025

What is M2: M2 is a measure of the money supply that includes M1 (currency, demand deposits, and other liquid deposits like checking accounts) plus savings deposits, money market accounts, and certificates of deposit (CDs) with maturities of less than $100,000. It represents a broader measure of money available in an economy for spending and investment. If a tree fell in the woods, but the data said it didn’t, does it really mean anything? Despite what appeared to be relatively solid data, m… View More

Weekly Market Commentary

by Fortem Financial September 8, 2025

Recent economic indicators suggest growing concerns about a potential recession. With calls for such an event expected to intensify. A weak jobs report has solidified expectations for an interest rate cut, as policymakers aim to stimulate economic activity. Analysts anticipate that discussions surrounding a recession will amplify in the near term, driven by persistent labor market challenges and broader economic uncertainties.   Key Points: Recession Concerns: Emerging signals indicate a … View More

U.S. Real GDP Was Revised Higher

by Fortem Financial September 2, 2025

U.S. real GDP was revised higher in 2Q, which helped keep NIPA corporate profits in positive territory (+1.7% q/q and +4.3% y/y). As profits are growing, the U.S. economy tends to avoid big trouble. Still, until U.S. economic growth becomes more broad-based (e.g., it includes housing, manufacturing, etc.), it seems critical that government policymakers keep U.S. financial conditions from tightening much. There are some cracks, eg, U.S. home prices declining m/m in June (both the Case-Shiller an… View More

A Few Observations

by Fortem Financial August 25, 2025

Nvidia Once Again Takes Center Stage - It's that time of the reporting season again, when all eyes turn to Nvidia, which reports after the close on Wednesday. While most investors look for clues about the state of the AI capex cycle, it's equally important to pay attention to commentary around China. In recent quarters, Nvidia has been transparent about the dollar value of missed sales due to restrictions. The 15% sales commission effectively imposed by the U.S. government on Chinese sales will … View More

Pre-Liberation Day Expectations

by Fortem Financial August 18, 2025

Strong Showing For Q2 After Lowered Expectations: Despite the lower expectations, Q2 is shaping up to exceed even the pre-liberation day growth expectations, with growth coming in at more than double the initial expectations of 12.9%. The spotlight remains on the most prominent companies, but we have seen strong performance. 9 of 11 GICS sectors exceeded July 1st expectations, and 8 out of 11 exceeded April 1st expectations. Second-quarter EPS currently stands at $66.84, more than $1.30 above w… View More

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Fortem Financial Group, LLC, has adopted this policy with recognition that protecting the privacy and security of the non-public personal information we obtain about our customers is an important responsibility.

All financial companies choose how they share your non-public personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your non-public personal information. Even when you are no longer our customer, we will only share your non-public personal information as described in this notice. So, please read this notice carefully to understand what we do.

The types of non-public personal information we collect and share depend on the product or service you have with us. This information can include items such as your Social Security number and income, your account balances and transaction history, and your investment experience and account transactions.

We collect your non-public personal information in a variety of ways. For example, we obtain your non-public personal information when you open an account or give us your income information, tell us about your portfolio or deposit money, or enter into an investment advisory contract. We also collect your non-public personal information from other companies. For example, from the custodians who hold your account assets.

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We share your non-public personal information for our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, report to credit bureaus, to protect the confidentiality or security of your records, or as permitted by law. We may also share your non-public personal information for our own firm’s marketing purposes; so that we can offer our products and services to you.

Federal law gives you the right to limit only sharing non-public personal information about your credit worthiness for our affiliates’ everyday business purposes; sharing non-public personal information about you with our affiliates to market to you; and sharing non-public personal information with non-affiliates to market to you.

We don’t share non-public personal information about your creditworthiness with our affiliates for their everyday business purposes. We don’t share your non-public personal information with our affiliates to market to you. We don’t share your non-public personal information with non-affiliates to market to you. We also don’t share your non-public personal information for joint marketing with other financial companies. State laws and individual companies may give you additional rights to limit sharing.

We share non-public personal information with our parent company affiliate, Focus Financial Partners, Inc, for its internal and external auditing purposes. We also share your non-public personal information with a non-affiliate for the purpose of aggregating it and providing summary information based on this data to our parent company, Focus Financial Partners, Inc.

To protect your non-public personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our policy about obtaining and disclosing non-public personal information may change from time to time. We will provide you notice of any material change to this policy before we implement the change.

If you have questions please call us at 760-206-8500 or go to our website at www.fortemfin.com.

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