Switching from a focus on tax cuts & deregulation to tariffs & increased tech regulation/antitrust

The pricing in of political risk has clearly become much more complicated in the past month, as the U.S. Administration has switched from a focus on tax cuts & deregulation to tariffs (or tariff threats) & increased tech regulation/antitrust.  This may not end anytime soon.  The offset will have to be elsewhere, and the market looks willing to give other actors (like central banks) the benefit of the doubt, at least for now.  We continue to stay tuned.

Last week, the equity markets moved modestly higher on lighter volume in response to headline events.  The Nasdaq gained 0.70% followed by the Russell 2000® Index (+0.54%), the S&P 500® Index (+0.47%) and the Dow Jones Industrial Average (0.41%).  The markets, though, lacked conviction as investors await this week’s Federal Reserve meeting, and the likelihood of a meeting between Presidents Trump and Xi at the G20 summit later this month.

Trade remains the fundamental risk to global growth as trade negotiations between the U.S. and China remain stalled.  The impasse has created economic challenges for both countries.  With the embargo on Huawei telecommunications, the company has limited access to major software or hardware necessary to introduce its next generation products.  The U.S. ban on Huawei products has led to order cancellations for U.S. component manufacturers.  For example, Broadcom reduced revenue guidance by $2 billion as a result of the ban on selling to Huawei and the uncertainties related to the trade disputes on demand by other customers.

The Fed may cut interest rates to support economic growth.  Many analysts, though, expect the Fed to gather more data before lowering rates; they look to a possible announcement in July.  Other concerns last week involve the risk of disruptions in oil supplies following the attack Thursday on two oil tankers in the Strait of Hormuz.  Oil prices, which had fallen on Wednesday following reports of a higher-than-expected inventory, reversed course after the attacks. 

Companies effected by trade disputes are seeking alternatives to moderate the impact of tariffs.  Investors anxiously await management commentaries during the upcoming earnings season on the steps taken by individual companies to mitigate the financial damage.  In the meantime, the lack of investor conviction will likely continue until evidence of progress emerges.

Source: Pacific Global Investment Management Company

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 


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Brian Amidei is Coachella Valley's only Barron's Magazine Top 1,000 Advisor in 2013 and 2014!

Brian Amidei, along with Partners Joseph Romano and Brett D'Orlando have also been named *2014, 2015, 2016, 2017 Five Star Wealth Managers!

Disclosures:

Awards and recognitions by unaffiliated rating services, companies, and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Fortem is engaged, or continues to be engaged, to provide investment advisory services; nor should they be construed as a current or past endorsement of Fortem or its representatives by any of its clients. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized advisor. Awards may not be indicative of one client?s experience or of the Firm?s future performance.  Neither Fortem nor the recognized advisor has paid a fee for inclusion on a list, nor purchased any additional material from the award provider. The criteria for each award is listed below:

Barron's Disclosure:

The Barron's award is is based on the recognized adviser's assets under management, contribution to the firm's revenues and profits, and quality of practice.  Investment performance is not an explicit criteria.  Additional information about this award is available at http://online.barrons.com/report/top-financial-advisors. 

Five Star Professional Disclosure:

The Five Star Wealth Manager award is based on 10 eligibility and evaluation criteria: 1) Credentialed as an investment advisory representative (IAR) or a registered investment advisor; 2) Actively employed as a credentialed professional in the financial services industry for a minimum of five years; 3) Favorable regulatory and complaint history review; 4) Fulfilled their firm review based on internal firm standards; 5) Accepting new clients; 6) One-year client retention rate; 7) Five-year client retention rate; 8) Non-institutionalized discretionary and/or non-discretionary client assets administered; 9) Number of client households served; and 10) Educational and professional designations. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or the magazine. The award methodology does not evaluate the quality of services provided.  Additional information about this award is available at: fivestarprofessional.com/2016FiveStarWealthManagerMethodology.pdf

Fortem Financial 2016. All rights reserved. 

Data Sources:  News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations.  Market Data: Based on reported data in WSJ Market Data Center (indexes); U.S. Treasury (Treasury Yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).  All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. 

Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice.  The opinions expressed are solely those of the author, and do not represent those of Fortem Financial, LLC or any of its affiliates.  Past performance is no guarantee of future results.  All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.  Forward looking statements are based on current expectations and assumptions, the economy, and future conditions.  As such, forward-looking statements are subject to inherent uncertainty, risks, and changes in circumstance that are difficult to predict.  Actual results may differ materially from the anticipated outcomes.  Carefully consider investment objectives, risk factors and charges and expenses before investing.  Fortem Financial is a registered investment adviser with the SEC.  Advisory services are offered through Fortem Financial.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks.  The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy.  The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.  The Russell 2000 is a market-cap weighed index composed of 2,000 U.S. small-cap common stocks.  The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide.  Market indices listed are unmanaged and are not available for direct investment. 

The Federal Reserve finally catches up... AGAIN

The Bond Market, a number of market analysts and President Trump were all ahead of the Federal Reserve once again, in calling for possible rate cuts in 2019, even though there were no signs of recession yet. For several months last year there were calls that the Federal Reserve was tightening too quickly by raising rates and reducing their balance sheet at the same time (policy that had never been done before). The bond market signaled that the Fed was more than a little aggressive in tightening. Finally, we are at a point where the Federal Reserve seems to listening to the data better.

Why all the concern over the Fed? Because historically an "inverted yield curve" (where short-term rates are higher than long-term rates) has been an excellent (and reliable) indicator of a coming recession. Many have already been discussing the "inverted yield curve" and using it to sound the alarm for recession. We believe this is premature because an inversion between the 2-year and the 10-year treasury has been the better indicator of recession, and as of yet, the 2-year and the 10-year treasury are not inverted. However, with both the Fed Funds Rate and the 1-year treasury above the 2-year treasury rate, it's reasonable to ask if the 2-year might also push higher than the 10-year treasury rate (creating the inverted yield curve that has historically indicated recession). The market is responding well to the Fed's recent comments because they indicate the Fed listening better and is now willing to cut rates if conditions demonstrate they should. This reduces the risk of an "inverted yield curve," and hence a recession.

The equity markets’ multi-week losing streak ended on expectations that the Federal Reserve may cut interest rates perhaps as early as this month. Fed Chairman Powell stated that the central bank will “act as appropriate to sustain the expansion,” and other Fed officials indicated a willingness to reduce interest rates to sustain economic growth in response to the potential slowdown from the trade disputes. The DJIA led all indices with a 4.71% gain followed by the S&P 500® Index (4.41%), the Nasdaq (3.88%) and Russell 2000® Index (3.34%).

In May, employers added only 75,000 jobs; still, unemployment remained at 3.6% and new claims remained near recent lows. Investors welcomed the low new jobs number on the assumption that the report will provide support for the Fed to lower interest rates. Also, job gains in March and April were revised lower by 75,000 jobs; the three-month average of 151,000 is well below the 238,000 level at the start of the year. Severe rains and flooding may have contributed to the low numbers; for example, farmers are facing the worst crop planting conditions in over thirty years.

On Wednesday, the U.S. and Mexico began negotiations aimed at stemming migrants from entering the U.S. in order to avoid President Trump’s 5% tariff due to become effective on Monday. The tariffs would hurt both economies: the U.S. imports many products, notably auto industry-related products, while oil exports to Mexico may be subject to retaliatory tariffs. Some economists believe that a tariff increase beyond the initial 5% level could push Mexico into recession. Late Friday afternoon, President Trump accepted Mexico’s offer of tougher immigration enforcement as sufficient to dissuade him from levying a 5% charge on all Mexican imports.

President Trump indicated that he will wait until after this month’s G20 meeting to decide on extending tariffs on another $300 billion of Chinese imports. U.S. and Chinese officials are expected to meet during the G20 to discuss the terms on which to restart trade discussions. Many companies are quietly expediting plans to reduce exposure to tariffs by moving production out of China.

Companies are nearing the “quiet period” prior to reporting second quarter earnings. Global growth continues albeit at a slower pace; the World Bank recently revised 2019 estimates of global economic growth from 2.9% from 2.6%. The domestic equity markets remain volatile in response to progress, or lack thereof, in trade negotiations. Second quarter earnings should shed some light on the impact of trade concerns on individual companies. Headline news will likely sway market sentiment for the remainder of the month.

Source: Pacific Global Investment Management Company

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 


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Brian Amidei is Coachella Valley's only Barron's Magazine Top 1,000 Advisor in 2013 and 2014!

Brian Amidei, along with Partners Joseph Romano and Brett D'Orlando have also been named *2014, 2015, 2016, 2017 Five Star Wealth Managers!

Disclosures:

Awards and recognitions by unaffiliated rating services, companies, and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Fortem is engaged, or continues to be engaged, to provide investment advisory services; nor should they be construed as a current or past endorsement of Fortem or its representatives by any of its clients. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized advisor. Awards may not be indicative of one client?s experience or of the Firm?s future performance.  Neither Fortem nor the recognized advisor has paid a fee for inclusion on a list, nor purchased any additional material from the award provider. The criteria for each award is listed below:

Barron's Disclosure:

The Barron's award is is based on the recognized adviser's assets under management, contribution to the firm's revenues and profits, and quality of practice.  Investment performance is not an explicit criteria.  Additional information about this award is available at http://online.barrons.com/report/top-financial-advisors. 

Five Star Professional Disclosure:

The Five Star Wealth Manager award is based on 10 eligibility and evaluation criteria: 1) Credentialed as an investment advisory representative (IAR) or a registered investment advisor; 2) Actively employed as a credentialed professional in the financial services industry for a minimum of five years; 3) Favorable regulatory and complaint history review; 4) Fulfilled their firm review based on internal firm standards; 5) Accepting new clients; 6) One-year client retention rate; 7) Five-year client retention rate; 8) Non-institutionalized discretionary and/or non-discretionary client assets administered; 9) Number of client households served; and 10) Educational and professional designations. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or the magazine. The award methodology does not evaluate the quality of services provided.  Additional information about this award is available at: fivestarprofessional.com/2016FiveStarWealthManagerMethodology.pdf

Fortem Financial 2016. All rights reserved. 

Data Sources:  News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations.  Market Data: Based on reported data in WSJ Market Data Center (indexes); U.S. Treasury (Treasury Yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).  All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. 

Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice.  The opinions expressed are solely those of the author, and do not represent those of Fortem Financial, LLC or any of its affiliates.  Past performance is no guarantee of future results.  All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.  Forward looking statements are based on current expectations and assumptions, the economy, and future conditions.  As such, forward-looking statements are subject to inherent uncertainty, risks, and changes in circumstance that are difficult to predict.  Actual results may differ materially from the anticipated outcomes.  Carefully consider investment objectives, risk factors and charges and expenses before investing.  Fortem Financial is a registered investment adviser with the SEC.  Advisory services are offered through Fortem Financial.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks.  The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy.  The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.  The Russell 2000 is a market-cap weighed index composed of 2,000 U.S. small-cap common stocks.  The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide.  Market indices listed are unmanaged and are not available for direct investment. 

Tariffs for Boarder Security... probably not a good idea!

On Thursday, President Trump announced plans to impose tariffs on all imports from Mexico in an effort to stop migrants crossing into the U.S.  The tariff, effective June 10th, would begin at 5% and escalate at 5% intervals to a maximum of 25% in October.  The U.S. has never previously used blanket tariffs against another country; the President’s authority to do so is unclear.  The markets’ response was extremely negative; with all of the major indices declining for the week.  The Russell 2000® Index (-3.21%) led the markets lower followed by Dow Jones Industrial Average (-3.01%), S&P 500® Index (-2.62%) and Nasdaq (-2.41%).  The S&P 500® ended the week at 2752; analysts had considered 2800 the lower end of the trading range below which the Index could further deteriorate. 

Markets prefer predictability.  The break in U.S. and China negotiations; on-going tariff threats on European and Japanese autos and the latest threat of tariffs on imports from Mexico, our major trading partner, reinforce fears that tariffs will undermine global economic growth.  Equity and bond markets have long relied on stability in international trade policy; the latest move is, unsurprisingly, creating jitters as it also threatens passage of new NAFTA Agreement.  Meanwhile, in the absence of new developments in trade negotiations with China, investors are hopeful of framework discussions between Presidents Trump and Xi at next month’s G20 meeting.  The lengthy negotiations are prompting major corporations to reduce their reliance on China for supplies and products.  Clearly, these actions would negatively impact the Chinese economy; more generally, though, and despite the media posturing, both countries need a trade agreement.

We haven't been worried about a trade conflict with China, which has a long track record of pirating intellectual property and is a potential military rival in the (not too distant) future. The US has enormous leverage with China, given our trade deficit with the country and the ability of firms to shift supply chains toward alternatives, like Vietnam, Mexico, and India. 

However, we are more concerned about President Trump's recent tariff threat toward Mexico if they don't cooperate to stem the flow of migrants from Central America. Using tariffs to achieve policy goals outside of foreign trade makes it much more difficult for international companies to plan ahead. 

If the President imposes these tariffs, who knows what's next? Could he use tariffs to persuade NATO allies to spend more on their militaries? Could a future president use tariffs to try to get other countries to comply with stricter CO2 emissions standards? The range of outcomes quickly widens, which means businesses will have to allocate capital according to political calculations, which means less efficiently.

Before the most recent threat, we thought the odds a recession in the next year were about 10%. Now, we think they're more like 15 - 20%; still low, but higher enough to warrant some extra concern. As a result, we will be watching the data flow over the next couple of months even more closely than usual for signs of broad economic weakness. The economy grew 2.5% in 2017 and 3.0% in 2018 because of a combination of deregulation and tax cuts. Protectionism and added uncertainty could offset those positives. 

So far, we don't see signs of weakness; the economy keeps humming along. No deal with China and higher tariffs on Mexico (and perhaps others), doesn't mean recession, but instead a return to roughly 2.0% Plow Horse growth. We estimate that the impact of the tariffs net of the benefits of tax cuts and deregulation roughly equal the negative effects of President Obama's tax hikes and regulation.

Some are calling for the Federal Reserve to cut interest rates to offset this damage, but we don't think rates need to be lower to boost growth. Does anyone seriously think there are firms that are not investing because the Fed has lifted short-term rates to 2.375%? In addition, there are still $1.4 trillion in excess bank reserves.

We understand the fear of a wider trade war but don't think it will happen. We continue to believe markets will push policymakers in the right direction. However, a return to the Plow Horse economy is still possible. Remember, though, even then stocks rose substantially. Investors who stay calm while others panic will continue to be rewarded. 

The decline in oil prices, the largest in six months, is another economic story as Brent crude fell to $61.76 per barrel and West Texas fell to approximately $53 per barrel.  Fears of economic damage from trade disputes and increasing U.S. oil reserves from higher production weigh on the market.  Lower production in Russia and other countries have not eased oversupply concerns.  Commodity prices are typically volatile as traders respond to current assessments of supply and demand.  OPEC continues to support production cuts to rebalance the market while U.S., lenders and investors pressure oil companies for improved profitability.  Winter weather and spring flooding have also impacted the U.S. markets; analysts look to the summer driving season for a better assessment of U.S. inventories.

The market declines in May have eroded the gains following the December sell off.  Investors and companies are cautiously monitoring trade as well as looking for signs that the Federal Reserve may lower interest rates to support a weakening economy.  The Fed has indicated its vigilance to economic changes and willingness to reduce rates if necessary.  The markets will weather the storm; however, volatility is likely to remain elevated until tangible evidence of a breakthrough in trade policies emerges.

Source: Pacific Global Investment Management Company

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 


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Brian Amidei is Coachella Valley's only Barron's Magazine Top 1,000 Advisor in 2013 and 2014!

Brian Amidei, along with Partners Joseph Romano and Brett D'Orlando have also been named *2014, 2015, 2016, 2017 Five Star Wealth Managers!

Disclosures:

Awards and recognitions by unaffiliated rating services, companies, and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Fortem is engaged, or continues to be engaged, to provide investment advisory services; nor should they be construed as a current or past endorsement of Fortem or its representatives by any of its clients. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized advisor. Awards may not be indicative of one client?s experience or of the Firm?s future performance.  Neither Fortem nor the recognized advisor has paid a fee for inclusion on a list, nor purchased any additional material from the award provider. The criteria for each award is listed below:

Barron's Disclosure:

The Barron's award is is based on the recognized adviser's assets under management, contribution to the firm's revenues and profits, and quality of practice.  Investment performance is not an explicit criteria.  Additional information about this award is available at http://online.barrons.com/report/top-financial-advisors. 

Five Star Professional Disclosure:

The Five Star Wealth Manager award is based on 10 eligibility and evaluation criteria: 1) Credentialed as an investment advisory representative (IAR) or a registered investment advisor; 2) Actively employed as a credentialed professional in the financial services industry for a minimum of five years; 3) Favorable regulatory and complaint history review; 4) Fulfilled their firm review based on internal firm standards; 5) Accepting new clients; 6) One-year client retention rate; 7) Five-year client retention rate; 8) Non-institutionalized discretionary and/or non-discretionary client assets administered; 9) Number of client households served; and 10) Educational and professional designations. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or the magazine. The award methodology does not evaluate the quality of services provided.  Additional information about this award is available at: fivestarprofessional.com/2016FiveStarWealthManagerMethodology.pdf

Fortem Financial 2016. All rights reserved. 

Data Sources:  News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations.  Market Data: Based on reported data in WSJ Market Data Center (indexes); U.S. Treasury (Treasury Yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).  All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. 

Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice.  The opinions expressed are solely those of the author, and do not represent those of Fortem Financial, LLC or any of its affiliates.  Past performance is no guarantee of future results.  All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.  Forward looking statements are based on current expectations and assumptions, the economy, and future conditions.  As such, forward-looking statements are subject to inherent uncertainty, risks, and changes in circumstance that are difficult to predict.  Actual results may differ materially from the anticipated outcomes.  Carefully consider investment objectives, risk factors and charges and expenses before investing.  Fortem Financial is a registered investment adviser with the SEC.  Advisory services are offered through Fortem Financial.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks.  The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy.  The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.  The Russell 2000 is a market-cap weighed index composed of 2,000 U.S. small-cap common stocks.  The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide.  Market indices listed are unmanaged and are not available for direct investment. 

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This website is limited to the dissemination of general information regarding the Firm's investment advisory services offered to U.S. residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Fortem Financial' website on the Internet should not be construed by any consumer and/or prospective client as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment, tax or legal advice. Furthermore, the information resulting from the use of any tools or other information on this website should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Fortem Financial. Any subsequent direct communication from Fortem Financial with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. Fortem Financial does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to this website or incorporated herein, and takes no responsibility therefore. All such information is provided for convenience purposes only and all users thereof should be guided accordingly.

All statements and opinions included on this website are subject to change as economic and market conditions dictate, and do not necessarily represent the views of Fortem Financial or any of their respective affiliates. Past performance may not be indicative of future results and there can be no assurance that any views, outlooks, projections or forward-looking statements will come to pass. Investing involves risk, including the potential loss of principal, and the profitability of any particular investment strategy or product cannot be guaranteed.

Any rating referenced herein may not be representative of any one client's experience. Further, the Firm's receipt of any rating is not indicative of the Firm's future performance. The Charles E. Merrill Circle of Excellence award is granted by Merrill Lynch for outstanding client service and satisfaction. The award is granted based on annual criteria established by Merrill Lynch for its top decile advisors. The Barron's Top 1,200 Financial Advisors rating of the top financial advisors in the United States is based on data provided by participating firms. The following factors are included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance is not an explicit component. The Five Star Professional award is granted by Five Star Professional and recognizes service professionals who provide quality services to their clients based on data provided by participating firms. The award is granted based on the following ten objective eligibility and evaluation criteria: credentialed as an investment advisory representative (IAR) or a registered investment advisor; actively employed as a credentialed professional in the financial services industry for a minimum of five years; favorable regulatory and complaint history review; fulfilled their firm review based on internal firm standards; accepting new clients; one-year client retention rate; five-year client retention rate; non-institutionalized discretionary and/or non-discretionary client assets administered; number of client households served; and educational and professional designations. Feedback from consumer surveys will augment a regulatory history review. Firms have the option to provide input on award candidates from their firm, regardless of the nomination source. The Palm Springs Life's "40 Under 40" Rising Young Professionals to Watch in the Coachella Valley is based upon nominations from the local business community and selected by the staff of Palm Springs Life.

For information pertaining to the registration status of Fortem Financial, please refer to the Investment Adviser Public Disclosure website, operated by the U.S. Securities and Exchange Commission, at www.adviserinfo.sec.gov., which contains the most recent versions of the Firm's Form ADV disclosure documents.

ACCESS TO THIS WEBSITE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND WITHOUT ANY WARRANTIES, EXPRESSED OR IMPLIED, REGARDING THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS WEBSITE OR ANY THIRD PARTY WEBSITE REFERENCED HEREIN.