Strong Market performance last week in anticipation to Q2 earnings announcements

The major indices, with the exception of the Russell 2000® Index, which has dominated markets for most of this year, closed higher last week even after a mid-week pullback following the announcement by the U.S. of an additional $200 billion worth of tariffs on Chinese goods in late August.  As of Friday, the Chinese government had not yet responded.  The equity markets rebounded strongly on Friday; for the week the Dow Jones Industrial Average led the indices with a 2.30% gain; the Nasdaq rose 1.79% to close at an all-time high; and the S&P 500® Index rose 1.50% to close above 2,500 for the first time since February 1st.  The Russell 2000® closed fractionally lower for the week (-0.41%). The Dow’s advance into positive territory YTD suggests that investors remain skeptical of an all-out trade war.  Importantly, by Friday, both the U.S. and China signaled that they were open to resuming trade negotiations.  The latest trade salvo would add a 10% tariff rather than the 25% tariff that was implemented earlier on steel and other products.  China is increasingly unlikely to retaliate with additional tariffs; the limited amount of goods imported from the U.S. would make additional tariffs unfeasible.  They may, however, identify other steps to impede commerce.  China is seeking new trade alliances with Europe; this week, BMW announced that it may receive approval for a majority ownership position in a joint venture with Brilliance China. Meanwhile, the U.S. Department of Commerce lifted the ban on sales by U.S. suppliers to ZTE Corporation (China’s second largest telecommunications company). 

Earnings season started on Friday with JPMorgan and Citigroup beating analyst earnings estimates; Wells Fargo’s challenges continued as the company missed earnings due mortgage loan weakness and other charges.  These companies fell on the news as investors remain concerned that trade tariffs may cause the Federal Reserve to take a more cautious approach on interest rates.  JP Morgan’s Chairman James Dimon commented that the economy is charging ahead on most fronts, and the tariff disputes are “affecting psyches more than economics.”  Earnings season will be in full swing next week with reports from Johnson and Johnson, Honeywell, Microsoft and American Express.

Politics regarding trade, NATO, Brexit, oil prices and the U.S.-Russian summit have recently dominated the headlines.  This week, investors will gain more of a “boots on the ground” perspective as companies provide commentaries on the success of their growth initiatives and expectations for the second half of the year.  Investors will no doubt look for answers on the immediate impact of these political events.  At this point, the market still seems biased to the upside; earnings season will provide an important barometer in determining sentiment going forward

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.


Last Week's Headlines: 7/16/2018

1. The number of job openings edged down to 6.6 million on the last business day of May, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.8 million and 5.5 million, respectively. Within separations, the quits rate and the layoffs a...

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The U.S. Could Soon Reclaim the World's Oil Crown

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AI Is Transforming Healthcare as We Know It. Here's a Loo...

Artificial Intelligence companies are taking on the health industry with big results for consumers. Here are the pros, cons and potential business opportunities. 

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The Truth About Health Care Costs in Retirement

Wall Street research often dwells on what's known as "tall risk," a catchphrase for a dramatic outlier event that upends the best laid plans. So here's a warning: you may well confront a...

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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.

Stock Buy Backs at record levels...Is this a good thing?

$800 billion

The approximate value of stock that S&P 500 companies are on track to repurchase this year, which would eclipse 2007’s record buyback bonanza of $589.1 billion. Among the biggest buyers: Oracle, Bank of America and JPMorgan Chase.

The historic spending spree isn't giving share prices the boost companies bargained for, and has some analysts worried that they're buying at excessive valuations during the peak of the economic cycle. Separately, business borrowing is picking up, a welcome relief for lenders and a sign of strength for the U.S. economy. The acceleration in lending may help lift results when banks report quarterly results this month, including JPMorgan, Wells Fargo and Citigroup on Friday.

The markets overlooked the imposition of tariffs last Friday to move higher in a quiet, holiday-shortened week.  The Russell 2000® Index’s 3.1% increase led the major indices, followed by the Nasdaq (+2.37%), the S&P 500® Index (+1.51%) and the Dow Jones Industrial Average (0.76%).  Year-to-date, investors have favored the Nasdaq (+11.4%) and the Russell 2000® (+10.3%) on the assumption that companies in these indices offer greater growth potential and are better insulated from the impact of trade tariffs.  In contrast, the Dow remains in negative territory for the year as companies in the Dow are expected to disproportionally shoulder more of the tariff fallout.  Last week’s gains in the S&P 500® represent almost half of its gains for the year as the Index, and the Dow, continue to underperform.

Trade continues to dominate the headlines as the U.S. imposed tariffs on $34 billion in Chinese exports; China immediately reciprocated on an equal value of American goods, principally agricultural staples and vehicles.  In total, President Trump has imposed $85 billion worth of tariffs on imported solar panels, aluminum and other Chinese products.  At present, the parties have no negotiations planned so the status of future tariffs is unknown.  And, despite word of a proposal to eliminate tariffs on U.S. vehicles imported into Europe (a policy which Germany would likely support), the European Union has taken no formal action on a mutual no-tariff policy for automobiles.  Elsewhere, this week’s positive economic news included a sharp increase in service sector activity.  And, Friday’s jobs report showed a larger-than-expected gain of 213,000 jobs in June with unemployment rising from 3.8% to 4%; the workforce grew by 601,000 as the strong labor market attracted new job seekers.

This week, second quarter earnings releases begin with JPMorgan, Citigroup and Wells Fargo reporting on Friday.  Company commentaries and updates on tariffs will likely impact investor sentiment.  Markets seem to anticipate that a full out trade war is unlikely.  The continued advance in the equity markets is confounding market timers during this normally slow period of the year.  Predicting the market’s direction is difficult in the best of times; today, the focus on maintaining a longer-term, adaptive strategy remains essential.

Source:  Wall Street Journal, Pacific Global 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.


Last Week's Headlines: 7/9/2018

1. (Tempe, Arizona) - Economic activity in the manufacturing sector expanded in June, and the overall economy grew for the 110th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Businesness. The report was issued today by Timothy R. Fiore, CPSM, C.P.M.,...

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Oil prices edge up as inestors eye tight market

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Amazon's PillPack gamble is not a sure thing

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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 Trade War Officially Begins, So Now What?

The US has officially imposed tariffs on $34 billion of imports from China, and China in response has imposed tariffs on $34 billion of US goods exported to China.  We want to share some of the relevant facts to put the tariffs in perspective.

In 2017, total US imports were $2.9 trillion and total US exports were $2.35 trillion.  The $34 billion of tariffs equates to 1.2% of total US imports, and 1.4% of total US exports.  We think this is important because both the US and China are imposing relatively small tariffs that should have a relatively small impact on both economies.  Essentially, we think these are measures to show both countries are willing to act.  With that said, our base case remains that these are negotiating tactics and that neither country desires a full escalation trade war.

Since we began discussing tariffs and the renegotiation of global trade, we stated that it would NOT BE EASY. Over the last two decades the Chinese economy has steadily grown, and with it, China's assertion as a global super power.  They've joined the World Trade Organization, they've began asserting control in the South China Sea, challenging the Philippines, Taiwan, Brunei, Indonesia, and Vietnam.  In the East China Sea, China and Japan are engaged over a territorial dispute.  China has made investments in some of the World's largest tech companies and now owns the world's two fastest supercomputers.  Chinese scientists have built the world's first quantum communication network, China's on track to have 81% of the world's high-speed rail systems by 2030, and the list goes on.

China cannot quietly accept US demands without compromising its position of power.  Further, events in the last few years have demonstrated that China is willing to push limits, perhaps testing how the global community will respond to their actions. And as it is with China, if the US does not push back against China's refusal to accept US demands, it could be seen by some as weakening US influence. This struggle for power introduces new risk, and certainly things between the US and China could escalate out of control, but we don't believe they will.  

The new tariffs will cause pain in both the US and China.  An escalation of tariffs to more significant levels, like the $500 billion that has been mentioned by both the US and China could indeed have dire consequences for the entire global community.  However, we believe the mutually felt pain will help contain the situation.  We believe the gradual increase in tariffs will allow the pain to be felt (and future pain to be more accurately forecast) before long-term damage is done.  Looking at the Federal Reserve's actions since 2008 may provide a framework to view the advantages of gradual change in economic terms.  

While building up its monetary stimulus, the Federal Reserve announced its intentions, and then made one change at a time.  Over time, the Fed made massive changes, but by doing so gradually, they were able to observe (and more accurately predict) probable outcomes to their decisions along the way.  This helped them to both build up and unwind the significant monetary stimulus that was put in place during the Great Recession of 2008 without causing harm to the US and Global economies. During the buildup and the winding down of the stimulus, pundits boldly proclaimed that inflation would soar out of control, or that the economic growth we're experiencing would be rapidly extinguished. Their proclamations have been wrong.  

With the current tariff dispute, we see pundits making the same type of bold proclamations.  On July 5, 2018 the NY Times wrote, "The escalation of the trade war from threat to reality is expected to ripple through global supply chains, raise costs for businesses and consumers and roil global stock markets, which have been volatile in anticipation of a prolonged trade fight between the United States and almost everyone else."  On May 31, 2018, the Guardian published and article saying, "So how big a deal is this? Potentially massive. The world is currently closer to a full-scale trade war than at any time since the 1930s, when the American Smoot-Hawley tariff prompted a domino effect among other industrialized nations. Many protectionist measures have been introduced since the global financial crisis of a decade ago but, for the most part, they have been small scale. The current tension is far more serious: it involves the world’s three biggest economies – the US, China and the EU – and it is too big to ignore."

As has happened with past events, the media will publish all sorts of opinions with all kinds of different predictions, and most them will probably be wrong. We believe observing the actions taken and removing our emotional involvement from the facts will help make better, more sound decisions.

 


 

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.

PRIVACY NOTICE REGARDING CLIENT PRIVACY

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.

All financial companies need to share customer’s non-public personal information to run their everyday business. Below, we describe the reasons we can share your non-public personal information and whether you can limit this sharing.

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, LLC, 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, LLC.

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.

IMPORTANT CONSUMER DISCLOSURE

Fortem Financial, LLC ("Fortem Financial" or the "Firm") is a federally registered investment adviser with offices in California. Fortem Financial and its representatives are in compliance with the current registration and notice filing requirements imposed upon federally registered investment advisers by those states in which Fortem Financial maintains clients. Fortem Financial may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements.

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.

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