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Perspectives

1Q Growth Estimates Almost Double Initial Expectations

by Fortem Financial May 4, 2026

With roughly 60% of S&P 500 companies having reported, earnings growth estimates have climbed to 27.8%—nearly double the 14.4% expected at the start of the quarter. While mega-cap companies have delivered particularly strong results, growth expectations have improved across every sector except energy. This marks the sixth consecutive quarter of double-digit earnings growth. Equally notable, revenue growth is now exceeding 10%, with broad-based strength across sectors. 2026 full-year earni… View More

Modest Government Spending Shrinkage

by Fortem Financial April 27, 2026

The federal government is still on an unsustainable fiscal path, with the national debt reaching $39 trillion in March and poised to rise further in the years ahead as we keep running budget deficits. However, beneath the headlines, both revenue and spending trends have shifted in a positive direction. Its possible investors are recognizing this, which may be helping buoy stock markets. On the tax front, yes, the Big Beautiful Bill enacted last year made permanent many of the temporary tax chan… View More

Tech - Not The Earnings But The Multiple

by Fortem Financial April 20, 2026

Given sector performance in the first quarter, most people would not be surprised to learn that Energy and Materials were two of the top three contributors to forward upward earnings revisions. What might be surprising is that expectations for NTM earnings in the Tech sector are up by more than 18%, even though the sector's total return was down 9.1% in the first quarter. Multiples for the sector at 23.2x are meaningfully lower than the Industrials and Consumer Discretionary sectors at 25.8x and… View More

Common Man CPI Hotter On Energy Shock, But Not Nearly As Bad As Expected

by Fortem Financial April 13, 2026

Strategas’ Common Man CPI popped in March amid the energy shock resulting from the U.S war with Iran. As a reminder, the Common Man CPI (CMCPI) consists only of the components people must buy – Food, Energy, Shelter, Insurance, and Children’s clothing. Essentially, it is a “core” measure of inflation in the way a consumer, rather than an economist, would think of it. While the move in our measure m/m was lower than the 0.9% m/m increase of the headline CPI, consumers remain pressured … View More

Election Year Forecast: A Divided Congress

by Fortem Financial April 6, 2026

In 2024, Republicans swept the White House, the Senate, and the House, allowing them to make the Trump tax cuts permanent. But the clock is ticking on their congressional majorities. At this point, we think the odds are very high that the Democrats will win back the House in the midterm election in November. Compared to 2024, the Democrats only need to gain three seats to take back the House. Historically, the party not in control of the White House – this cycle, the Democrats – have gained… View More

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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, 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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Fortem Financial Group, LLC (“Fortem Financial” or the “Firm”) is a federally registered investment adviser with offices in California and Arizona. Registration with the U.S. Securities and Exchange Commission (“SEC”) does not imply a certain level of skill or training. 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. The Firm may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements.

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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 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. Joseph Romano was named one of Palm Springs Life’s ‘40 Under 40’ Professionals to Watch in the Coachella Valley on September 30, 2010. The 40 Under 40 honorees were selected from among 229 nominees representing a variety of professions and described by Palm Springs Life as ‘self-admitted geeks, risk takers, hard workers, philanthropists, and open-minded thinkers who represent myriad professions from designers, tribal leaders, and entrepreneurs to medical professionals, marketing gurus, educators, artists, and innovative chefs.’ No compensation was paid for consideration, publication, or display of this recognition.

Blaine Amidei received the following award on January 10, 2025. This recognition was granted by the California Desert Association of REALTORS® (CDAR), which honors one Affiliate member each year who goes above and beyond in their service to the organization and their community. The award reflects CDAR’s values of partnership, engagement, and community involvement among its dynamic members and Affiliate partners. No compensation was provided for consideration, publication, or display of this award.

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