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Perspectives

October 2022

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Reprieve In Bonds Allow Stocks To Rise

by Fortem Financial October 31, 2022

Equities were higher for the second straight week (S&P 500 +4.0%). Despite multiple megacap earnings disappointments, the market remained resilient. The market is embracing the idea that the Fed could soon begin to slow the pace of tightening. Best performers were industrials (+6.7%) and utilities (+6.5%); worst performers were communication services (-2.9%) and consumer discretionary (+0.7%). 3Q Earnings Season Turning Out To Be Underwhelming With the third quarter earnings season about h… View More

Q3 Earnings Reports Coming in Better than Feared

by Fortem Financial October 24, 2022

Stocks rose last week (S&P 500 +4.7%) after falling to a 2.5 year low the week before. The increase was attributable to technical and sentiment reasons, but also Q3 earnings reports coming in less bad than feared. Best sectors were energy (+8.1%), technology (+6.5%), and materials (+6.2%); worst sectors were utilities (+2.0%), consumer staples (+2.2%), and healthcare (+2.3%). 3Q’22 Earnings Season Mixed So Far With just 20% of companies reporting thus far this earnings season, results ha… View More

AS Q.E. moves to Q.T., Markets Resume Control

by Fortem Financial October 17, 2022

The nearly 14 years of financial repression that allowed politicians to escape the economic consequences of their actions without fear of retribution from the frontier justice of free markets appears to be ending. The ever-expanding balance sheets of the world’s largest central banks effectively monetized the profligate spending of wayward fiscal policies in the aftermath of the Global Financial Crisis (GFC). Until recently, the unintended consequences of these policies were hidden from an eli… View More

The Roller Coaster Ride In Both Directions Continues

by Fortem Financial October 10, 2022

Equities closed higher (S&P 500 +1.6%) in a roller-coaster week, snapping a three-week losing streak. Stocks bounced early in the week on oversold conditions and negative sentiment. There was also a renewed pickup in policy pivot hopes. The week ended with a stronger than hoped for employment report selloff. Best sector was energy (+13.9%); worst sectors were REITS (-4.1%) and utilities (-2.6%). 3Q Earnings Season To Kick Off Later This Week With The Banks With the banks expected to repo… View More

Central Banks Seem Determined To Slay Inflation (and Likely Cause a Recession)

by Fortem Financial October 3, 2022

Stocks and bonds both declined for the third consecutive quarter, the longest streak in almost 50 years. The S&P 500 fell 5.3%, ten-year Treasury yields rose 85bps and two-year yields rose 130bps resulting in the most inverted yield curve in several decades. The dollar rose for the fifth straight quarter, increasing 7%, the largest quarterly gain in nearly 8 years. The big story for the quarter was the tightening of financial conditions driven by expectations of a more aggressive global rate… View More

Weekend Reading

by Fortem Financial October 1, 2022

Stocks And Bonds On Pace For 3rd Consecutive Negative Quarter Of the 187 quarters since 1976, there has never been a period that has seen negative quarterly returns for both stocks and bonds three quarters in a row. Should the S&P 500 close below 3,785 today, this will occur. Negative returns for both stocks and bonds are more often than not associated with recessions which are looking more and more likely these days. S&P 500 Sees Its Most Volatile Half Since 2009 My colleague, Todd… 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.

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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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