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Perspectives

$100-Per-Barrel Oil is Temporary and Should Start to Decline in the Very Near Future

by Fortem Financial March 9, 2026

Summary Stocks declined for the second straight week (S&P 500 -1.99%; its worst performance since October). The war in Iran hit equities and other risk markets hard last week. The ratcheting up of geopolitical tensions added to pre-existing investor nervousness about excesses in AI-related equities, mounting strains in private credit, and high valuations. This triggered widespread selling pressure as investors rotated to cash. Best sectors were energy (+1.00%) and technology (-0.35%), worst… View More

Israel and the United States Launched an Attack on Iran

by Fortem Financial March 2, 2026

Over the weekend, Israel and the United States launched an attack on Iran. Retaliation from Iran followed with missiles targeted at US military assets in the region and Israel. The Houthis have announced the closure of the Bab el-Mandeb Strait in the Red Sea with the intention of targeting US and Israeli ships. As we have noted repeatedly, the US does not move this level of military assets into a region to bluff. The placement of the USS Gerald R. Ford aircraft carrier and F-22 Raptors in the r… View More

Higher Tariffs Not Dead

by Fortem Financial February 23, 2026

The Trump Tariffs are dead - long live the Trump Tariffs? As we expected, the Supreme Court struck down most of the new tariffs President Trump had imposed since taking office thirteen months ago. While Congress granted the President “emergency” powers to regulate trade in a 1977 law, the Court ruled 6-3 that the statute does not explicitly authorize the use of tariffs under those powers. As a result, many of the recently imposed tariffs exceeded the authority Congress delegated to the exec… View More

Weekly Market Commentary

by Fortem Financial February 17, 2026

Q4 Earnings Reporting ~75% Complete & 4Q Growth Being Reported As Strong With roughly 75% of S&P 500 companies having reported earnings, results are coming in strong. Earnings growth is once again tracking in the double digits for a fifth consecutive quarter, an outcome that’s somewhat unusual at this stage of the economic cycle. The impact of AI-driven capex is clearly showing up in the numbers. The strongest growth rates are concentrated in the Technology, Communications, and Indust… View More

Weekly Market Commentary

by Fortem Financial February 9, 2026

Market Multiple Has Fallen Below Its 3 Year Average For the first time since Liberation Day, the S&P 500’s multiple has fallen below its three-year average, a level that over the past several years, has typically been associated with a resumption of multiple expansion. One of the more surprising developments so far has been the strength of corporate earnings alongside continued stock selloffs. Notably, the prospect of increased capex spending, which was viewed positively last year, is no … 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.

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