Following the collapse of Bear Stearns in March 2008, Oaktree Capital Management Chairman Howard Marks wrote in a memo that mark-to-market accounting was the “accelerant” to the financial crisis. The basis of Mr. Marks’ argument was that Sarbanes-Oxley imposed mark-to-market accounting rules, which increased the volatility of bank portfolios. Marks noted that Citibank would not have survived a previous crisis if mark-to-market accounting rules were in place during the 1980s. We read Marks… View More
The CARES Act essentially suspended required minimum distributions (RMDs) for 2020 across the board. However, there have been a lot of questions about what this means for those who already took out distributions, and the impact on taxes and inherited accounts. It is important to remember that the CARES Act is a relief bill, and by suspending 2020 RMDs, the government is giving up short-term tax revenue to provide relief to retirees. Additionally, markets have been very volatile, and suspending … View More
We wanted to forward out a nice summary of the CARES Act (Covid III Legislation). Please call or email us if you have any questions you would like to discuss regarding the program. Sincerely, Fortem Financialwww.fortemfin.com(760) 206-8500 Latest News CARES ACT - COVID III LEGISLATION Read Story… View More
Therapeutic breakthroughs and vaccine tests could bring us relief sooner than later In another volatile week, the equity markets staged a dramatic rally to lessen the impact of this month’s selloff. Expectations for the $2 trillion Coronavirus relief bill, which received bipartisan support in Congress this week and was quickly signed by President Trump on Friday, provided encouragement to investors. The bill provides funding for U.S. individuals and corporations seeking relief for the dramati… View More
Best week for the Dow since the 1930's and making strides on the Coronavirus….From the longest Bull market in history… to a bear market… back to a Bull market… all within 3 weeks...truly historic events are at hand We wanted to drop you a short note after the last few weeks, which have been nothing short of exhausting and nerve racking. After many record down and record up trading sessions, it appears the markets may have finally found an equilibrium on Monday. With our war on this sile… View More