This month we are making several changes among our recommended investment vehicles as well as to the “weights” we assign to the asset classes we recommend for investors of various circumstances. These changes do not represent a significant departure from our approach. They result from the emergence of new investment vehicles not previously available to […]

Over six years ago we deviated from our disciplined approach to investing when we removed Philip Morris (now Altria, ticker: MO) from our high-yield Dow investment model. We have come to regret that decision, and it is one we intend never to repeat. MO subsequently provided a total return of about 30 percent per year.

The Federal Reserve’s Open Market Committee (FOMC) chose to keep the Federal Funds target rate at 5.25 percent in its September meeting, while leaving open the possibility of future rate increases. While we will not second-guess the market’s response to this latest Fed news cycle, we do have serious concerns regarding the larger issue of

Capital markets have undergone a dramatic transformation since 1952. That year eventual Nobel laureate Harry Markowitz tossed aside the widely held notion that securities should be evaluated by their individual characteristics. He asserted instead that the rational investor would focus on how a security impacted the overall risk and return of his portfolio. Fifty-four years