Monthly Archives: August 2018


Our weighted average return in July was +1.30%. Since 2015, we have generated a net return of +35.90%.

In terms of investment strategy performance, our weighted average net returns for July were (a) +1.07% for conservative strategies, (b) +1.77% for balanced strategies, and (c) +0.96% for aggressive strategies.

July was good month for most asset classes. Trade tensions remained heightened, but the outstanding strength of corporate earnings in the US and Europe pushed equity markets to new highs. S&P 500 earnings per share grew a phenomenal 25% year-over-year. While US corporate tax cuts certainly contributed to these gains, they were not the only differentiating factor. In their analysis of the Q2 earnings season, Goldman Sachs commented that: “the effective tax rate for the overall S&P 500 index equaled 25% in 2Q 2017, but fell to 20% in 2Q 2018. However, pre-tax earnings rose by an impressive 16%, ahead of the 13% expectation at the start of reporting season.” Truly, a superb result.

read more