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Gary Smith, CFA
Oct 26, 2021
Drawdown Profiles of Simple U.S. Stock/Bond Allocations – Jan 1972-May 2021
One of my favorite heuristics for determining an investor’s willingness to take risk and, subsequently, an appropriate asset allocation ,...
David M. Borowsky
Oct 22, 2021
Invariant Q3 Market Report
Everything looked rosy for stock investors early in September. The S&P 500 added to its impressive gains and notched a new all-time high...
Gary Smith, CFA
Oct 12, 2021
Academic Paper Review: "The Behavior of Individual Investors"
A key pillar of Invariant’s investment philosophy is that “ Behavioral mistakes can derail even the best investment plans and strategies...
Gary Smith, CFA
Oct 5, 2021
Managing Concentrated Holdings
Concentrated positions, whether publicly traded or privately held, have implications on clients’ financial plans. They can arise from...
Gary Smith, CFA
Sep 28, 2021
Portfolio Management & Financial Planning Need to Work Together for Your Clients
A key pillar of Invariant’s Investment Philosophy is that portfolio management and financial planning need to work together. It sounds...
Gary Smith, CFA
Sep 21, 2021
The Frequency and Severity of S&P 500 Drawdowns
The Standard and Poor's 500 index is the most widely watched U.S. large cap index by investment professionals. It has appreciated...
Gary Smith, CFA
Sep 20, 2021
Invariant Strategic Model Overview
Strategic model portfolios are typically the core of an advisor’s business. The Invariant model series is strategic in nature with...
Gary Smith, CFA
Sep 14, 2021
Profitability Alpha: A Factor Investing Strategy
Factor Investing: The Profitability Factor This post will introduce Invariant’s large cap U.S. single stock strategy – Profitability...
David M. Borowsky
Jul 27, 2021
Invariant Q2 Market Report
Stocks and the economy delivered impressive gains in the second quarter as the world continued to emerge from the COVID-19 pandemic....
Gary Smith, CFA
Jun 12, 2021
A Primer on Asset Allocation
The first tenet of Invariant’s investment philosophy is “The primary determinants of investment success are appropriate asset allocation...
Gary Smith, CFA
Jun 12, 2021
Behavioral Mistakes Can Derail Even the Best Investment Plans
Creating a financial plan is the first step toward building a successful Advisor/Client relationship – mapping the investment strategy...
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