NEWS & MEDIA
Stay current on Sierra Mutual Funds news, industry happenings, upcoming events, and much more.
Commentary: Markets Have Been Generous to Investors So Far in 2021
Our latest commentary covers pandemic economic recovery, current risks in the markets investors should be aware of, including continued supply chain disruptions, rising COVID cases, and inflation concerns, and why we believe having a repeatable investment process is so important.
TD Ameritrade Network
Rising Risks That Investors Should Keep An Eye On
Doug Loeffler breaks down a number of rising risks that investors should be keeping their eye on. One being that markets aren't cheap, and that 10-year treasury yields are much lower than recent inflation which is very unusual. Plus, equity P/Es are similar to the tech bubble, and markets have grown dependent to the Federal Reserve stimulus.WATCH NOW
2021 Q2 Quarterly Update Letter (Financial Advisors)
This quarterly update letter looks at what happened during the first half of 2021, how our investment disciplines responded to the changing economic conditions, and a review of quarterly results.
Sierra Mutual Funds Introduces Sierra Tactical Risk Spectrum 50 Fund
New Fund Applies Sierra’s Conservative, Tactical Approach to a Portfolio with 30-50% Equity Exposure
Santa Monica, CA (June 2021) – Sierra Mutual Funds, a leader in tactical management and conservative investing, today announced the launch of the Sierra Tactical Risk Spectrum 50 Fund (SRFJX).READ MORE Read More
Commentary: The Good, the Bad, and the Ugly of the COVID-19 Recovery
Economic shutdowns due to the spread of COVID-19 last year led to significant drops in equity and other risk assets’ prices. Our latest commentary covers signs of economic and market improvement, but also some signs that are bad and even ugly for the post-COVID recovery.
Commentary: Municipal Bonds Are In Investors' Sweet Spot
Municipal Bonds had a sell off in March of 2020, but since then have come roaring back, outperforming Treasurys in 11 of the past 12 months. This chart and commentary give insight into why muni bonds are in investors' sweet spot.
2021 Q1 Quarterly Update Letter (Financial Advisors)
This quarterly update letter looks at what happened during the first quarter of 2021, how our investment disciplines responded to the changing economic conditions, and a review of quarterly results.
Commentary: Risk-on and Risk-off Visualization
This chart visualizes how Long-Term Treasury Rates and High Yield Corporate Bond Spreads often move in opposite directions, as investors move into Treasuries in periods of market stress and tend to move out of High Yield Corporate Bonds during the same periods.
2020 Q4 Update: Risk Matters. Defense Matters. Discipline Matters.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the fourth quarter of 2020, including the impact of COVID-19 on global markets.
Commentary: Three Reasons to Own Bonds in 2021
CIO Terri Spath discusses the current state of the fixed income market and offers three reasons why we like bonds in 2021.
Investor's Business Daily 11/09/20
Biden’s Win Should Boost These IRS, 401(k) Investments
CIO Terri Spath gives her thoughts on potential allocations an investor may want to consider after a Biden election win.READ HERE
Bloomberg Markets: The Close (Video, 10/6/20)
CIO Terri Spath discusses COVID risks to the markets with Bloomberg Markets: The Close
Sierra CIO Terri Spath joins Caroline Hyde, Romaine Bostick & Taylor Riggs to bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street, including the latest on COVID and its impact on the markets.WATCH HERE
Bloomberg Daybreak: Australia (Video, 10/6/20)
Terri Spath talks to Bloomberg Daybreak: Australia about the news of the day
Haidi Stroud-Watts in Sydney and Shery Ahn in New York drive to the Asia, Australia and New Zealand market opens while speaking with Sierra CIO Terri Spath and wrapping the biggest stories of the previous day on Wall Street.WATCH HERE
Yahoo! Finance Video 11/12/20
Sierra Mutual Funds CIO on why she's turning to municipal bonds amid market uncertainty
Terri Spath, CIO of Sierra Mutual Funds, joined Yahoo Finance Live to discuss her outlook for the market and the sectors of the market she's turning to for safety amid market uncertainty.WATCH HERE
CNBC: The Exchange (11/13/20)
Why investors are buying municipal bonds as defaults are on the rise
CNBC’s Kelly Evans breaks down why some municipal bonds are seeing more investors, and how the Covid pandemic’s risk of a second lockdown impacts the market, with Terri Spath of Sierra Mutual Funds.WATCH HERE
Commentary: The Elections and the Broken 40% Bond Allocation
Chief Investment Officer Terri Spath provides four takeaways from the recent Presidential election and what it might mean for the future of the markets, as well as offering a potential alternative solution to a traditional, passive 40% bond allocation.
Commentary: Three Ways to Invest for the Rest of 2020
Chief Investment Officer Terri Spath gives an outlook for the rest of 2020, and three potential way to invest during these turbulent times.
2020 Q3 Update: Risk Matters. Defense Matters. Discipline Matters.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the third quarter of 2020, including the impact of COVID-19 on global markets.
Bloomberg: The Close (Video) 9/15/20
Sierra Mutual Funds CIO Terri Spath on Bloomberg: The Close 9/15/20
Caroline Hyde, Romaine Bostick & Taylor Riggs bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street and tackle the new Brexit bill, Apple's launch event and ViacomCBS's streaming fight with Sierra Mutual Funds CIO Terri Spath.WATCH HERE
Bloomberg: Where to Invest $10k Right Now (7/16/20)
Terri Spath gives her throughs on Where to Invest $10k Right Now
Sierra Mutual Funds CIO Terri Spath gives her thoughts on where to invest $10,000 right now to Bloomberg.READ HERE
Bloomberg Daybreak: Asia (Video)
Sierra CIO Terri Spath on the Markets
Sierra Mutual Funds CIO Terri Spath joins Haidi Stroud-Watts in Sydney and Shery Ahn to discuss the Asia, Australia and New Zealand market opens while wrapping the biggest stories of the previous day on Wall Street.WATCH HERE
Bloomberg Daybreak Asia: Terri Spath on the Markets (Podcast)
Terri Spath, CIO at Sierra Mutual Funds, discusses the latest on the markets with Bryan Curtis and Paul Allen on Bloomberg Daybreak Asia.
Terri Spath, CIO at Sierra Mutual Funds, discusses the latest on the markets with Bryan Curtis and Paul Allen on Bloomberg Daybreak Asia.LISTEN HERE
Yes, There Are Alternatives to Stocks Out There. Lots of Them.
Sierra Mutual Funds CIO Terri Spath discusses alternatives to stocks in a volatile market.WATCH HERE
TD Ameritrade: Fast Market (Video) 5/19/20
Sierra Mutual Funds CIO Terri Spath talking investing strategies to consider during market volatility.
Sierra Mutual Funds CIO Terri Spath talking investing strategies to consider during market volatility.WATCH HERE
CNBC: The Exchange
Health-care and tech sectors rise as stocks erase early loses
CNBC’s Kelly Evans discusses the day’s market actions with Jason Brady, CEO of Thornburg Investment Management, and Terri Spath of Sierra Mutual Funds and Tom Porcelli of RBC Capital Markets.WATCH HERE
Money Life with Chuck Jaffe
Sierra's Terri Spath: 'Lows are in for the year, but volatility isn't going away'
Sierra CIO Terri Spath joined Chuck Jaffe's podcast to discuss her ideas on how to mitigate risk and seek the upside in volatile markets.LISTEN HERE
Commentary: Three Investment Ideas in Front of the Election
CIO Terri Spath covers the current state of the markets, and gives three possible ways to participate in investment returns while keeping a close eye on risk.
2020 Q2 Update: Risk Matters. Defense Matters. Discipline Matters.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the second quarter of 2020, including the impact of COVID-19 on global markets.
Commentary: The Answer to a Widespread Question: FAAANM
Chief Investment Officer Terri Spath discusses how the stock market continues to rise despite economic struggles, the current state of the bond market, and how our rules-based investment disciplines are navigating these unprecedented times.
COMMENTARY: Discipline Matters in Zombie Markets
Chief Investment Officer Terri Spath discusses the current state of the economy, what changes you might expect in the coming months, and some recommendations for navigating the ever changing market environment to help mitigate risk while seeking productive returns.
2020 Q1 UPDATE: RISK MATTERS. DEFENSE MATTERS. DISCIPLINE MATTERS.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the first quarter of 2020, including the impact of COVID-19 on global markets.
In Volatile Markets, Cash Can Be Friend or Foe for Mutual Funds
Two legendary investors, Warren Buffett and Seth Klarman, famously like to hold cash. The typical mutual fund? Not so much.READ MORE
Where to invest $10,000 right now
Five experts share best ideas on investing in an uncertain era.READ MORE
It's a good time to have 'some assets in the muni bond market': Sierra Mutual Funds CIO
Sierra Mutual Funds CIO Terri Spath says, "A good place to have some assets is the muni bond market" amid COVID-19. She joins Yahoo Finance’s On The Move panel to discuss.WATCH VIDEO
Commentary: When It Comes Time to Buy, Will You Do It?
CIO Terri Spath's latest market commentary discusses when might be a good time to buy, and the importance of using a time-tested process, like the one used at Sierra.
Special Edition Market Minute: Got the moving market on your mind...
The markets have been unruly this week. In a matter of days, we've seen months of market gains eliminated right before our eyes. It is times like these that we rely on our truly-tactical rules-based investment process and quantitative trailing stops under each holding. Terri shares her perspectives in this Special Edition of the Market Minute.
Market Minute: Diversifying with Preferred Stocks
Preferred stocks offer investors the characteristics of both equities and bonds. Though less volatile than their common stock counterpart, they still need to be managed tactically. CIO Terri Spath shares her insights in this week's Market Minute.
How 2020 headwinds may cause a recession in the U.S.
As fears continue to grow regarding the Coronavirus and ongoing trade disputes, investors are unsure if these headwinds mean the market is heading towards a downturn.WATCH VIDEO
CNBC: The Exchange
Coronavirus will create market softness: Destination Wealth’s Yoshikami
Michael Yoshikami, Destination Wealth Management, and David Wright, Sierra Mutual Funds portfolio manager, join ‘The Exchange’ to discuss the state of the market and where they see opportunities.WATCH VIDEO
Commentary: Puzzled by Fixed Income? A Tactical Resolution for 2020
Reviewing bond holdings doesn’t make most people’s list of New Year resolutions, but it should. Why? Investors often tell us that fixed-income is confusing and that they have heard now is not a good time to buy bonds. The truth is a bond allocation is critical to your financial health, and a truly tactical approach to the asset class can address a lot of the confusion and misgivings about bonds that investors typically have.
Where to invest $10,000 right now
The question on many investor’s minds is simple: Is it time to take some money off the table?READ MORE
Market Minute: Risk Measures: Maximum Drawdown
Happy New Year to you all. It's 2020, and we want we want to share some thoughts with you about Maximum Drawdown. This risk measure looks at the largest observed loss from peak to trough. Terri shares her insights into the importance of Maximum Drawdown in this week's Market Minute.
Emerging-Market Debt, Stocks 'Great Area' to Look at
Terri Spath, chief investment officer at Sierra Mutual Funds, talks about emerging-market stocks and debt. She also discusses interest rates and the implications for financial markets with Shery Ahn and Paul Allen on "Bloomberg Daybreak: Australia."WATCH NOW
Scarlet Fu and Romaine Bostick bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street. Today's show tackles the USMCA, impeachment and the Bloomberg 50. Guests Today: Terri Spath of Sierra Mutual Funds, Iain Begg of London School of Economics, Kipp Deveer of Ares Capital, Burns McKinney of Allianz Global Investors, Avinash Mehrotra of Goldman Sachs, Stephanie Kelton of Stony Brook University, George Pearkes of Bespoke Investment Group.WATCH VIDEO
Market Minute: Interest rates and the yield curve
The yield curve inverts when consumers are able to borrow money at a lower interest rate for a longer period of time. It's unusual when it occurs, and it has investors a bit nervous. What affect does it have on the way we manage money for our clients? Terri provides her perspectives.
Market Minute: Understanding emerging markets investments
When considering investments in emerging markets for your clients, the opportunity for growth is tremendous; but if you are seeking to increase diversification, you may want to look deeper into emerging markets debt. Terri shares her perspective in this week's Market Minute.
Market Minute: Three popular methods for managing municipal bond
Municipal bonds, often a staple component of the fixed income sleeve of a client's portfolio, aren't exempt from periods of extreme volatility. We've found that financial advisors prefer one of three different methods for managing them. This week, Terri breaks down the features and benefits of each, and shares her personal preference.
Market Minute: How we manage the interest rate environment
2019's theme seems to be interest rates. They've been up, they've been down, and each move has been at a different velocity. With so much fluctuation, we're often asked how we are able to manage through the challenging environment. Terri explains in this week's Market Minute.
Market Minute: Sequence of returns risk
Unlike other investing risks, sequence of returns risk isn't a statistical figure that can be found or screened out in Morningstar. It's a risk that is unique to each individual investors experience. Terri explains how we're able to mitigate this overlooked risk in this week's Market Minute.
Dow and S&P 500 snap 3-day losing streaks
Barbara Doran of BD8 Capital Partners and Terri Spath, chief investment officer at Sierra Investment Management, talk about markets after the bell on CNBC’s “Closing Bell.”WATCH VIDEO
Commentary: Airbags for Your Investments
Investment Commentary: Chief Investment Office Terri Spath discusses some potential hidden risks in the current markets, and how to seek to mitigate those risks.
Market Minute: A look at global stock valuations
With stocks reaching record highs, we continue to be asked about global opportunities and the risks associated with them. Valuation metrics are a great way of measuring value. Terri discusses the subject in this week's Market Minute.
Market Minute: The impact of global negative interest rates
Bond market investing has been made more difficult than ever thanks to global negative interest rate debt. It's putting a crimp on investors who are looking to create income. Our tactical, rule-based process follows a myriad of asset classes, and it helps us identify areas of the market they may provide positive outcomes. Terri discusses in this week's Market Minute.
Are bonds the best investment right now?
Yahoo Finance's Julie Hyman, Adam Shapiro, Brian Sozzi and Terri Spath - Sierra Mutual Funds CIO discuss.WATCH VIDEO
Commentary: Plug Your Portfolio
Investment Commentary: Chief Investment Officer Terri Spath talks about potential ways to guard against drawdowns and market risk in the current environment.
Sierra Mutual Funds Introduces Tactical Bond Fund
New Fund Applies Sierra’s 32 Years of Experience and Distinctive Disciplines to Contrasting Bond Categories
Santa Monica, CA (October 15, 2019) – Sierra Mutual Funds, an emerging manager and a pioneer in tactical, low volatility, conservative investing, today announced the launch of the Sierra Tactical Bond Fund, a new bond mutual fund that will utilize Sierra’s distinctive tactical investment approach to pursue total return and limiting downside risk.Read More
Risk Off Story Is More Stealth Than Investors Thought, Says Sierra Mutual Funds' CIO
Terri Spath, chief investment officer at Sierra Mutual Funds, discusses the U.S. equities, risks to the market and her outlook for markets and the U.S. economy.WATCH VIDEO
Emerging Markets Favored Over U.S. Large Stocks, Sierra Mutual Says
Terri Spath, chief investment officer of Sierra Mutual Funds, talks about the U.S. economy, why she favors emerging markets, and Federal Reserve policy.WATCH VIDEO
Ask Any Stock Market Pro: Buying Is Easy, Selling is Hard
Professional managers don’t seem to give as much attention to selling as they do to buying and could have a bias to holding on to winning picks for too long.READ THIS ARTICLE
Stocks are surging on trade optimism – five experts weigh in
Stocks rocketed higher Thursday, fueled by renewed optimism over trade talks between the U.S. and China.READ THIS ARTICLE
Wall St. week ahead: Another recent inversion could provide support for stocks
A decline in interest rates on long-term U.S. government bonds below the average stock dividend yield has received less attention than an inverted Treasury yield curve, but it could be a reason stocks find support after a bruising August.READ THIS ARTICLE
Market Minute: Distancing investing from gambling
Have you ever spent a day at the horse races? Choosing one horse before the race has begun and hoping for the best result is gambling. The same mentality can creep into investing. Terri Spath shares her investing insights in this week's Market Minute.
Commentary: Winning at the Horse Races
For most people the end of summer means one last dash to the beach, back-to-school shopping, and some final wagering at the horse track. At least this has been the case for me. The last bet on the last race at the Del Mar Racetrack in Southern California comes at Labor Day. Betting on a horse means putting money on a hopeful winner before the announcer shouts “go” and either picking up a gain or losing it all several minutes later.
Market Minute: Using actively managed funds to tap into munis
Actively managed mutual funds are great vehicles to tap into unusual bond markets. We prefer using mutual funds to tap into the municipal bond market for many reasons. In this week's Market Minute, Terri shares three reasons why it makes sense.
Market Minute: Recapping a busy October
October has been a wild, volatile month in the domestic and global stock and bond markets. Terri talks about the pain the recent volatility has brought investors, and shares some high-level tactical sells that were made as a result.
Market Minute: A new year with new risks
The new year brings with it new risks. CIO Terri Spath shares her perspectives.
Market Minute: How well do you know your fixed income benchmark?
How are bond benchmarks constructed? The largest issuers of bonds will generally make up the most significant portions of a benchmark, which may expose your clients to some unintentional risks.
Market Minute: Using investment rules to create favorable outcomes
Ever hear of the "Santa Clause Rally" or "Sell in May then Go Away?" These are commonly understood rules that seem quirky and subjective, but have some historic proof behind them. Terri shares her perspectives in this week's Market Minute.
Commentary: State of Confusion
Financial markets don’t know if they are coming or going, telegraphing that investors are in a state of confusion. The U.S. stock market is tapping out historic highs, but as we write this, the reality is that the S&P 500 is a scant 2% higher than levels established 9 months ago. Along the way to that meager gain, buy and hold investors endured an agonizing and unrelenting free-fall at the end of 2018 and a sharp 7% loss in value in May.
CNBC Closing Bell
Fed doesn't have data to cut rates at this point, says CIO
Keith Bliss of Cuttone and Co. and Terri Spath of Sierra Mutual Funds discuss markets and what investors should watch with CNBC’s “Closing Bell” team.WATCH VIDEO
Where to Invest $10,000 Right Now
Six veteran investing experts share their best ideas. Spath: "U.S. stock and bond markets are in a state of confusion."READ THIS ARTICLE
Investment News: Market volatility is top of mind for your clients
How will markets move in 2019? Terri Spath of Sierra Investments sits down with Matt Ackermann to examine the movement more closely.Watch Video
Market Minute: The truths about left tail risk
Volatility is unpredictable and is a component of the capital markets that must be accounted for. Left tail risk is low probability events that can dramatically affect a client's portfolio.
Market Minute: Three D's to enhance your clients' portfolio
We seek to provide your client's the Diversification and Defense they seek in the accumulation phase to set them up for future success when they enter the Distribution phase.
Commentary: The Stealth Bull Market in Bonds of the Past Year
For many, summer means days at the beach and, ideally, nights at the ice cream parlor. Picking a flavor of ice cream is never an easy decision. The same can be said for bonds. Like ice cream, bonds come in 31 flavors (or so). U.S. government bonds are really different flavors of vanilla, from just plain vanilla to French to New York. Interest rates are the driver of the prices of government bonds; a rise in rates pressures prices down and vice-versa. A risk of default is virtually nil so credit risk does not influence the price.
Commentary: A Tactical Strategy for Current Volatility
From basketball to tennis or chess to tic-tac-toe, winning a game involves strategic decisions, probability analysis and math. The best teams and players are not passive, generating the same moves over and over, but tactically adjusting to make the next best move. Investing is much the same.
Commentary: True Diversification is a Process, Not a Set of Assumptions
A simple definition of investment diversification is conveyed in the overused statement, “don’t put all your eggs in one basket.” The basic buy-and-hold, set-it-and-forget-it style of investing is often premised in a 60% global stock and 40% bond allocation (known as “60/40”) and sold as enough diversification to handle whatever market turmoil might come your way over the long-term.
Commentary: After Last Quarter's Bloodbath, We've Had a Nice Rally. Is it Time to Pop the Corks?
So far in 2019, and really since Christmas Eve, we have seen a nice risk-on rally. Equities (as measured by the S&P 500® Index) were up about 8% in the month of January despite the U.S. government shutdown and international turmoil. While it is nice to have a breather from the march downward, it may be too early to pop the champagne corks and celebrate for the rest of the year. 2019 has only just begun, and (stop me if you've heard this) investing in a marathon, not a sprint!
Commentary: A Portfolio Manager's Resolution for Investors: Trailing Stops
A new year brings with it the elation of a renewed start. We proclaim resolutions about how we will make this year better than the one that just concluded. After the volatile close to 2018, investors should now be doing the same. Fortunately, there is the trailing-stop.
Sierra Mutual Funds Introduces Sierra Tactical Municipal Fund
Income-Oriented Fund to Provide Benefits to High-Income Investors
Santa Monica, CA (January 2, 2019) – Sierra Mutual Funds, Inc., an emerging manager and a pioneer in tactical, low volatility, conservative investing, today announced the launch of the Sierra Tactical Municipal Fund.Read More
Four Indicators That A Recession Isn't On The Horizon
Wallace Forbes recently spoke with Terri Spath, CIO to discuss today's economy and her approach to investing.READ THIS ARTICLE
CNBC: There are 'four horsemen of the apocalypse' that could kill this market...
Terri Spath, Sierra Investment Management chief investment officer, and Gabriela Santos, J.P. Morgan Funds global market strategist, discuss their market outlooks right here.Watch Video
Sierra Group's Dave Wright Named to Barron's List of Top 1200 Financial Advisors
The Managing Director has been recognized again
Santa Monica, CA (February 26, 2015 -- The Sierra group of companies today announced that Barron's named Dave Wright to its 2015 Top 1,200 Advisors list, which appeared in the February 23, 2015 issue.Read More
Barron's Ranks Sierra's Dave Wright among 2015 "America's Top 100 Independent Financial Advisors"
The Managing Director and Co-founder recognized for the second time
Santa Monica, CA (September 14, 2015) -- David C. Wright, Managing Director of Sierra Investment Management, Inc., was named to Barron's list of the "Top 100 Independent Financial Advisors" in its August 24, 2015 issue. This was the financial magazine's ninth annual ranking of top independent advisors. Mr. Wright also appeared on the magazine's 2013 list.Read More
Small-Caps Push Stocks Higher as Turkey Fears Wane
U.S. stocks halted their longest slide since March and the dollar reached a 14-month high as investors brushed off Monday’s Turkey-induced turmoil.READ THIS ARTICLE
Observations and Perspectives: Some of These Things Are Not Like the Others
Since early July 2016, the yield on the 10-year Treasury has rocketed from 1.38% to nearly 3%. Investors in intermediate Treasuries have lost more than 7% over that period as rising interest rates have resulted in falling bond prices.
There is no Bond Bear Market
I see it all across financial media; people talking about the bond bear market. Writers strike fear into the hearts of their loyal readers with dramatic language, and the fear that you stand to lose a considerable amount from your safe investments. What should you do?READ THIS ARTICLE
Observations and Perspectives: Show Me the Money
We are consistently hearing that bonds are making advisors and investors pull out their hair. Nearly three decades of generally falling interest rates has translated into a bull market for traditional bond strategies, but times have changed.
Observations and Perspectives: Trendless Volatility
The year 2017 went down in the record books as the calmest stock market in history. The worst decline from high to low (“drawdown”) was a scant 2.6% and the S&P 500 recorded just 8 swings of more than one percent, just about one every six weeks, all the while consistently moving to the upside.
Sierra Tactical Core Income Fund (SSIRX) Renamed
The Fund Has Been Renamed to Denote it's Mandate and Approach
Santa Monica, CA (May 14, 2018) -- The Sierra Group of Companies has renamed its Strategic Income Fund to better reflect the fund’s tactical approach to conservative investing. Now known as the Sierra Tactical Core Income Fund (SSIRX), the fund will continue to be managed as it has been since its inception.Read More
Investors Stuck Between Rock and Hard Place
Interest rate hikes and unfavorable trade policies hint at tough times ahead, leaving many investors looking to take cover—with potentially nowhere to go.READ THIS ARTICLE
The Keys to Successful Tactical Management
Chief Investment Officer, Terri Spath, interviewed about the keys to successful tactical asset management.READ THIS ARTICLE
Where the Best Bond Opportunities Are Now
Interest rates are generally higher since the end of last year—and the nearly decade-long economic recovery can’t last forever. Both are putting pressure on individual portfolios.READ THIS ARTICLE
This One Indicator Has Predicted Every Recession Since 1960—and It's Flashing a Warning
Uh-oh. The government reported on Friday that the number of home construction projects that broke ground last month fell 7% versus the prior month.READ THIS ARTICLE
Shaking Up the Market for Municipal Bonds
All politics are local, according to the famous dictum of Reagan-era House Speaker Tip O’Neill. But the municipal bond market has rarely been as roiled by national politics as it has been by the drama in Washington over tax reform.READ MORE
The Wall Street Journal
Transport Stocks Fall, But Market Shrugs Off Broader Concerns
Shares of planes, trains and automobiles are skidding, and that often spells trouble for the rest of the market. But some analysts and investors aren’t heeding the century-old warning sign this time around.READ MORE
Observations and Perspectives: Traditional Bonds = Risky Parachutes
During the short nine days of trading from late January to February 8, the S&P 500 fell like a skydiver leaping out of a plane: fast and down. In a classic flight-to-quality response, investors pulled their parachutes, socking billions into the largest ETFs tracking the widely-watched Bloomberg Barclays U.S. Aggregate Bond Index (the “Barclays Aggregate”). This time, though, it didn’t work.
Observations and Perspectives: Take It One Curve at a Time
Right now I am continually inspired by the competing Olympians and I just came across an obscure and just plain crazy sport: “skeleton.” In it, thrill-seeking competitors plummet headfirst down a twisting, frozen track at speeds over 80 miles per hour.
Sierra Group of Companies Reaches over $3 Billion in Assets
The firm has experienced rapid growth over the last two years
Santa Monica, CA (February 13, 2018) -- The Sierra Group of Companies ("Sierra") is proud to announce that as of 12/31/17, the firm has reached over three billion dollars in combined assets under management and assets under advisement.Read More
The Re-Named Sierra Tactical All Asset Fund (SIRRX) Marks 10-year Anniversary
The Fund has a Track Record of Demonstrated Risk Management and Upside Participation
Santa Monica, CA (January 29, 2018) -- The Sierra Group of Companies is proud to announce that Sierra Tactical All Asset Fund (SIRRX), formerly known as Sierra Core Retirement Fund, celebrated its 10th anniversary on December 24th, 2017.Read More
A Fool's Errand - 1st Quarter 2018 Commentary
As Yogi Berra famously quipped, “It’s tough to make predictions, especially about the future.” Nowhere is this truer than in the stock and bond markets around the world. It is a fool’s errand to make bold market predictions, but here we are at the beginning of 2018 and, as usual, economists, market pundits and fortune tellers alike are offering their best guesses for the next 12 months.
Barron's Names David Wright of The Sierra Group to 2017 "Top 100 Independent Financial Advisors" Rankings
The Managing Director and Co-founder lands on list for third consecutive year
Santa Monica, CA (September 20, 2017) -- The Sierra Group of Companies today announced that managing director and co-founder David Wright has been named to Barron's Top 100 Independent Financial Advisors for the third consecutive year. Mr. Wright and Sierra are ranked 23rd out of 100, up from 42nd in 2016 and 56th in 2015. The Barron's rankings formula is based on three general categories: assets. revenue, and quality of practice as of June 30, 2017.Read More
Observations and Perspectives: Playing Whack-a-mole in Wacko Season
A widely followed bond guru recently declared that investment markets have entered “wacko season.” Some of his reasons include bitcoin mania and also European junk bonds that yield the same as U.S. Treasuries (which would you invest in)? We do not disagree and would add to his already long wacko and confusion list:
Observations and Perspectives: Passive ETF Investing & Sleepy Markets. Stay Alert!
“The reports of my death have been greatly exaggerated”, quipped Mark Twain after being told a newspaper had published his obituary when he had fallen ill. The death of active management has also been prematurely announced and is rooted in the herds of investors pouring money into passive ETF funds mimicking indexes.
Observations and Perspectives: Canaries in the Coal Mine: What to Watch as Stocks Continue to Make New Highs
Stocks continue to teeter at all-time highs and the out-sized profits enjoyed since November of last year are really a continuation of the bull market that turned 8 years old this past March. Low starting valuations, improved economic growth and employment, increased corporate earnings and low interest rates have driven the moves upward.
Clouds over Trump tax plan may curb appetite for U.S. stocks
Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump's stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months.READ MORE
Wright: For 10% Bond Returns, Look to Munis
It's time to take profits in high-yield corporate bonds and buy high-yield municipals, says Sierra Strategic Income Fund co-manager David Wright.Watch Video
Junk bonds, emerging markets corporate debt and municipals looking attractive
David Wright appeared this afternoon on CNBC's 'Closing Bell' program in a segment with anchor Kelly Evans and on-air editor Rick Santelli, and ETF Trends founder Tom Lydon.Watch Video
Investors should be paying attention to rising rate environment
Terri Spath appeared this afternoon on CNBC's 'Closing Bell' program in a segment with anchors Kelly Evans and Bill Griffeth, and JK Investment Group chief investment officer Chris Johnson.Watch Video
Sierra Investment Management Appoints Colin Barber Senior Key Accounts Director
Mr. Barber will oversee home office relationships for all the firm’s third-party broker/dealer focused businesses
Santa Monica, CA, March 7, 2017 -- Sierra Investment Management today announced that industry veteran Colin T. Barber has been appointed as Senior Key Accounts Director for the firm’s third-party broker/dealer focused businesses, Sierra Mutual Funds and Ocean Park Asset Management, Inc.Read More
Observations and Perspectives: Look Out Above! Rates Are Going Up.
About fifty days into the new administration and the trend we have observed since July 2016 remains intact: interest rates are going up.
Here's what ended the Dow's flirtation with 20,000
This is not a kiss and tell story: The fact is the on-again, off-again romance between the Dow and the 20,000 milestone is officially on hold.READ MORE
Observations and Perspectives: Is the Sugar High Wearing Off?
Anticipation of lower taxes and higher infrastructure spending initially pushed investor enthusiasm and stock prices higher for several weeks following the election of Donald Trump as the 45th President of the United States. At the same time, a sea of change from central bank dominated markets to a focus on fiscal policy sparked inflationary fears, a stronger dollar prompted a melt-up in interest rates. As the Dow inches toward the historic level of 20,000, the sharp runs in stocks have begun to consolidate while rates have retreated. The sugar high is wearing off.
Barron's Names David Wright of The Sierra Group to 2016 "Top 100 Independent Financial Advisors" Rankings
The Managing Director and Co-founder lands on list for second consecutive year
Santa Monica, CA (August 29, 2016) -- The Sierra Group of Companies today announced that managing director and co-founder David Wright has been named to Barron’s Top 100 Independent Financial Advisors for the second consecutive year. Mr. Wright and Sierra are ranked 42nd out of 100, up from 56th in 2015. The Barron's rankings reflect the volume of assets under management, revenues, and quality of the advisors’ practices as of June 30, 2016.Read More
Tech stocks soar as growth trumps Trump fears
So much for fears of Donald Trump's presidency hurting tech stocks.READ MORE
Observations and Perspectives: Do You Smell That?
What’s that smell? No political jokes. No celebrity ones either. That smell you smell is the faint whiff of inflation seeping into the economy. It’s also one of the big reasons for the cruel October bond selloff.
Observations and Perspectives: Your Client Doesn't Care About Standard Deviation
All else equal, given the choice between a 10% gain or a 5% gain, most (all) investors prefer the 10%, right? A degree in math or a course in probability and statistics isn’t needed to figure that out.
Observations and Perspectives: Sell Everything? Even the Kids?
A very smart investor (more than one very smart investor, actually) is saying to sell everything. These “smart guys” are very likely smarter than me. They most certainly are wealthier than I am. Some may argue they are also better looking than me.
Observations and Perspectives: Right Back Where We Started From
In an emotional vote against crony capitalism, immigration fears and the widening gap between haves and have-nots, the UK voted on Thursday to leave the European Union, shocking pollsters and market makers the world over. The psychological damage on Friday was jarring: the British pound touched a 30-year low, European bank stocks plunged close to 20% and jittery investors rushed into gold and anything U.S., including bonds and the dollar (but not stocks or high yield bonds….yet).
Observations and Perspectives: Pass the Pepto-Bismol
As stocks reach record highs, it’s worth re-visiting the ride to get here. It’s not unusual to see pullbacks in stocks, but over the past 12 months, investors in U.S. stocks have suffered two 12+% drops in the S&P 500 and in the process made a full 2.85%. That includes dividends. As you likely recall, the U.S. market had the worst start ever to a calendar year in 2016. Happy New Year and please pass the Pepto-Bismol.
With Fed rate rise more likely, U.S. dollar again weighs on earnings
A healthier U.S. economy which leads the Federal Reserve to raise interest rates again soon may dampen spirits at companies which are just starting to see some relief from the strong dollar of the past two years.READ MORE
The Dove, the Fed and the Tanker
Since the Federal Reserve raised its borrowing rate by 25 basis points (bps) this past December, the U.S. dollar keeps dropping to lower and lower levels relative to other currencies. The tanking dollar is the exact opposite of the predictions of economists’ models. Here's what most economists say: if rates are higher and rising in the U.S. versus Japan, people want U.S. bonds, so they sell yen to buy dollars. This should push up the value of the dollar versus the yen. In fact, the opposite has occurred.
Seeing rally as fragile, some funds back away as U.S. stocks near record
The rally that has sent the benchmark S&P 500 up more than 15 percent from its February low is prompting U.S. diversified funds to sell shares as the market nears its record high.READ MORE
Stocks Rally 2%, Spurred by Good News From Banks
Good earnings lifted financials, helping shares rise broadly; in a bullish sign, market breadth hit an all-time high; and, American Express looks cheap.READ MORE
The Wall Street Journal
Record for Stocks: So Close but Hard to Reach
The momentum of the recent stock rally could carry U.S. indexes to fresh records, but they have been close before without success.READ MORE
Best Yield Now: Emerging Markets Top MLPs?
Sierra Investment Management says its best income ideas today are among emerging market bonds.READ MORE
Junk Bonds Look Attractive
With market turmoil easing, income investors should begin to think about getting into high-yield junk.READ MORE
Observations and Perspectives: Are We Out of the Woods Yet?
We’ve had a year’s worth of trading moves already in 2016. Seven weeks into the trading year and global markets, from commodities to stocks, went on a tear to the downside. Most recently, many market benchmarks have reversed course, posting solid gains. The big question now is whether this newer move is sustainable. Are we out of the woods yet?
Markets in Focus: January 2016 - What the Heck?!
Equity markets around the world ended January down substantially, and the declines in the major U.S. stock indices, in the first week and as well as the first two weeks of the year, were the worst in over 100 years. (The month as a whole was the worst January since 2009.)
Observations and Perspectives: Global Confidence is Fragile
Kicking off the start of the second full week of trading for 2016 did little to calm investors. The year started in an ugly way when The People’s Bank of China depreciated the value of its currency, the renminbi, causing shares to tumble in Shanghai. The descent in Chinese stocks was so sharp that circuit breakers were triggered, halting trading. Just like when you are fighting with your spouse, or getting ready to hit the send button in an angry email, a short pause can often stop destruction.
Buying Munis & High-Grade Corporate Bonds 'With Both Hands'
Dimitra DeFotis of Barron's talks with Sierra's Portfolio Manager, David Wright.read more
2015-06-30 Does Greece Need Adult Supervision?
Events on Saturday in Europe, regarding the "final" proposal by the ECB, IMF and Germany, roiled the global markets on Monday, June 29. The Greek leadership team and teh Eurogroup negotiating team have traded proposals for the past ten days. But the ECB and IMF negotiators finally set Saturday as the deadline for their final offer - and Greece whiffed.
Observations and Perspectives: Is it Time to "Live Happily Ever After"?
Stocks have rallied back into the green for 2016, recovering completely from the January collapse. The market breadth is convincing. Last year, we highlighted that “risk-on” assets were in fact at risk. One reason we held this view was the serious lack of breadth in the broad stock market. While the FANGS (Facebook, Amazon, Netflix, Google and Starbucks) were dazzling in their meteoric returns, the average stock was in negative territory for 2015. In fact, over 400 of the stocks in the S&P 500 lost ground in 2015, a terribly low level of market breadth.
Wealth Strategies: Time to gradually move back into bonds
Rhonda Schaffler, Reuters Insider, with Sierra Fund's Portfolio Manager, David Wright.
Closing Bell Exchange
Discussing current equity and bond market conditions, with Quincy Krosby, Prudential Financial; Anthony Chan, Chase; Michael Robinson, Money Map Press; and David Wright, Sierra Funds.
Closing Bell Exchange: US not running like it should
Discussing the impact of today's jobs report on the economy...
Sierra Group Named to Financial Times' List of 300 Top RIAs
The Sierra group of companies today announced that it has been named to the Financial Times' FT 300 Top Registered Investment Advisers in the US, based on data gathered by The Financial Times from over 2,000 RIA firms that manage over $300 million.
"We are deeply gratified to be included on this list," said David Wright, Managing Director of Sierra. "Since our inception...
Closing Bell Exchange: Fed appropriate?
After Fed Chair Janet Yellen commented on social media and biotech stocks being overpriced, Michael Block, Rhino Trading Partners; Kelly Connelly, JHS Capital Advisors; David Wright...
Munis Offer Value, Stocks Scary
Gregg Greenberg interviews Sierra's David Wright on a segment of TheStreet.Watch Video
High Yield Munis Better Than Stocks as Economy Slows
The Dow Jones Industrial Average may be back above 18,000, but the bell weather equity index does not reflect the true problems underlying the economy, said David Wright, portfolio manager for the Sierra Strategic Income Fund (SSIIX) .Watch Video
Sierra Strategic Income Fund Marks Fifth Anniversary
Since inception, the fund has outperformed its Morningstar category
Santa Monica, CA (February 3, 2017) -- Sierra Investment Management today announced that the Sierra Strategic Income Fund has reached its fifth anniversary. The fund is managed with two goals: to limit downside risk (or drawdowns) of the overall portfolio, and to provide satisfying risk-adjusted returns for clients.Read More
Sierra Strategic Income Fund Reclassified by Morningstar
We think the new category better represents the fund's absolutely flexible investment approach and philosophy.
Santa Monica, CA (January 4, 2016) - Sierra Investment Management today announced that Sierra Strategic Income Fund has been reclassified by Morningstar, Inc., the mutual fund rating service, in the "Nontraditional Bond" category. It had previously been classified in the "Multisector Bond" category.Read More