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October 2017 Letter to Investors

October was a reminder for us of why it’s important to diversify. Apple (AAPL) had a fantastic quarter on expectations of strong iPhone sales, and as I write this, the company is within striking distance of being the first trillion-dollar company by market cap. I’ve been expecting this for a long time, and it’s nice […]

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September 2017 Letter to Investors

September was a solid month for the Dividend Growth portfolio, as it retuned 1.02% for the month. This underperformed the 1.93% return for the S&P 500, but the portfolio also started the month with a larger-than-usual allocation to cash. The portfolio remains moderately cash heavy, with 10% allocated to cash as of month end. But […]

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Dividend Growth Portfolio August 2017 Performance and Outlook

August was an unusual month. We had escalating nuclear tensions with North Korea, and a storm – Hurricane Harvey – that will likely go down in history as the costliest natural disaster in U.S. history once the damages are tallied. Yet perhaps shockingly, the stock market remained surprisingly quiet. Volatility ticked up modestly from its […]

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Dividend Growth Returns Year to Date

It didn’t get off to a good start. But 2016 is shaping up to be a fine year for the Dividend Growth portfolio. Through June 3, the Dividend Growth portfolio was up 17.3% in 2016, including dividends and allowing for a 1.5% management fee. That compares to a 2.7% return for the S&P 500. And […]

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Sizemore Capital 4th Quarter 2015 Letter to Investors

I wasn’t sad to see 2015 end. It was called “the year that nothing worked.” And while that’s not entirely true – if you happened to be long the “FANG” stocks Facebook, Amazon, Netflix and Google, you did quite well – it was certainly true for my Dividend Growth portfolio. The strategy had a poor […]

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August Letter to Investors

After the recent spate of market volatility, I thought it would be a good idea to do a quick review of our strategies and how the volatility affects us. To start, I would say that the best way to defend against a bear market is to simply buy stocks at good prices. The market will […]

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May 2015 Portfolio Summary: REITs On Sale Again

As we jump into May, I can find very little cause to complain. The Dividend Growth Portfolio is off to a solid start, up 5.7% through April 30, net of all fees and expenses.  This compares to a total return in the S&P 500 of just 1.9%. The portfolio’s high allocation to energy and to […]

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October 2014 Portfolio Outlook

Last month, I asked if we should have expected a “September swoon.”  Well, as it would turn out, we did—but not in mainstream American large-cap stocks.  It was emerging markets that took the biggest beating—Brazilian stocks, in particular, lost over 20% of their value—though yield-sensitive investments such as REITs, mortgage REITs, and high-dividend-yielding stocks also […]

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September 2014 Portfolio Outlook: Should We Fear a September Swoon?

Bears often come out of the woodwork this time of year and note that September is the worth-performing month on average—the only month with a median monthly loss going back to 1950. September is also the only month in which there were more negative years than positive; 53% of Septembers since 1950 have been negative […]

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July 2014 Portfolio Outlook

The end of June, as the halfway point, is a good time to stop and reevaluate the assumptions you brought into the year.   You should ask yourself: Are your strategies still working, and if they are not, what is your game plan for the second half of the year? So with that in mind, […]

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