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12:00 TUESDAY – Investing Insights #259 – 04/29/25

by Robert Holman, CFA CFP | www.DefensiveAdvisor.com


STOCK MARKET RATING (THE BIG PICTURE) … 5.0 (1 - 4 is bearish, 5 is neutral, and 6 - 9 is bullish).


The markets feel like they want to be bullish and recover lost ground, but along come bearish days that give back all of the gains. The net, net market action has not produced much in the way of a discernible trend. In addition, all of this could change at a moment's notice -- by either bullish news (ex., a favorable trade announcement) or bearish news (ex., an announcement on problems with negotiations with China).


The President's interest in tariffs seems to be partly in revising trade restrictions that keep U.S. goods out of foreign markets. The tariffs are designed to collect funds on imported goods that go to the U.S. Treasury and thus will be available to reduce the national debt.


Meanwhile, little real progress has been made on income tax legislation. It’s not clear what is taking so long.


When the initial estimate for First Quarter U.S. GDP is released on Wednesday, the market expects a sharp downshift in economic growth, based on information from multiple sources. There is increasing concern that the economy has slipped into a mild recessionary period that started before the announcement of trade tariffs.

Under these circumstances, investors are better off waiting to make portfolio adjustments until hard data is available that indicates a sustainable trend in economic activity.


PORTFOLIOS … After reading this report, if you are unsure how to respond to these conditions, you may send a message to my Secure Email and I’ll reply with the information you need. I’ll also give you a free portfolio assessment, see the link below.


TO MY CLIENTS … THANK YOU FOR YOUR TRUST.


LEARN FROM THE BIBLE … Proverbs 15:22 MSG - Refuse good advice and watch your plans fail; take good counsel and watch them succeed.


This report is a 3 minute read, published every other Tuesday afternoon. To sign up for this bi-weekly e-Newsletter, go to: http://www.defensiveadvisor.com/blog.


Opinions in this post are for general information only and are not intended to provide specific advice to, or recommendations for, any individual without our complete knowledge of that individual’s total financial profile. No strategy assures success or protects against loss. Nor does past performance guarantee future results.


 
 
 

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Last Edited: July, 2024

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CFA - Chartered Financial Analyst (or CFA®): The CFA charter is the gold standard for the investment industry. CFA charterholders enjoy a mark of the highest distinction in the investment management profession, a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. Passing the three six-hour cumulative CFA exams (Levels I, II, III) is a difficult feat that requires extensive study (successful CFA candidates report spending an average 3,000 hours of study to become a CFA). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry.

 

To earn the CFA charter, candidates must master a broad-based curriculum of investment principles and commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed-income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning.

 

The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charter holders to:

  • Place their clients’ interests ahead of their own

  • Maintain independence and objectivity

  • Act with integrity

  • Maintain and improve their professional competence

  • Disclose conflicts of interest and legal matters

 

CFA® charterholders who fail to comply with the above ethics, professional standards and other requirements may be subject to the CFA Institute’s enforcement process, which could result in censure or permanent revocation of their CFA® charter.

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CFP® (Certified Financial Planner): The CERTIFIED FINANCIAL PLANNER™:
The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Currently, more than 71,000 individuals have obtained CFP® certification from the CFP Board in the United States. 


To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements: 
  ●  Education – a) Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and b) attain a bachelor’s degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning; and
  ●  Examination – Pass the comprehensive CFP® Certification Examination. The examination includes case studies and client scenarios designed to test one’s ability to correctly diagnose financial planning issues and apply one’s knowledge of financial planning to real-world circumstances; and
  ●  Experience – Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and  
  ●  Ethics – Agree to be bound by CFP Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals. 
Individuals who become certified must complete the following ongoing education and ethics requirements to maintain the right to continue to use the CFP® marks: 
  ●  Continuing Education – Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the CFP Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and  
  ●  Ethics – Renew and agree to be bound by the CFP Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients. 

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CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification. 

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