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12:00 TUESDAY – Investing Insights #267 – 11/3/25

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


NOTE: I wrote this last Monday and Tuesday but failed to post it. I've gone ahead and posted it without reading it or editing it, in order to maintain professional integrity for my clients and other interested parties.


STOCK MARKET RATING (THE BIG PICTURE) …

·         Bullish/Bearish Rating: 7 (1 - 4 is bearish, 5 is neutral, 5 - 9 is bullish).  

·         Market/Economic Condition: Normal (various wording describing childish behavior)

·         Future Outlook: fully invested and cautious

 

RATING: 7. The market is currently moving up nicely, with occasional 1-2 days of retracement when economic or geopolitical news turns bad.  There is money to be made in the short-term - it is unlikely at this juncture that this bullish move would last into the summer. 

 

CONDITION: Normal.  We are currently experiencing normal conditions and thought processes, which is historically positive for stock prices. Good news moves the market up and bad news moves it down.  Corporate earnings are coming out, generally, pretty good and the market wants to rally on that news. But, we are seeing bifurcated consumer trends as wealthier consumers are spending more but lower-income consumers are spending less.  Looking ahead, this will affect future earnings. Earnings always drive the speed and direction of the market.  Always have, and probably always will. 

 

OUTLOOK: Fully invested and cautious.  We are currently fully invested, but with a sense of caution.  This is like driving 15mph over the speed limit with a green light ahead, but with our foot off the gas pedal. We have a sell discipline that we stand ready to execute under the right triggers.

 

We would love the opportunity to assist you in implementing your strategic objectives.  Like a good coach who helps players work on what’s needed to excel at their sport, we will assist you with a thoughtful strategy tailored for your financial situation.  Seeing the results of a well-executed strategy is downright exciting and worth the time invested to deepen your financial skills.

 

Please keep in mind that developing events may change our investing insights from those written in the above comments. To find out our current ideas, please call or email us.  Any such conversation would be conducted without any obligation on your part.

 

MUST READ:

‘A friend calls it the everything bubble’: Why do so many economists fear a 1929-style crash? - MarketWatch – talks about our human tendency to focus on potential disasters over potential opportunities.

 

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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Holman Wealth Management - The Defensive Advisor

Dallas, TX 75229 

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214-213-3696

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Last Edited: October, 2025

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HWM advisors are fiduciaries and as such, always put the client's needs and interests above their own.  All HWM advisors are fee-only advisors.
 
The written content and opinions voiced herein are for general information only and are not intended to provide specific advice or recommendations for any individual without HWM having complete knowledge of that individual’s total financial profile.  Material presented herein is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. 
 
To determine what is appropriate for you, consult HWM or a qualified professional financial advisor.  While we provide general tax and legal information, please consult with a tax professional or attorney on tax and legal issues before proceeding on such information.  No investment strategy guarantees success or assures against occasional losses.

 

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.  The CFA exam is generally considered more difficult than the CPA exam or the bar exam. There are about 59,000 CFA charterholders.

 

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 103,000 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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