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# Thor Wealth Managment, Inc.

Your Wealth. Your Life. Made Simple.

## Sitemaps

- [XML Sitemap](https://www.thorwealthmanagement.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Hiring a Financial Advisor - The "When, Why, and Who"](https://www.thorwealthmanagement.com/hiring-a-financial-advisor-when-why-how/) - and Who""
- [Gold Miners Offer a Compelling Valuation Story](https://www.thorwealthmanagement.com/gold-miners-valuation-2026/) - With equity markets looking expensive, Jim Gore explains why gold mining stocks offer a compelling valuation opportunity for investors in 2026.
- [The New Trump Account: Hype or Helpful Planning Tool?](https://www.thorwealthmanagement.com/the-new-trump-account-hype-or-helpful-planning-tool/) - Learn how the new Trump Accounts work under the 2025 OBBBA. We break down the tax rules, contribution limits, and how they compare to 529 plans and UGMAs.
- [First Quarter 2026 Update: THOR's Market Indicators](https://www.thorwealthmanagement.com/first-quarter-2026-update-thors-market-indicators/) - In our First Quarter 2026 market update, Jim Gore dives deep into THOR Wealth Management's proprietary market indicators to provide a clear picture of the current investing environment.
- [Why Healthcare Costs Demand Financial Planning](https://www.thorwealthmanagement.com/why-healthcare-costs-demand-financial-planning/) - Rising healthcare costs are a major threat to financial security. Learn how strategic financial planning and HSAs can protect your long-term wealth.
- [Term vs. Whole Life Insurance: Why You Should Keep Investing Separate](https://www.thorwealthmanagement.com/term-vs-whole-life-insurance-investing/) - Comparing term vs whole life insurance? Discover why combining insurance and investing rarely works, and why buying term could save you thousands.
- [The Myth of Passive Investing: Why It Doesn’t Really Exist](https://www.thorwealthmanagement.com/the-myth-of-passive-investing-why-it-doesnt-really-exist/) - Think passive investing is just setting and forgetting your portfolio? Discover why the myth of passive investing ignores the big decisions you must make.
- [Energy Sector Update: XLE Breakout and Momentum](https://www.thorwealthmanagement.com/energy-sector-update-xle-breakout/) - In our latest market update, we analyze the energy sector breakout (XLE), rising fund flows, and what low index weighting means for your portfolio
- [Bridging the Gap: Income Strategies for Early Retirement](https://www.thorwealthmanagement.com/bridging-the-gap-income-strategies-for-early-retirement/) - Retiring before age 59½? Learn how to bridge the income gap using taxable brokerage accounts, Rule 72(t) SEPP withdrawals, and other strategic income sources.
- [Stocks and the Dollar: Key Technical Levels to Watch](https://www.thorwealthmanagement.com/sp500-market-update-technicals-breadth-dollar/) - In our latest market update, we analyze the S&P 500 technical backdrop, shifting market breadth, and why the U.S. dollar is hitting a key resistance.
- [Emerging Markets vs. US Stocks: What Technical Analysis is Signaling Now](https://www.thorwealthmanagement.com/emerging-markets-vs-us-stocks-what-technical-analysis-is-signaling-now/) - Is the US market tired? Our technical analysis shows a bullish breakout in Emerging Markets and Energy, while SPY signals caution.
- [The Hidden Cost of Doing Nothing (Financially)](https://www.thorwealthmanagement.com/cost-of-financial-inaction/) - Is your financial plan stuck in the past? Discover the hidden cost of financial inaction and why ongoing financial planning is crucial for your wealth.
- [How to Evaluate a Stock: 3 Questions to Ask Before You Buy](https://www.thorwealthmanagement.com/how-to-evaluate-a-stock-3-questions-to-ask-before-you-buy/) - Want to know how to evaluate a stock? Ask these 3 critical questions about competitive advantage, growth, and risk before buying any shares.
- [Protecting Your Wealth Starts with Cybersecurity ](https://www.thorwealthmanagement.com/protecting-your-wealth-starts-with-cybersecurity/) - Cyber threats are evolving. Learn why investors are targets and how to protect your financial assets from fraud and AI scams with these 7 expert tips.
- [Financial Calm: The Competitive Advantage of Disciplined Investing](https://www.thorwealthmanagement.com/financial-calm-the-competitive-advantage-of-disciplined-investing/) - Achieve long-term growth through disciplined investing. Discover how THOR's data-driven process removes emotion and turns market volatility into an advantage
- [Preparing for the 2025 Tax Season](https://www.thorwealthmanagement.com/preparing-for-the-2025-tax-season/) - Prepare for the 2025 tax filing season with our guide on the 'One Big Beautiful Bill' changes, including new overtime and car loan deductions, plus scam alerts.
- [The Ultimate Valentine’s Day Gift: A Future Where You Never Fight About Money](https://www.thorwealthmanagement.com/the-ultimate-valentines-day-gift-a-future-where-you-never-fight-about-money/) - Forget the roses. Discover why a 'Money Date' is the best gift this year. We break down financial planning for couples, from budgeting to fighting infidelity.
- [The Investment Case for Gold Remains Intact](https://www.thorwealthmanagement.com/the-investment-case-for-gold-remains-intact/) - Is gold part of your portfolio? We analyze the investment case for gold, central bank demand, and why miner valuations offer a tactical opportunity.
- [2026 Update: THOR's Market Indicators](https://www.thorwealthmanagement.com/2026-market-update-stock-vs-bond-valuation-risk-indicators/) - Is the US market overvalued? Our Q1 2026 Investment Outlook breaks down the THORdex risk score, bond yields, and why we see opportunity in Emerging Markets.
- [Sell in May and Go Away](https://www.thorwealthmanagement.com/sell-in-may-and-go-away/) - Sell in May and Go Away explained. Watch our video and learn how investors should think about market seasonality in 2025.
- [Roth Conversions – Does it Make Sense? ](https://www.thorwealthmanagement.com/roth-conversions-does-it-make-sense/) - Learn how strategic Roth conversions can lower your lifetime tax bill. We explore key timing windows and year-end planning steps.
- [Conflicting Economic Signals: What's Really Going On?](https://www.thorwealthmanagement.com/conflicting-economic-signals-whats-really-going-on/) - CPI is down, but national debt and money supply are rising. Jim Gore analyzes these conflicting economic signals and what high valuations mean for investors.
- [One Big Beautiful Bill](https://www.thorwealthmanagement.com/one-big-beautiful-bill/) - One Big Beautiful Bill: A Game-Changer for U.S. Taxes On July 4, 2025, President Trump signed into law a landmark piece of legislation known as the One Big Beautiful Bill Act (“Act”). The provisions of the Act represent the most comprehensive tax law changes since the 2017 Tax Cuts and Jobs Act (“TCJA”). In many instances,
- [Q3 Update on THOR’s Risk Indicators](https://www.thorwealthmanagement.com/q3-update-on-thors-risk-indicators/) - In this video, Jim Gore gives an update on THOR Wealth Management’s market risk indicators and talks about the areas where we are seeing risks and opportunities.
- [Putting a Ring on Your Finances](https://www.thorwealthmanagement.com/putting-a-ring-on-your-finances/) - Getting married? How exciting! This is such a fun and enjoyable time in your life, but it also comes with a lot of changes and decisions that go beyond choosing a venue and a caterer. One of the biggest transitions you’ll make as a newlywed is combining your financial lives. While it may not be
- [The Magic 8 Ball to Debt Optimization](https://www.thorwealthmanagement.com/the-magic-8-ball-to-debt-optimization/) - If you have any type of debt, mortgage, student loans, car loans, personal loans, etc., you might wonder if you have a competitive interest rate. Read more here
- [The Yield Curve - Part 2](https://www.thorwealthmanagement.com/the-yield-curve-part-2/) - In the last blog, we went through what the yield curve is and what kind of shapes it can make. You can read Part 1 here. In Part 2 of this series, we talk a little more in-depth about the implications of the yield curve for the economy and what it might mean for your
- [Preparing for the 2024 Tax Season](https://www.thorwealthmanagement.com/preparing-for-the-2024-tax-season/) - The new year is upon us and with it comes a new tax season. And that brings with it a level of anxiety for many about filing their tax return. To help reduce some of that concern, here are a few suggestions on how to best prepare to file your return for 2024. Protect yourself
- [Are You Investing or Speculating?](https://www.thorwealthmanagement.com/are-you-investing-or-speculating/) - It’s easy to assume they’re the same. You buy stocks, funds, some crypto, and expect it to go up. But is that really investing?
- [Paying Taxes in Retirement](https://www.thorwealthmanagement.com/paying-taxes-in-retirement/) - Retirement is often seen as a time to relax and wind down. But even after your working years are behind you, there’s one thing that doesn’t retire and that is taxes. Many Americans assume that their tax burden may lighten in retirement. After all, most have worked and paid taxes their entire career. But the
- [Should I Hire a Robot or a Human?](https://www.thorwealthmanagement.com/should-i-hire-a-robot-or-a-human/) - I was recently sitting in the airport catching up on emails and received a response from a woman who was applying for a position at our company. I had reached out requesting that she share her availability for an introductory call. Her response began with the following: “Here's a polished and professional version of your reply:”
- [Bucking the Trend: Retiring Earlier Rather Than Later](https://www.thorwealthmanagement.com/bucking-the-trend-retiring-earlier-rather-than-later/) - The median retirement age right now in the US is about 62 years old. This number has been growing since the early 90’s. In 1991, it was 57 and in 2022, the median retirement age was 59. The decision to retire is a very personal one and different for everyone. The motivation is usually prompted by the obvious reason- financial readiness- but health, career flexibility and personal lifestyle attitudes can also play a big role in the decision. Yet, while no longer the norm, retiring early is still a goal for some seeking earlier financial
- [The Rollercoaster Ride as a First-Time Homebuyer](https://www.thorwealthmanagement.com/the-rollercoaster-ride-as-a-first-time-homebuyer/) - There’s nothing quite like the experience of buying your first home. It’s exciting, overwhelming, empowering, and completely nerve-wracking. Whether you’re just starting to browse listings or you’ve already scheduled showings, the emotional highs and lows are real. But beneath those feelings lies a big financial decision that requires preparation, patience, and perspective. Here’s a look
- [Large-Cap Stocks Are Priced for Perfection](https://www.thorwealthmanagement.com/large-cap-stocks-are-priced-for-perfection/) - In this video, Jim Gore reviews valuation metrics like the CAPE ratio and P/E ratios for both large and small companies. The data shows that large-cap stocks are trading at elevated levels — what we’d call “priced for perfection.” Meanwhile, smaller companies appear much more reasonably valued, suggesting that they may be better long-term opportunities.
- [Determining Fundamental Value: Focus on What Drives Change](https://www.thorwealthmanagement.com/determining-fundamental-value-focus-on-what-drives-change/) - Determining a stock’s fundamental value isn’t just about its current numbers — it’s about what is expected to change over time. In this video, we start with a simple analogy: when building a house, the materials give it a base value, but the fundamental value comes from other factors. Similarly, with stocks, ratios like P/E
- [The Banking Industry Looks Strong but Keep an Eye on Nonbank Lenders](https://www.thorwealthmanagement.com/the-banking-industry-looks-strong-but-keep-an-eye-on-nonbank-lenders/) - The banking industry is looking strong, with loan default rates remaining low — a sign that banks are managing credit risk well. Consumers are holding up too, with wage growth roughly keeping pace with inflation, though after taxes real income is still lagging. Nonbank lenders are a different story. The recent bankruptcy of Tricolor highlights
- [Gold Miners and MLPs: Strong Fundamentals and Positive Outlook](https://www.thorwealthmanagement.com/gold-miners-and-mlps-strong-fundamentals-and-positive-outlook/) - Gold miners and MLPs continue to show strength, though their performance this year differs. In this update, we highlight the fundamentals behind each, offering insight into how investors can evaluate these opportunities.
- [Dollar-Cost Averaging - What Is It?](https://www.thorwealthmanagement.com/dollar-cost-averaging/) - Dollar cost averaging has many different names which include constant dollar plan, unit cost averaging, incremental trading, and cost average effect. But they all speak to the same strategy. Simply put, dollar-cost averaging is dividing up the total amount invested across periodic purchases. The act of dollar-cost averaging was first popularized by Benjamin Graham in his classic investing book, The
- [Why Save to a Dependent Care Flexible Spend Account (DCFSA)?](https://www.thorwealthmanagement.com/why-save-to-a-dcfsa/) - Among the list of savings accounts offered by an employer (FSA, HSA, 401(k), etc.), the Dependent Care Flexible Spending Account (DCFSA) can be a powerful tool for parents. It is a tax-advantaged account designed to pay for childcare expenses. The DCFSA allows you to save up to $5,000 pre-tax money in 2024. You can then
- [$300k Decisions > $30 Decisions](https://www.thorwealthmanagement.com/300k-decisions-30-decisions/) - When trying to build wealth at a faster rate, often the first area people evaluate is their expenses. Maybe this means creating a budget for the first time or cutting ties with unnecessary subscriptions (here are some apps that will help with this). However, while these practices can prove beneficial, their potential upside is limited.
- [How serious are you when it comes to planning for your financial future?](https://www.thorwealthmanagement.com/planning-your-financial-future/) - THOR Wealth Management recently commissioned a survey of young couples – we will call them emerging wealth couples – and this blog is meant to give you a little bit of insight into the results. If you want the complete results, you can click here and then enter your email address and a full copy
- [Wealth Management and Investing: The Fitness Journey for Your Finances](https://www.thorwealthmanagement.com/wealth-management-and-investing-the-fitness-journey-for-your-finances/) - Managing wealth, saving, and investing are often touted as straightforward concepts: spend less than you earn, save diligently, and invest wisely. Much like the simplicity of weight loss—burn more calories than you consume—the principles of financial health are easy to grasp. However, just as anyone who has tried to shed a few pounds knows, the
- [The Juggle - Prioritizing Your Financial Goals](https://www.thorwealthmanagement.com/the-juggle-prioritizing-your-financial-goals/) - Today’s 30 and 40 something couples have many balls that they are juggling in their daily lives – work, taking kids to school and their extracurricular activities, planning family vacations, and having a few minutes to spend together, etc. The list can be overwhelming. The same can be said about family finances. Should we save
- [Health Savings Accounts:  What are they and should you have one?](https://www.thorwealthmanagement.com/health-savings-accounts-what-are-they-and-should-you-have-one/) - Health Savings Accounts (“HSA”) first appeared in 2004 to help individuals save for current and future healthcare costs. Since then, HSA eligible insurance plans have been one of the fastest growing insurance plans offered as companies and individuals look for ways to reduce the burden of rising health care costs. The number of HSAs has
- [The Long Term Power of the Health Savings Account](https://www.thorwealthmanagement.com/long-term-power-health-savings-account/) - Health Savings Accounts (“HSAs”) are an underappreciated benefit offered to employees with high deductible insurance plans. The annual pre-tax contributions, which in 2017 are $3400 for individuals and $6750 for families, can be withdrawn tax-free at any time for medical expenses. Most people, however, fail to take advantage of the full benefit that these plans
- [Are You Confident in Your Savings?](https://www.thorwealthmanagement.com/are-you-confident-in-your-savings/) - Emerging wealth families exhibit a high level of confidence in their level of savings but in many cases don't use a strict budget or a financial advisor. How?
- [Medical Sharing- Healthcare Sharing Ministries](https://www.thorwealthmanagement.com/medical-sharing-healthcare-sharing-ministries/) - Over the past several years, millions of individuals and families have lost their healthcare insurance because their plans did not meet the standards required by the Affordable Care Act, also known as Obamacare. Others have found the health insurance plans available to them are unaffordable, and some object to participating in Obamacare on moral grounds.
- [I’m retiring!  What should I do with my retirement plan assets?](https://www.thorwealthmanagement.com/im-retiring-what-should-i-do-with-my-retirement-plan-assets/) - Key fact: According to the Pew Research Center, beginning on Jan. 1, 2011, the oldest members of the Baby Boom generation turned 65 years old. On that day and for every day for the next 19 years, 10,000 baby boomers will reach age 65. Age 65 is the most common age associated with retirement. Baby
- [2017 Tax Planning & Trump Implications](https://www.thorwealthmanagement.com/2017-tax-planning-trump-implications/) - With a Republican president-elect and GOP control remaining in both the House and Senate, there is plenty of talk about significant tax reform. However, it’s difficult to plan for something that’s uncertain as there are several tax plans being considered in Washington. In this letter we will focus on tried and true strategies that work
- [Am I Ready to Buy a New House?](https://www.thorwealthmanagement.com/am-i-ready-to-buy-a-new-house/) - Many people believe that buying a home is essential. It has been known to be part of the American dream. Owning a home is a big decision, as it usually is a very costly decision. Some people like to point out that buying a home is a great “investment”. Contrary to this belief if you
- [Should I Buy or Lease My Car?](https://www.thorwealthmanagement.com/should-i-buy-or-lease-my-car/) - These days, unless you live in a large city, having a car to get around is a necessity. Knowing this, one of your key decisions could be whether to buy your next car or lease it. Although choosing the best option will be influenced by personal preferences on many levels, it is important to understand
- [Peer to Peer Lending and Its Role in FinTech](https://www.thorwealthmanagement.com/peer-to-peer-lending-its-role-in-fintech/) - What Is Peer to Peer Lending? “Peer to Peer Lending” (also known as “P2P Lending”), “Marketplace Lending”, “Crowdsourcing” or the “Grey Market” (what they call it in China)) is a fast-growing and evolving industry. Morgan Stanley research estimates that P2P lending companies could originate up to $480 billion in loans by 2020. Peer to Peer
- [How to Pay Taxes in a Sharing Economy? (Uber, AirBnB, Ebay, etc.)](https://www.thorwealthmanagement.com/pay-taxes-shared-economy-uber-airbnb-ebay-etc/) - If you’ve ever thought of renting part of your home to strangers, driving your car for hire, or selling your arts and crafts on-line, paying taxes is probably the last thing on your mind. Whether you call it the sharing economy, the gig economy, or peer-to-peer services, all of these on-demand platforms are a growing
- [Barriers to a Comfortable Retirement](https://www.thorwealthmanagement.com/barriers-to-a-comfortable-retirement/) - The fact that so many Americans are not adequately prepared for retirement has been widely documented. According to a recent government report, about half of households age 55 and over have no retirement savings and many older households without retirement savings have few other resources to draw on in retirement. A comfortable retirement is a
- [What is Stolen Identity Refund Fraud?](https://www.thorwealthmanagement.com/stolen-identity-refund-fraud/) - Stolen Identity Refund Fraud (“SIRF”) is the stealing of an individual’s identity with the express purpose of filing a fraudulent tax return in the individual’s name to receive a refund. In 2013, the Internal Revenue Service (“IRS”) estimated that over 5 million tax returns were filed using stolen identities, claiming approximately $30 billion in refunds.
- [65 and working:  Should I Enroll in Medicare?](https://www.thorwealthmanagement.com/65-working-should-i-enroll-in-medicare/) - In today’s world, many people continue to work beyond age 65, once the normal age for retirement. Nonetheless, 65 is still the age when people first become eligible for Medicare health insurance coverage. A frequently asked question by those working at 65 is whether they should enroll in Medicare. See the chart below for a
- [What is a 26(f) Program?](https://www.thorwealthmanagement.com/what-is-a-26f-program/) - We have had multiple questions recently about the 26(f) program. As we have never heard of this program before, we thought it would be a good time to look into them. Here is a link that describes a 26(f) investment: https://moneymorning.com/2017/01/09/how-do-i-enroll-in-26f-investments/ We discovered that “26” refers to Title 26 of the Internal Revenue Code and
- [President Trump’s Proposed Tax Plan](https://www.thorwealthmanagement.com/president-trumps-proposed-tax-plan/) - After much talk about tax reform during his Presidential campaign, the President’s proposed tax plan is out. Although the White House has not released many details - the proposed tax plan is less than 250 words - the law would change the way individuals and businesses pay taxes. The stated goals of the tax plan
- [RISING INTEREST RATES – IMPACT ON BOND PRICES](https://www.thorwealthmanagement.com/rising-interest-rates-impact-on-bond-prices/) - Alan Greenspan just warned about the ramifications of rising interest rates and stagflation. Bonds are the area of the market where rising interest rates will have the biggest adverse impact. When Jim first entered the industry in 1986, one of the first pension plans he reviewed was a local union plan. This plan invested 100%
- [Steps to Reduce the Impact of the Equifax Breach](https://www.thorwealthmanagement.com/reduce-the-impact-of-the-equifax-breach/) - As many of you know, Equifax recently announced a massive breach of its database that comprised information of 143 million Americans. Many people are now wondering what to do to protect themselves and their identity. Identity theft has become a significant problem and can cause headaches for years. In response to this breach, Equifax has
- [IT’S TIME TO GET REAL – ASSETS THAT IS!](https://www.thorwealthmanagement.com/investing-in-real-assets/) -  Many people alive today do not know what it is like to live through inflation of any significance. The last time the United States experienced inflation on a major scale was in the 1970’s. Recently, the Great Recession brought on deflationary pressures. Those pressures have started to subside, while inflationary pressures are on the
- [Spending a 529 College Savings Account- Best Practices](https://www.thorwealthmanagement.com/spending-a-529-account/) - After years of saving, your child is finally off to college and you wonder how 18 years have gone by so fast. Ideally, you’ve taken advantage of long-term, tax-free compounding discussed in our college savings strategies blog(http://www.thorinvestment.com/saving-for-college/) and have built up nice gains in the college accounts. Savings in a state-sponsored Qualified Tuition Program, or
- [Risk - Measure It and Manage It](https://www.thorwealthmanagement.com/risk-measure-it-and-manage-it/) - Many people talk about risk, but don’t know how to measure it. How do you measure risk? At THOR, while we consider many risk metrics, there are three key risk components on our radar. First and foremost is the risk of permanent loss of capital. The second important risk consideration is the price paid for
- [Preparing Financially to Start a Family](https://www.thorwealthmanagement.com/preparing-financially-to-start-a-family/) - So you would like to start a family, but in the back of your mind you are uncertain and a bit overwhelmed by the financial obligations you may be shouldering for the next 18+ years of your life. These are legitimate concerns. According to the 2015 USDA report Expenditures on Children by Families, a middle-income
- [Demystifying Medicare](https://www.thorwealthmanagement.com/demystifying-medicare/) - All Americans who are age 65 and over are eligible for Medicare. Medicare can be overwhelming for those approaching age 65 and faced with having to enroll in this government managed health insurance program. The purpose of this blog is to take some of the mystery out of Medicare and assist you with the appropriate
- [Hiring a Financial Professional: 6 Keys to Success](https://www.thorwealthmanagement.com/keys-to-hiring-financial-professional/) - In today’s world, hiring a financial professional can be overwhelming. There is a exhaustive list of titles for financial professionals such as financial advisor, financial planner, wealth manager, investment advisor, estate planner, tax planner and accountant. And while each title mentioned above may conjure up a different business model in your head, the fact is
- [Tax Reform 2018 – The Tax Cuts and Jobs Act](https://www.thorwealthmanagement.com/2583-2/) - Tax planning at the present time is difficult given the uncertainty over the Tax Cuts and Jobs Act (“Act”). As of the date of this newsletter, both the House and Senate have passed separate versions of the Act that contain significant differences. These differences must be ironed out before a final tax reform bill can
- [Ponzi Coin: A Sign of the Times?](https://www.thorwealthmanagement.com/ponzi-coin-a-sign-of-the-times/) - Everyday you hear that Bitcoin is rocketing to the moon. But did you know that there are over 1,300 Crypto currencies? Here is a list of all available Crypto Currencies you can buy. This compares to 180 currencies recognized as legal tender by the United Nations worldwide. So in just a very short time we
- [New Tax Act](https://www.thorwealthmanagement.com/new-tax-act/) - As promised in our recent Harvester newsletter that we sent on December 7, 2017, we want to update you on the Tax Cuts and Jobs Act (the “Act”). The Act made it through the conference committee and was passed by both the House and Senate on December 20 and is expected to be signed by
- [EMERGING MARKETS - DISCOUNT TO US STOCKS](https://www.thorwealthmanagement.com/overweight-emerging-market-equities/) -  In 2009, we had no money invested in emerging markets. Today, we are overweight international stocks – especially emerging markets. In 2017, emerging markets generated returns in excess of 30%. Despite this performance, emerging markets have significantly underperformed since their glory years that ended in 2009. Much of the financial news in 2009 was
- [Trump's Tariffs](https://www.thorwealthmanagement.com/trumps-tariffs/)
- [Concentrated Stock Decision Guide](https://www.thorwealthmanagement.com/concentrated-stock-decision-guide/) - If you partake in sports gambling, you can attest that it comes with a rollercoaster of emotions. When you win a wager, you feel like you are the smartest person in the room. The excitement of winning is met with regret for not placing a larger bet. On the other hand, when you lose, you
- [THORdex Update: Stock Market Risk?](https://www.thorwealthmanagement.com/3268-2/) - Today we will give you an update on the THORdex, our proprietary tool we use to measure risk in the US stock market. In this video, we will highlight the back-tested data of this measure going back to 1978.
- [Today's Technical Analysis: Market Divergence](https://www.thorwealthmanagement.com/todays-technical-analysis-market-divergence/) - Technical analysis is simply a way to glean into the supply/demand characteristics of a market or security. Usually, the technicals and the market go in unison – technicals rise and so does market, technicals fall and so does market. However, there are times when technicals and price “diverge”. On the monthly S&P 500 Index (SPY)
- [Happy Thanksgiving: Don't Make "Turkey" Investments](https://www.thorwealthmanagement.com/turkey-investments/) - In the spirit of Thanksgiving, we want people to enjoy their turkey, but we also want them to avoid making “turkey” investments. Two years ago, the “turkey” investment was buying bitcoin when it was close to $19,000. More recently the “turkey” investment has been marijuana stocks that are down more than 50% in the past
- [Investor Psychology: US Investors are Thrilled](https://www.thorwealthmanagement.com/investor-psychology/) - Investor psychology follows a very distinct cycle of optimism – to euphoria – to fear – to despondency and back to optimism. The stock market is one of the only market places where buyers are sparse when things go on sale and becomes crowded as things get more expensive, as it is today. We are
- [Stock Market - Hit by a Virus!](https://www.thorwealthmanagement.com/market-downturn/) - In our last update, we talked about market complacency. Needless to say, investors are no longer complacent with this recent market downturn. Because of this selloff, our THORdex has retreated a bit, but it is still elevated at just above 75. This is not like March 2009, when the THORdex was at 5. That was
- [Liquidity Problems and Rescue Packages](https://www.thorwealthmanagement.com/liquidity-problems-and-rescue-package/) - Now that the $2 trillion rescue bill has been passed, we believe it will come with unintended consequences. Part of the bill includes the federal government getting ownership in companies and the Federal Reserve buying corporate bonds for the first time ever. 2008 had similar unintended consequences when bank trading desks were eliminated, which created
- [The Moral Hazard of Corporate Borrowing](https://www.thorwealthmanagement.com/debt-issuance/) - Two years ago we cautioned about the ballooning corporate debt. Now with the virus, corporations are going on a debt issuance binge. Debt issuance is up 92% year over year. The Federal Reserve is only adding juice to the “juice bowl” by buying corporate debt for the first time ever. Excessive debt levels can be
- [Stock Market Leadership is Changing](https://www.thorwealthmanagement.com/stock-market-leadership-emerging-markets/) - We have seen a shift in market leadership away from the United States to foreign markets. Foreign stocks have under-performed US stocks for 10 years and we believe this shift will last for years to come. We believe emerging markets (EM) can be the best performing area in these markets… Why? There are four reasons
- [Is Your Portfolio Ready for Inflation?](https://www.thorwealthmanagement.com/inflation-portfolio-protection/) - Forget the short term daily swings of the stock market, now is a time to look at what will be occurring in years to come to your portfolio. The U.S. government is running deficits and increasing the money supply at a rapid pace due to Covid 19. Going back to 1805, real assets have never
- [Are Corporate Profits Ready to Fall?](https://www.thorwealthmanagement.com/corporate-profit-margins/) - U.S. corporations have doubled their debt levels over the past 10 years to buy back shares. Today, profit margins are also nearing their highest levels going back to 1950. The high level of corporate debt along with higher costs of moving operations back to the United States should cause profit margins to normalize 25%-35% lower
- [Expanding Money Supply = Inflation](https://www.thorwealthmanagement.com/money-supply/) - The Federal Reserve’s easy money policy is unprecedented and is causing inflation. Going back to 1980, the money supply has grown steadily and consistently until recently. Over the past few months, the money supply has exploded higher. We are seeing inflation in commodities like lumber and natural gas. This is a time to have inflation
- [Bond Duration: Measuring Interest Rate Risk In Your Portfolio](https://www.thorwealthmanagement.com/bond-duration-measuring-interest-rate-risk-in-your-portfolio/) - Bond duration is a good indicator of how much interest rate risk you have in your bond portfolio. In simple terms, “duration” is the mid-point at which an investor receives half the present value of their original investment back from a bond. Ten-year Treasury Bonds issued in 1980 with a yield of 15% had a
- [Growth vs. Value: The Great Divide](https://www.thorwealthmanagement.com/growth-stocks-vs-value-stocks/) - We are seeing things that we haven’t seen since 2000 – buying on leverage, no earning stocks selling for crazy multiples of sales, and stocks with solid businesses not participating. The difference between growth stocks and value stocks has become as wide (or wider depending on your measurement) than 2000. Over long periods of time
- [Big Mac Index: Why We Are Hungry for International Assets](https://www.thorwealthmanagement.com/big-mac-index-why-we-are-hungry-for-international-assets/) - To tell if a currency is undervalued/overvalued you can measure the cost of the same item in each country. One measure we use to do this is the “Big Mac Index”, which measures how much a McDonald’s Big Mac costs in each country. Back in 2008, when pundits were talking about how the BRICS (Brazil,
- [The Underpinnings of Inflation](https://www.thorwealthmanagement.com/the-underpinnings-of-inflation/) - Natural Gas is now at its highest price for the past 12 months. Transportation costs to deliver goods are rising rapidly and are significantly higher than they were pre-COVID. These are early signs of upcoming inflation. Is your portfolio ready for inflation?
- [The Yield Curve: Important Sign For The Economy](https://www.thorwealthmanagement.com/the-yield-curve-important-sign-for-the-economy/) - In normal times, the yield curve is upward sloping where short-term interest rates are lower than long-term interest rates. This bodes well for the economy because lenders are willing to lend money longer term because they get paid to do so. When the yield curve is flat or inverted, lenders are unwilling to lend longer
- [Excessive Investor Sentiment: XOM, TSLA, & Bitcoin](https://www.thorwealthmanagement.com/excessive-investor-sentiment/) - Investor sentiment can drive prices for assets either higher or lower than their intrinsic value. Exxon is a good example of negative sentiment. Exxon was removed from the Dow Jones Industrial Average in September when the stock was selling at a price below the lows during the 2008-2009 market correction. Since the removal, Exxon (and
- [MLPs: Win Win Win Investment](https://www.thorwealthmanagement.com/mlps/) - Master Limited Partnerships (MLPs) in the midstream, pipeline space are in the early innings of what we think will be a 9-inning ball game. The reason to own them is threefold: 1) They are selling at a historically low price to discounted cash flow; 2) They have a sustainable current yield that is more than
- [What are U.S. Treasuries and the Dollar Saying About Inflation?](https://www.thorwealthmanagement.com/inflation-treasuries-dollars/) - The yield on the 10-Year Treasury has doubled since August with a big spike the first week of 2021. Higher inflation expectations is the main reason for the rise in bond yields. In addition, the US Dollar has been in an uptrend since 2011 which has been broken over the past few weeks. A declining
- [3 Strikes: High Yield Corporate Bonds](https://www.thorwealthmanagement.com/corporate-bonds/) - In 2020 there was a historic amount of corporate debt downgraded because of the pandemic and increased amount of issuance. Today we see 3 reasons to be cautious of high yield corporate bonds: Strike 1 – Investor protection has collapsed since 2014 and today over 85% of bonds are “covenant lite”. Strike 2 – There
- [GameStop's Price Madness](https://www.thorwealthmanagement.com/gamestops-price-madness/) - GameStop’s stock price has risen dramatically due to what is known as a “Short Squeeze”. The reason why some investors were shorting the stock is because GameStop’s business is going the way of Blockbuster – why go to GameStop when I can download my games directly. This thesis is shown in revenue dropping 30% last
- [Falling Dollar - Good for Emerging Markets](https://www.thorwealthmanagement.com/falling-dollar/) - In recent market updates we have been talking about the falling US Dollar (Big Mac Index and U.S. Treasuries). When the US dollar falls in value, international stocks (especially emerging markets) outperform US stocks. From 2000-2010, emerging markets outperformed US stocks as the dollar was falling. Then in the next decade (2010-2020) US stocks outperformed
- [A Case For Active Management In Emerging Markets](https://www.thorwealthmanagement.com/active-management-in-emerging-markets/) - Emerging markets should outperform US stocks over the next several years due to a falling US dollar (https://youtu.be/U_wJ9mFkmc4​) and because they are selling at a discount compared to US stocks (https://youtu.be/jzsJE9iPM38​). Since most emerging markets have a larger retail investor base, professional management can take advantage of opportunities that arise from retail investors becoming emotional.
- [History of CPI Numbers being Suppressed](https://www.thorwealthmanagement.com/history-of-cpi-numbers-being-suppressed/) - Since 1975 when the government first started making COLA adjustments for Social Security benefits, the government has had an incentive to keep inflation low. With lower inflation they pay out less money to Social Security recipients. One way to do that is by adjusting the CPI calculation. There were major adjustments in 1980 and 1990
- [Time to Buy Non-US Stocks](https://www.thorwealthmanagement.com/time-to-buy-non-us-stocks/) - According to “The Buffet Indicator”, US stocks are selling at a 40% higher valuation then during the peak of 2000. Investing in foreign stocks (especially emerging markets) offers a better opportunity. Three main reasons to invest in emerging markets – they are selling for half the price of US stocks, the countries have better demographics
- [Active vs. Passive Investing](https://www.thorwealthmanagement.com/active-management-vs-passive-management/) - The debate of active management vs. passive management has been around for a long time. We believe the answer depends on what strategy you are investing in and what area you are investing in. Actively managed US large company growth funds have a more difficult time outperforming passive index funds because the universe of companies
- [2024 Year End Tax Planning](https://www.thorwealthmanagement.com/2024-year-end-tax-planning/) - As with every year, it makes sense to consider tax planning moves before the end of the year that can help lower your tax bill for 2024. With this being a presidential election year, planning takes on even more importance. The general strategy of deferring income into next year and accelerating deductions into this year
- [An Investment Adviser's Value Proposition: When and Why Do I Really Need a Financial Adviser?](https://www.thorwealthmanagement.com/do-i-need-a-financial-adviser/) - At what point should you hire a financial adviser? People often assume the answer to this question is largely based on the size of their portfolio. Once your portfolio has reached a certain size, either the job becomes too daunting or complex or the risks of making a wrong move carry too much weight. In
- [Helping Aging Parents Manage Their Finances](https://www.thorwealthmanagement.com/aging-parents/) - It is said that getting old is not for sissies. Well, neither is watching your parents slow down, mentally and physically, as they age. As our parents once did for us, adult children must know when to judiciously step in and help navigate the increasingly complex financial waters for our aging parents. But knowing when
- [Merging Finances in Marriage: 3 Pillars of Success](https://www.thorwealthmanagement.com/merging-finances-in-marriage/) - If you surf the internet on should you merge finances or best ways to merge finances, you will get plenty of unique tips, tricks, and plans. Like most things in life, there is no one perfect way to manage your finances in marriage. In this blog, I am going to discuss three guidelines for success in merging finances. I am focusing on merged finances
- [HSA Planning: Drawdown and Estate Planning](https://www.thorwealthmanagement.com/hsa-planning-drawdown-and-estate-planning/) - The IRS recently announced the annual HSA contribution limits for 2024: $4,150 for self-only coverage and $8,300 for family coverage. This is one of the most significant jumps in years and not surprising, given the latest inflation trends. And if you are 55 or older, you can tack on an additional $1000 catch-up contribution. What
- [Retirement Savings Strategy - Do I Need One?](https://www.thorwealthmanagement.com/retirement-savings-strategy-do-i-need-one/) - I have so many competing financial needs and I don’t know how to prioritize them. Where should I allocate my discretionary funds – debt, college education, retirement savings? Help me! We hear this plea often. The answer to the above dilemma is best solved with the development and implementation of a holistic financial plan. While
- [The Value of a Financial Plan](https://www.thorwealthmanagement.com/value-of-a-financial-plan/) - There is a meaningful adage attributed to Benjamin Franklin that states “If you fail to plan, you are planning to fail.” This is true of many things in life but how significant is it to have a financial plan? Isn’t it sufficient to do the best we can when it comes to things like savings
- [The Emotional Preparation for Retirement](https://www.thorwealthmanagement.com/the-emotional-preparation-for-retirement/) - As a person nears retirement, much of the conversation is frequently centered on financial preparedness. If you have done all the right things, you have been saving for retirement for many years leading up to this point and you have a financial plan in place, you have adjusted your portfolio, analyzed Social Security strategies, and planned for various what-if scenarios. That part is all mapped out for you. What is often a last-minute
- [Getting Started on Medicare](https://www.thorwealthmanagement.com/getting-started-on-medicare/) - All Americans who are age 65 and over are eligible for Medicare. Medicare can be overwhelming for those approaching age 65 and faced with having to enroll in this government managed health insurance program. The purpose of this blog is to take some of the mystery out of Medicare and assist you with the appropriate
- [How Disability Insurance Works (When You Can't)](https://www.thorwealthmanagement.com/how-disability-insurance-works-when-you-cant/) - One topic that often is overlooked when it comes to personal finances is risk exposure. Risk is why all sorts of insurance products exist. Sure, we know we need car insurance in case we are in an accident and medical insurance in case we have an accident or severe illness. These types of insurance policies
- [HSA Portability- Bring your HSA With You!](https://www.thorwealthmanagement.com/hsa-portability-bring-your-hsa-with-you/) - If you read our blog titled The Long Term Power of the HSA, then you know that we are big proponents of Health Savings Accounts (“HSAs”). By taking advantage of all that HSAs can offer, you can really propel your savings forward and rest in peace knowing you have a plan to tackle your looming
- [The QHFD- What, Who, How and Why](https://www.thorwealthmanagement.com/the-qhfd-what-who-how-and-why/) - We have lauded the benefits of Health Savings Accounts (HSAs) many times in past blogs. They can boost your retirement savings and be a great resource to cover medical expenses in retirement. In fact, a recent article in Forbes touts these savings vehicles as perhaps the best retirement planning tool available. A recap of the
- [Long-Term Care - To Insure or Not to Insure?](https://www.thorwealthmanagement.com/long-term-care-to-insure-or-not-to-insure/) - In our work with pre-retiree and retired clients, we often get questions surrounding the applicability of long-term care (LTC) insurance to their particular financial situation. LTC insurance is, in many cases, viewed as this mysterious box of unknown benefits and costs and often clients are even afraid to inquire about the topic. So, let’s take
- [Medicare's Secret Form - Which Could Come in Handy for You](https://www.thorwealthmanagement.com/medicares-secret-form/) - As most people know, Medicare eligibility begins at age 65. And once you are enrolled in Medicare, your premiums are determined based on your level of income (the idea being that those with higher income pay higher premiums). But here is the catch – it is not your most recent tax year that determines your
- [Youth Sports versus Retirement Security](https://www.thorwealthmanagement.com/youth-sports-versus-retirement-security/) - Every well-intentioned parent wants to provide an active and healthy lifestyle for their child. In today’s world of competitive parenting, this often includes enrolling your child in some form of youth sports. As a parent of three active boys, I have seen firsthand how engaging in youth sports can be a very rewarding and bonding
- [3 Financial To-Do's When Having Children](https://www.thorwealthmanagement.com/financial-things-to-do-when-having-children/) - Five years ago, Allisha Curtis wrote a blog titled “Preparing Financially to Start a Family”. This was a great blog for couples thinking about having children. The intention with this piece is to keep this topic top of mind and highlight three of the more important things for young couples to do once they have
- [Do I Really Need to Buy Life Insurance?](https://www.thorwealthmanagement.com/do-i-really-need-to-buy-life-insurance/) - The answer to this question is probably yes if you are 30 something, are growing your family or have recently bought a house and you really have not addressed your life insurance death benefit since you took your first job!! Insurance, in general, is viewed as somewhat of a necessary evil, so many people avoid
- [The Stressors of Parenting: Easing Financial Worry](https://www.thorwealthmanagement.com/parenting-can-be-harmful-to-your-mental-health-easing-financial-worry/) - "Powerlessness" is a word that the Surgeon General, Dr. Vivek H. Murthy, used recently to describe the modern role of parenting. Anyone who is a parent can tell you that the parenting journey, while filled with boundless joy, can also be unpredictable and stressful. In acknowledging the increasing and unpredictable stress that comes with parenting
- [Choosing a Retirement Plan for My Small Business](https://www.thorwealthmanagement.com/choosing-a-retirement-plan-for-my-small-business/) - As an employer, you can play a vital role in helping your employees save for their retirement. Most people will need between 70 and 90 percent of their preretirement income to maintain their standard of living in retirement. These days, retirement can be 30 years or longer. By establishing a retirement plan, you can help
- [Maximizing the Savings Power of your 401(k)](https://www.thorwealthmanagement.com/allow-you-to-invest-more-dollars/) - If you contribute to a 401(k), it is likely that you are familiar with the benefits of saving to a workplace savings plan and are at least somewhat aware of your salary deferral limit. What most do not realize is that you may be able to sock away more, and even more strategically, than you
- [Savings Rate vs. Investment Return: Which is more important in wealth creation?](https://www.thorwealthmanagement.com/savings-rate-vs-investment-return/) - Most people have heard the advice to save early. We wrote a blog in 2014 titled Importance of Investing at a Young Age and Best Practices. In addition to emphasizing the importance of saving early, it also answers the common question of “where” to invest your savings. When it comes to investing though, most individual
- [Using Buckets for a Long Term Savings Strategy](https://www.thorwealthmanagement.com/using-buckets-for-a-long-term-savings-strategy/) - In our last blog, we talked about how important human capital can be as it relates to your total economic wealth. Saving as much of your income as possible, especially in your early earning years, is critical. Just as important is the location of those savings. For sure, there are many ways to save today
- [Saving into a Roth IRA](https://www.thorwealthmanagement.com/saving-into-a-roth-ira/) - As we have said in previous blogs, it is important for individuals to attempt to save money into three distinct “buckets” during their working years. These buckets are the pre-tax bucket, the after-tax bucket and the Roth bucket. This blog will focus on saving into the Roth bucket. Roth savings accounts grow tax-deferred and qualified
- [What Is The Best 529 Savings Plan For You?](https://www.thorwealthmanagement.com/what-is-the-best-529-savings-plan-for-you/) - When saving for educational expenses, one of the key decisions you must make is what savings and investment vehicle is best. We have previously written a blog “How Should I Save For College?,” which talks about which vehicle might be best for you. In many cases a 529 savings plan is the best option, but
- [Inflation - Up, Up and Away!](https://www.thorwealthmanagement.com/commodity-inflation-up-up-and-away/) - The inflation numbers released by the government last week shocked many, but not us. The Federal Reserve has grown the money supply faster than any time in our history. Prices of lumber (and most commodities we use daily) are up significantly over the past year. One well known commodity hasn’t participated. Listen to find out
- [Stock and Bond Yields - Not Enough To Live On!](https://www.thorwealthmanagement.com/stock-and-bond-yields-not-enough-to-live-on/) - The “real” yields for both bonds and stocks are negative. The last time that both stocks and bonds generated negative real yields was back in early 70’s. Investors cannot just rely on yield to generate income. THOR understands this dilemma and believes portfolio’s need to be more dynamically managed to maintain appropriate withdrawal rates.
- [Mid-Year THORdex Update](https://www.thorwealthmanagement.com/mid-year-thordex-update-risk/) - Our THORdex currently has a reading over 80, which is pointing to higher levels of risk in the US stock market. Warren Buffet’s indicator which compares Total US Market Capitalization vs. GDP, shows that US stocks are at all-time highs. While valuations and risk are high in US stocks, we still see compelling valuations in
- [Corporate Voting - Is Exxon the Tipping Point?](https://www.thorwealthmanagement.com/corporate-voting-is-exxon-the-tipping-point/) - One major concern over the years has been the concentration of corporate voting power to large investment firms. The recent proxy vote where 3 new activist board members were elected to Exxon’s board demonstrates the influence these firms can have. Blackrock (and Larry Fink) have become one of the most powerful companies in the world.
- [Market Sentiment - Irrational Exuberance?](https://www.thorwealthmanagement.com/market-sentiment-irrational-exuberance/) - Every market time period is different, except for one critical thing – human emotions. Investors buy more when they are optimistic and sell when depressed. They usually make these investment decisions at the wrong time. Watch our video to see what sentiment indictors are saying about today’s market.
- [Active vs. Passive II: US and International Stocks](https://www.thorwealthmanagement.com/active-vs-passive-ii-us-and-international-stocks/) - Is it better to have active management than passive management (index funds)? It depends. In our previous video on the topic of active vs. passive management, we discussed some of the differences when investing in fixed income. This video highlights why we like active management (over index funds) in US and International equity markets today.
- [US Stock Market - 1999 or 1970s?](https://www.thorwealthmanagement.com/us-stock-market-1999-or-1970s/) - There are a lot of people comparing the US stock market today to that of 1999. Today there are two significant differences from that time period. In this video we will discuss these differences and why we believe the 1970s may provide a more accurate comparison.
- [U.S. Corporate Profit Margins Going Down?](https://www.thorwealthmanagement.com/u-s-corporate-profit-margins-going-down/) - Corporate profit margins are at all-time highs. The stock market is also trading at all-time high levels. There are two items that could derail these levels: inflation and higher interest rates. Watch our video to learn more.
- [Bonds - Credit Risk is getting to an Extreme!](https://www.thorwealthmanagement.com/bonds-credit-risk-is-getting-to-an-extreme/) - THOR’s credit risk model is sending a cautionary signal. This at a time when bond spreads are historically narrow (i.e., 1999 and 2008) and covenants are non-existent. Is your bond portfolio taking too much credit risk today? Watch our market update video to learn more.
- [Energy Costs = Inflation](https://www.thorwealthmanagement.com/energy-costs/) - Over the past 40 years, the rate of growth in inflation has fallen. A major reason for this disinflation was due to lower energy prices – especially natural gas. Today we are seeing a reversal in the cost of energy, which could lead to a pick up in inflation.
- [Portfolio Protection - Where to Invest Now!](https://www.thorwealthmanagement.com/portfolio-protection-where-to-invest-now-alternatives/) - The way to protect your portfolio from a down market is by investing in alternative (non-correlated) investments. THOR uses our THORdex to determine when it is best to own alternatives. With the THORdex at 74, now is a good time to have alternatives in your portfolio.
- [Low CAPEX Spending = Higher Energy Prices](https://www.thorwealthmanagement.com/low-capex-spending-higher-energy-prices/) - In this market update we show the cause and effect of capital expenditures (CAPEX) for energy companies and the price of oil. Since it takes time for CAPEX to bear fruit in the energy space, expect prices to remain high due to this recent lack of investment. Today we are seeing this in Europe. Europe
- [Cisco vs. Tesla: Why Stock Price Matters](https://www.thorwealthmanagement.com/cisco-vs-tesla-why-stock-price-matters/) - Are investors making the same mistake today as they did with Cisco back in 2000? Investors overpaid for a “Great Company” and Cisco’s stock is down 30% from 2000. Watch our video to find out why the price you are paying for any investment is important.
- [Federal Reserve - Way Behind the 8-Ball](https://www.thorwealthmanagement.com/federal-reserve-way-behind-the-8-ball/) - Real interest rates are negative like they were back in the 1970s. While inflation is at historically elevated levels, the Federal Reserve is doing nothing to combat it. Watch our market update to learn about the negative affects on owning bonds in this environment.
- [Multi-Year Bull Market - Commodities](https://www.thorwealthmanagement.com/multi-year-bull-market-commodities/) - Commodities are coming off a 12-year bear market. We believe they are now in a bull market and have further to run (similar to 2000-2008). Rising energy prices will be the main reason for the bull market and not offering incentives for energy producers (and in fact doing the opposite) today only makes the commodity
- [Equity Market's Health - The ARK(K) is Taking on Water](https://www.thorwealthmanagement.com/equity-markets-health-the-arkk-is-taking-on-water/) - Even though the stock market appears to be reaching new highs, the average stock is not. Most companies are selling below their 200-day moving average. High flying stocks like those held in the ARK Innovation ETF (ARKK) are faring much worse. Watch this market update to see where things may go from here.
- [2022 Equity Market Outlook](https://www.thorwealthmanagement.com/2022-equity-market-outlook/) - With the calendar changing to 2022, here are our thoughts on the market outlook for this year, including an update of the current THORdex.
- [Part 2: ARKK Fund Follow-Up](https://www.thorwealthmanagement.com/part-2-arkk-fund-follow-up/) - This is a follow-up to our market update on 12/16/21 (Equity Market’s Health – The ARK(K) is Taking on Water). Odds are that the downturn in ARKK is only the beginning. Watch this update to find out why.
- [Federal Reserve's Impact on the Bond Market](https://www.thorwealthmanagement.com/fed-reserves-impact-on-the-bond-market/) - The Federal Reserve has blown out their balance sheet to almost $9 trillion and currently own 25% of all agency mortgage securities. Watch our video to understand why this is not a time to own the “general” bond market.
- [Market's Reaction To Rate Hikes Is Not Like 1999!](https://www.thorwealthmanagement.com/markets-reaction-to-rate-hikes-is-not-like-1999/) - Today’s market reaction to rate hikes is starkly different than what happened in 1999. The stock market volume is saying the correction is not over yet.
- [Energy - Not Just a Short-Term Investment](https://www.thorwealthmanagement.com/energy-not-just-a-short-term-investment/) - This market update explains why energy is a longer-term issue and investment opportunity. We see energy prices remaining elevated as production in Russia slows due to sanctions and western oil companies leaving the country. This is similar to what happened with Venezuela’s energy production. Watch the video to learn more about today’s energy market.
- [Why is Inflation so low in China?](https://www.thorwealthmanagement.com/why-is-inflation-so-low-in-china/) - China’s Inflation Rate is less than 1% over the past year. Watch our update to see why the Federal Reserve needs to raise rates more aggressively to fend off the Yuan from becoming a world reserve currency.
- [Natural Gas Pointing to Higher Inflation](https://www.thorwealthmanagement.com/natural-gas-pointing-to-higher-inflation/) - From 2009 to 2020 fracking caused natural gas prices to decline which in turn caused deflation around the world. That trend is reversing today as natural gas prices in the European Union are rising and causing US natural gas prices to climb. As the United States ships increased amounts of natural gas to Europe, production
- [THOR's Disciplined Approach - Update](https://www.thorwealthmanagement.com/thors-disciplined-approach-update/) - 2022 is proving to be a difficult year for both stocks and bonds. In this update, Jim talks about THOR’s disciplined investment approach and how it is weathering the storm effectively this year. Being disciplined is key to long-term investment results. Watch our update to learn more about how THOR is staying disciplined in this
- [End Of Low Mortgage Rates](https://www.thorwealthmanagement.com/end-of-low-mortgage-rates/) - Over the last 12 years, the Federal Reserve has kept mortgage rates artificially low through quantitative easing. With expectations of quantitative tightening, mortgage rates have shot higher. We believe the Federal Reserve will no longer manipulate mortgage rates in the future.
- [Corporate Profit Margins Squeezed](https://www.thorwealthmanagement.com/corporate-profit-margins-squeezed/) - Walmart (WMT) and Target (TGT) earnings this week reflect the changing landscape for profit margins. Expenses are increasing (especially wages and freight costs) faster than companies can raise price. Thus, profit margins are coming down from historically high levels.
- [Today's Bear Market vs Last Two Bear Markets](https://www.thorwealthmanagement.com/todays-bear-market-vs-last-two-bear-markets/) - In this market update we compare today’s Bear Market to our last two (2000-2002 and 2008-2009). They are similar in some ways, but there is one major difference. That difference is why we may be more at the beginning of this downturn than near the end.
- [What Will Cause Inflation To Remain High? Commodities & Wages](https://www.thorwealthmanagement.com/what-will-cause-inflation-to-remain-high-commodities-wages/) - Last week’s release of an 8.6% year over year increase in the CPI shocked many on Wall Street. What causes inflation, will these factors persist, and how should you invest? In this market update we show why commodity prices (specifically natural gas) and wages have caused inflation. Why inflation may remain high. And how investing
- [Should I Buy Stocks? Market Valuation & Key Indicators Review](https://www.thorwealthmanagement.com/should-i-buy-stocks/) - You might be asking yourself should I buy stocks today? Jim Gore, CIO at THOR Wealth Management, takes a look at market valuation and key indicators to help you answer the question of is it a good time to buy stocks. He looks at indicators including the Buffett Indicator, Shiller CAPE P/E ratio, current profit
- [Should I Buy Micro Cap Stocks?](https://www.thorwealthmanagement.com/should-i-buy-micro-cap-stocks/) - With the recent selloff in the US stock market, there is an opportunity emerging for investors to buy micro cap stocks. Jim Gore, CIO of THOR Wealth Management, looks into what are micro cap stocks and what the indicators are saying about investing in this space. Check it out in this video!
- [Consumer Sentiment - Is the Economy That Bad?](https://www.thorwealthmanagement.com/consumer-sentiment-is-the-economy-that-bad/) - Consumer sentiment is at one of the lowest points ever. What does this poor confidence mean and is the US economy in that bad of shape? Jim Gore delves into this consumer sentiment data and other important economic measures.
- [Treasury Yields Impact on Stocks](https://www.thorwealthmanagement.com/treasury-yields-impact-on-stocks/) - Interest rates continue to climb and the 40-year bull market in bonds is officially over. In this update we explain why rising treasury yields are having a negative impact on the stock market.
- [Bear Market - Where do we go from here?](https://www.thorwealthmanagement.com/bear-market-interest-rates/) - We are officially in a bear market and the THORdex is now saying the market is fairly valued. However, the Federal Reserve has yet to make a dent in raising the unemployment rate and job openings are plentiful. This is different than the bear markets of 2000-2002 and 2008-2009. During these time periods the Federal
- [Federal Reserve is Tightening](https://www.thorwealthmanagement.com/federal-reserve-is-tightening/) - Over the past 6 months, the money supply has not grown and the Federal Reserve has reduced their balance sheet by $200 billion. As the government continues to issue more Treasury Bonds to finance the deficit, private investors need higher interest rates to be enticed to buy Treasuries. This is a classic example of the
- [National Debt - Reality Check](https://www.thorwealthmanagement.com/national-debt-reality-check/) - As the Federal Reserve continues to raise interest rates this year, it is causing a problem for our national debt in the form of increased interest payments. Interest payments for the federal government are up 22% in the last two months alone. This is also contributing to debt problems for individual consumers as credit card
- [Recession? The Consumer is the Key](https://www.thorwealthmanagement.com/recession-the-consumer-is-the-key/) - Are we in a recession? If not, are we going into a recession? Consumption is the biggest contributor to US GDP. Watch THOR’s video to learn about the state of the consumer and what that means for the economy.
- [Sell in May and Go Away: Stock Market Anomalies Explained](https://www.thorwealthmanagement.com/sell-in-may-and-go-away-stock-market-anomalies-explained/) - One of the most recognized stock market anomalies is “Sell in May and Go Away” where the stock market performs better from November-April compared to May-October. In this video, Jim Gore explains the reasons why it occurs and why it isn’t occurring this year. Jim also covers the Santa Rally and the “3rd Year of
- [Investor Sentiment Today: XOM, TSLA, and Bitcoin Update](https://www.thorwealthmanagement.com/investor-sentiment-today/) - What is investor sentiment like today? Here we revisit our video from December 3, 2020 where we discussed excessive investor sentiment. Sentiment can drive stocks and markets to extremes and we saw that during that time period in Exxon(XOM), Tesla (TSLA), and Bitcoin. See what has happened over the past two years in these positions.
- [Earnings Matter](https://www.thorwealthmanagement.com/earnings-matter/) - Over the long run, earnings drive stock prices. When considering a stock, it is important to understand the company and how its earnings are generated. This is demonstrated by looking at the difference in earnings of two energy companies: Exxon Mobil and Energy Transfer. Today, operating margins for the S&P 500 are coming off an
- [Higher for Longer: Inflation & Interest Rates](https://www.thorwealthmanagement.com/inflation-and-interest-rates/) - Inflation and interest rates will be higher for longer. Copper, oil, and wages will cause inflation pressure over the next few years, which will make it difficult for the Federal Reserve to cut interest rates. Watch this market update to learn more.
- [The State of the Consumer](https://www.thorwealthmanagement.com/the-state-of-the-consumer/) - The economy benefited from consumers drawing down their savings which were accumulated during the COVID shutdown. Today the consumer is not stressed and has room to increase spending. However, if the current trends continue, consumers might hit a wall over the next several months. Watch this video to learn more.
- [SVB & Future Inflation](https://www.thorwealthmanagement.com/svb-future-inflation/) - Silicon Valley Bank’s (SVB) failure was primarily caused by investing in longer-term securities at a time of rising interest rates. Because of the failure, the Federal Reserve’s balance sheet rose by $299 billion last week. If this trend continues at the Federal Reserve, this is bad news for inflation.
- [MLPs - Story is Still Strong](https://www.thorwealthmanagement.com/mlps-story-is-still-strong/) - Even though midstream Master Limited Partnerships have significantly outperformed the rest of the stock market since the beginning of COVID, they are still selling a compelling investment. Watch this market update to find out why.
- [THORdex & Portfolio Allocation Update](https://www.thorwealthmanagement.com/thordex-portfolio-allocation-update/) - Watch our video to learn about THOR’s current thoughts on the equity market, fixed income market, and total portfolio allocation. We have a disciplined approach to investing and these charts will summarize that process and our allocation today.
- [Value - Intersection of Scarcity & Demand](https://www.thorwealthmanagement.com/value-intersection-of-scarcity-demand/) - The value of anything is dependent on scarcity (supply) and demand. In this update, we show how scarcity (lack of supply) in oil and copper is causing elevated commodity prices. The opposite is happening in shipping rates. Here, demand is falling at a time when capacity is rising. Over the long term, it’s better to
- [2023 - Top Stocks Driving the Return](https://www.thorwealthmanagement.com/2023-top-stocks-driving-the-return/) - Even though the S&P 500 Index is up over 8% this year, it is being driven by only 7 companies. The equally weighted S&P 500 index is only up 1.26%. The Russell 2000 Index, which is made up of smaller companies is only up 0.64%. In addition, International stocks are outperforming the average US stock
- [Be Careful of Edited Charts](https://www.thorwealthmanagement.com/edited-charts/) - People use charts to tell a story. However, these charts and numbers can be manipulated to tell an intended narrative. In this update, we use three current examples of charts that don’t tell the “complete” story.
- [3 Reasons Inflation Will Be Sticky](https://www.thorwealthmanagement.com/3-reasons-inflation-will-be-sticky/) - Inflation has fallen but will remain sticky. The energy transition, wages and global food policies will continue to cause inflation pressure. Thus, the Federal Reserve will have to keep rates higher for longer.
- [Why Earnings Quality Matters](https://www.thorwealthmanagement.com/why-earnings-quality-matters/) - Several news outlets have talked about the deterioration in the quality of corporate earnings. Most companies report on both a GAAP and Non-GAAP basis. We are seeing many companies (especially technology companies) pay more of their workers in the form of stock compensation, which can enhance reported (Non-GAAP) earnings. The value of a company can
- [This Time – It Is Different](https://www.thorwealthmanagement.com/this-time-it-is-different/) - In this market update we show why the recent positive stock performance is different from past bull markets. We are seeing large spreads and volatility in the percentage of stocks above their 200 day moving averages. It shows us that the internals of the stock market are not healthy.
- [Stocks vs. Bonds: Which Are More Attractive?](https://www.thorwealthmanagement.com/stocks-vs-bonds-which-are-more-attractive/) - We often hear the question: Is the stock market expensive? To answer that question, we need to compare stocks to other investments, like bonds. In this video, we compare stocks and bonds to determine which is most attractive today.
- [Student Loan Repayments - Impact on Consumers](https://www.thorwealthmanagement.com/student-loan-repayments-impact-on-consumers/) - Student loans must start being paid back in October. In this update, we break down the balance profile and age groups to show where the problem truly lies. The good news is that because of the negative headlines, those students under the age of 30 are taking out less in student loans than they were
- [Federal Deficit – The Flawed Modern Monetary Theory (MMT)](https://www.thorwealthmanagement.com/federal-deficit-the-flawed-modern-monetary-theory-mmt/) - Over the past few years, some politicians have espoused Modern Monetary Theory (MMT) to increase government spending. This flawed theory has increased our deficit and inflation at the same time. Watch our recent market update to learn more.
- [Why Gold Miners Should Perform Well](https://www.thorwealthmanagement.com/why-gold-miners-should-perform-well/) - Over the last 3 years gold has hit the $2000 price resistance level on three separate occasions. There is a good chance Gold will break that resistance over the next few weeks and move higher. Watch our market update to learn more.
- [Historic Inverted Yield Curve and Bonds Explained](https://www.thorwealthmanagement.com/historic-inverted-yield-curve-and-bonds-explained/) - Most people don’t understand the relationship between interest rates and bond price performance. In this market update we explain that relationship and what is going on with the yield curve. Currently the yield curve has been inverted for a historic length of time. Watch to learn why this is important and what THOR’s fixed income
- [THORdex and Allocation Update](https://www.thorwealthmanagement.com/thordex-and-allocation-update/) - In this video we give an update on THOR’s portfolio positioning. This includes an update on the THORdex, our fixed income risk measures, and our style class weightings.
- [Invest Looking Forward, Not in the "Rear-view" Mirror](https://www.thorwealthmanagement.com/invest-looking-forward-not-in-the-rear-view-mirror/) - Should you drive your car looking through your windshield or your rear-view mirror? Obviously, it is looking forward through your windshield and not backward. The same thing is true with investing. In this market update, we demonstrate why it is dangerous to invest based on past performance.
- [Cost of Interest Rates Rising](https://www.thorwealthmanagement.com/cost-of-interest-rates-rising/) - As interest rates rise, so do costs for consumers and businesses. Companies that increased their debt levels when rates were low are going to suffer when needing to refinance at higher rates. These increased costs will not only impact earnings but also their ability to increase dividend payouts.
- [When is Beta/Alpha Appropriate to Use?](https://www.thorwealthmanagement.com/when-is-beta-alpha-appropriate-to-use/) - Modern Portfolio Theory (Beta/Alpha) is a good measure to use when analyzing an active manager. However, it is backward looking and should not be used for analyzing specific securities. Watch our market update to learn why.
- [Stock Market - Where Does It Go From Here?](https://www.thorwealthmanagement.com/stock-market-where-does-it-go-from-here/) - The stock market (as measured by the S&P500) has had a nice run and is near all time highs. However, the health of the overall stock market does not look great. Watch our market update video to learn more about what this means going forward.
- [Why Invest In Emerging Markets - Especially Small Company Stocks](https://www.thorwealthmanagement.com/why-invest-in-emerging-markets/) - While many US investors are heavily invested in US stocks, its important to note that the United States only makes up 41% of the world’s stock market capitalization. 25% of the world’s market cap is made up of Emerging Market stocks and US investors are underinvested. Another trend we are seeing is small company emerging
- [2024 Update on THOR’s Indicators](https://www.thorwealthmanagement.com/2024-update-on-thors-indicators/) - With the start of the New Year, we wanted to give an update on THOR’s investment indicators. Watch our video to learn more about the state of the stock and bond market.
- [State of the Consumer Part II](https://www.thorwealthmanagement.com/state-of-the-consumer-part-ii/) - Last March we put out a Market Update on the State of the Consumer. At that time, the consumer was in relatively good financial shape, and we did not have concerns about a drop in consumer spending. Things have changed since that time. Today the banks are more cautious with their lending and are charging
- [Best Way To Invest In Artificial Intelligence (AI)](https://www.thorwealthmanagement.com/best-way-to-invest-in-artificial-intelligence-ai/) - Artificial intelligence (AI) is all the rage on Wall Street. Who the leader is going to be 10-20yrs from now is anyone’s guess. Watch our video to learn about a safer way to invest in the growth of AI.
- [Federal Deficit - Cause and Solution](https://www.thorwealthmanagement.com/federal-deficit-cause-and-solution/) - On the eve of another possible Government shutdown, we thought this would be a good time to review the causes of deficit and what needs to be done to correct it.
- [Economy - Good, Bad & The Ugly](https://www.thorwealthmanagement.com/economy-good-bad-the-ugly/) - Not all things are negative in this economy. In this market update, Jim Gore talks about what is good, bad, and ugly. During the 2008-2009 financial crisis, individuals were hit the hardest while businesses had strong balance sheets. We are in the exact opposite position today.
- [Three Main Economic Theories](https://www.thorwealthmanagement.com/three-main-economic-theories/) - Since the 1930s, there have been two main economic theories (Keynesian and Austrian). Today, there is a new theory called Modern Monetary Theory (MMT). In this update we give a brief synopsis of each and when (if) they should be applied.
- [Alert! Financial World is Changing!](https://www.thorwealthmanagement.com/alert-financial-world-is-changing/) - The Russian invasion of Ukraine has caused the dominoes to fall around the financial world. The US and Europe have added to the fire over the past month. See why the “BRICS” countries are concerned and have a dilemma on their hands.
- [Why Price Matters - Even for NVIDIA](https://www.thorwealthmanagement.com/why-price-matters-even-for-nvidia/) - You can make money with any investment – collectibles, stocks, bonds, etc. The most important factor in determining how much you make is the price you pay for the investment. In this market update, we discuss why price is so important. Are investors in NVIDIA going to end up like the investors that bought Cisco
- [FED is Already Easing - But is there enough cash to power the market higher?](https://www.thorwealthmanagement.com/fed-is-already-easing-but-is-there-enough-cash-to-power-the-market-higher/) - Inflation up, Inflation down. It has been a yo-yo year so far on monthly inflation figures. The Federal Reserve is already easing. But are investors tapped out?
- [THORdex Halftime Report](https://www.thorwealthmanagement.com/thordex-halftime-report/) - See what our current indicators are telling us. Small company stocks are intriguing, but there may be a better time to load up on small company stocks in the future. Don’t get caught up in the small company rally the past few days.
- [Inverted Yield Curve: Recession and Market Returns](https://www.thorwealthmanagement.com/inverted-yield-curve-recession-and-market-returns/) - This is a follow-up to a blog that my associate Jimmy Stechschulte wrote about the yield curve on July 11th. What does the inversion of the yield curve mean for the economy? Are we going into recession? Is it a good predicter for future stock market returns? Check out our most recent market update to
- [Commodities - Then and Now](https://www.thorwealthmanagement.com/commodities-then-and-now/) - The Federal Reserve has benefitted from a sustained drop in commodity prices over the past 2 decades – allowing them to keep interest rates low. This in large part was due to fracking which significantly increased the supply of oil and natural gas in the United States. With most Tier 1 wells having been drilled,
- [The Biggest Market in the World - Futures](https://www.thorwealthmanagement.com/the-biggest-market-in-the-world-futures/) - The biggest market in the world is the futures market. Producers, users, and investors use the futures market which continues to grow each year (grew by 15% in 2022). Find out what Contango and Backwardation mean and how it impacts prices and production.
- [Impact of Changing Tax Rates](https://www.thorwealthmanagement.com/impact-of-changing-tax-rates/) - Individual and corporate tax rates have been higher and lower in the past. Many are concerned about the possibility of higher tax rates in the future. See why those higher tax rates may be more important for you individually than the economy overall.
- [Time Weighted vs. Money Weighted Returns](https://www.thorwealthmanagement.com/time-weighted-vs-money-weighted-returns/) - Many people assume calculating performance returns on investment accounts to be a very simple process. In its simplest form, you can get your percentage investment return by using this simple equation: (Ending Value - Beginning Value) / Beginning Value. With that in mind, it can get more complicated when you add in factors such as
- [The Return of Inflation](https://www.thorwealthmanagement.com/the-return-of-inflation/)
- [Recency Bias: Are You at Risk?](https://www.thorwealthmanagement.com/recency-bias-are-you-at-risk/) - Jim Gore, CIO of THOR Investment Management, discusses some of the behavioral biases we are seeing by investors in the stock market today.
- [Gold Miners: Inflation Protection at a Discount](https://www.thorwealthmanagement.com/gold-miners-inflation-protection-at-a-discount/) - Jim Gore, CIO of THOR Investment Management, discusses inflation and the gold market in this market update.
- [Why We LIKE Emerging Markets](https://www.thorwealthmanagement.com/like-emerging-markets/) - Jim Gore, CIO of THOR Investment Management, discusses why THOR sees value in emerging markets.
- [First Time Home Buyer: How to Make an Offer?](https://www.thorwealthmanagement.com/first-time-home-buyer-how-to-make-an-offer/) - Buying a house can be a stressful endeavor for anyone. But, for first time home buyers, the thought of making an offer on a house for hundreds of thousands of dollars in a very competitive home buying environment, where even a slight delay can cost you the house of your dreams, the anxiety is enough
- [Ballooning Corporate Debt](https://www.thorwealthmanagement.com/ballooning-corporate-debt/) - Corporations have increased debt loads over the past few years because of the Federal Reserve’s ultra easy monetary policy. Now with rates going up, stress is starting to show up in the corporate bond market. With over $4.4 trillion in corporate bonds coming due by the end of 2022, higher interest rates means higher costs.
- [What is a Backdoor Roth IRA?](https://www.thorwealthmanagement.com/back-door-roth-ira/) - Roth IRAs are a powerful way to save for retirement. The beauty of a Roth IRA is that all growth and withdrawals from the account are tax-free and having a tax-free income source in retirement can be extremely beneficial. It is important to keep in mind that any contributions to a Roth account will be
- [Will Italy Be Saved by the ECB?](https://www.thorwealthmanagement.com/italy-the-ecb/) - The Italian election at the end of May has shaken up Europe and the Italian bond market. The change in Italy will make things more volatile over the next several months. We believe that the ECB will keep Italy afloat with purchases of Italian Government bonds. When Mario Draghi steps down late next year. It
- [Payroll Withholding – Time for a Reality Check](https://www.thorwealthmanagement.com/payroll-withholding-time-for-a-reality-check/) - After sweeping tax reform by Congress in December 2017, the Internal Revenue Service (“IRS”) rushed to update the tax withholding tables used by employers and payroll services to determine the amount of Federal income tax to withhold from employees’ paychecks. With many changes expected to positively impact the average taxpayer, namely lower tax rates, higher
- [Inflation Being Caused by Trucking, Shipping, and Energy Prices](https://www.thorwealthmanagement.com/inflation-is-affecting-the-price-of-shipping/) -  We believe inflation pressures will be here for at least the next two years because of higher costs for shipping goods around the globe. Both the trucking and cargo shipping industries have initiated new regulations that are, by themselves, increasing costs. In trucking, it is the regulations regarding electronic logging devices (ELDs) and in
- [An Analyst’s Up-close View of the Energy Market](https://www.thorwealthmanagement.com/an-analysts-up-close-view-of-the-energy-market/) - After recently returning from a natural resources conference in Denver, I thought it would be beneficial to share some of my takeaways. The conference was a mix of listening to CEO’s discuss trends in the market and touring companies in the field. One of the main focuses of the event was the energy space –
- [Cash Yields More Than Stocks](https://www.thorwealthmanagement.com/cash-yields-more-than-stocks/) - Today short term bonds yield more than the stock market, Jim explains in the most recent video update... 
- [Do I Need A Living Trust?](https://www.thorwealthmanagement.com/do-i-need-a-living-trust/) - Much has been written about the use of a living trust as a means of reducing the cost of passing your assets to your heirs at death. For most people, the primary motivation for creating a living trust is to avoid the probate process. In general, any assets which are in a decedent’s individual name
- [Fed is Falling Behind the Curve](https://www.thorwealthmanagement.com/fed-is-falling-behind-the-curve/) -  Short term interest rates should be much higher - possibly 5%. The Federal Reserve is behind the curve and we believe this will lead to inflation.
- [401k: Understanding the Ins and Outs of the Most Popular Retirement Tool](https://www.thorwealthmanagement.com/getting-started-with-a-401k/) - Whether you’ve just started a new job, or you’ve been at one for years, odds are that your employer has given you the option to participate in an employer-sponsored 401(k) retirement plan (401k). The 401(k) plan is one of the most popular retirement tools for working individuals. Despite its popularity, surveys have shown that many
- [Corporate Debt Looms Large](https://www.thorwealthmanagement.com/corporate-debt-looms-large/) - Corporations have had the wind at their backs with low interest rates. This lead to record levels of corporate debt issuance, which has surpassed 45% of GDP. There are now over $4trillion in corp. bonds due over the next 5 years. Companies will be forced to refinance at high rates or sell stock, which could
- [Income Tax Breaks for Homeowners](https://www.thorwealthmanagement.com/income-tax-breaks-for-homeowners/) - The U.S. government has a long standing history of including incentives in the income tax code to encourage home ownership. This is because of the positive impact home buying has on the economy - consumer spending makes up over two-thirds of the U.S. economy. Purchases of homes, especially new construction, creates a ripple of consumer
- [Market Sell-Off Update: Why Diversification Matters](https://www.thorwealthmanagement.com/market-sell-off-update-why-diversification-matters/) - Before the recent sell-off, the S&P 500 was more overvalued than the beginning of 2000 (when looking at price-to-sales ratio). This market sell-off is also different than that of 2000. Here we have seen all parts of the market sell-off initially. In 2000 this was not the case. There were places in the market that
- [THOR's Disciplined Approach](https://www.thorwealthmanagement.com/thors-disciplined-approach/) - Jim Gore, CIO, discusses the first two steps of THOR's investment process. He uses these steps to describe an investment opportunity in Master Limited Partnerships (MLP's) today.
- [Should I borrow from my 401k?](https://www.thorwealthmanagement.com/should-i-borrow-from-my-401k/) - In our recent blog, Understanding the Ins and Outs of 401(k) Plans, we touted the great benefits of 401(k) plans. Some investors might also see this as a source of potential funds for personal loans. Your 401(k) is a powerful savings vehicle that is intended to be a nice nest egg to fund your retirement.
- [Are We Headed Into a Recession?](https://www.thorwealthmanagement.com/are-we-headed-into-a-recession/) -  The yield curve turned negative and is a possible sign of recession. Are there any other signs? Yes, trucking rates are now down year over year. Also consumer confidence is near a 50 year high, which has shown to be a contrary indicator. The probability of a recession has increased.
- [US Stocks Disconnect from Earnings](https://www.thorwealthmanagement.com/us-stocks-disconnect-from-earnings/) - When buying a stock, you are investing in the future of the company. Historically a stock price is highly correlated to earnings growth. If earnings grow, the stock increases and vice versa. What we have seen in the past decade is that many US large company stock prices have increased, but earnings have not kept
- [Credit Scores: The 3 Keys to Understand](https://www.thorwealthmanagement.com/3-keys-to-understanding-credit-scores/) - What is a credit score? A credit score is a three digit figure that is intended to measure the likelihood an individual will repay debt and credit obligations. The credit score system was created to simplify the process of obtaining credit. Consequently the score provides a standard, objective measure that can easily compare borrowers. Before
- [Keep the Fed Independent](https://www.thorwealthmanagement.com/keep-the-fed-independent/) - Like many others, we have complained about many of the decisions the Federal Reserve has made in the past. However, we would rather have an independent Federal Reserve than one swayed by politics. Historically, the more independent the central bank, the lower the rate of inflation.
- [Should I Refinance my Home?](https://www.thorwealthmanagement.com/should-i-refinance-my-home/) - With a long-term home mortgage, interest rates matter. Rates on home mortgages have dropped about 20% in the last year, making this a good time to look at your mortgage to see if you can save some money. With rates at less than one-half their long term average of about 8%, homes have never been
- [Lending Money to Family and Friends](https://www.thorwealthmanagement.com/lending-money-to-family-and-friends/) - Many people in this world do not have access to personal loans such as mortgages or automobile loans for one reason or another. This may be because they have no credit or because they have bad credit and can only obtain a loan with an above-market interest rate attached to it. In these cases, people
- [Ways Parents Can Save Money on Taxes](https://www.thorwealthmanagement.com/ways-parents-can-save-money-on-taxes/) - Parents know first-hand how expensive it is to raise a child. New or expectant parents are often shocked and unprepared for the costs. To soften the blow, it helps to know there are provisions in the tax code that offer cost savings to parents, specifically, Dependent Care Flexible Spending Accounts and Child Tax Credits.Dependent Care
- [Tax Reform 2018 - Where do we Stand](https://www.thorwealthmanagement.com/tax-cuts-and-jobs-act/) - As we approach the end of another year, we are close to being two years into the Tax Cuts and Jobs Act (“Act”) that was passed late in 2017 and became effective on January 1 of 2018. The Act made significant income tax changes including lowering income tax brackets and increasing standard deductions. As with
- [The Importance of Talking to Your Children About Money](https://www.thorwealthmanagement.com/the-importance-of-talking-to-your-children-about-money/) - Last week, my 11- year old son decided to throw a football across his bedroom resulting in a hole in the plaster wall. This created the perfect opportunity for me to give him one of my infamous money lectures! I informed him that our local handy man charges an hourly rate of $40, and while
- [Should I Consolidate my Student Loans?](https://www.thorwealthmanagement.com/consolidate-student-loans/) - One of the largest debt discussion points in the media currently is student debt. With student debt at an all-time high, over 50% of students are graduating with student debt. Per Investopedia, the average amount of student loan debt per borrower is slightly above $35,000. A common dilemma for graduates with multiple student loans post-graduation
- [Coronavirus Aid, Relief and Economic Security Act](https://www.thorwealthmanagement.com/coronavirus-aid-relief-and-economic-security-act/) - As the coronavirus (“COVID-19”) outbreak continues to create uncertainty across the United States, small business owners and individuals alike are now confronted with many unprecedented and unique challenges. To help us with these challenges, President Trump signed into law on March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (“Act”). This Act is
- [THOR on WCPO's Cincy Lifestyle Show](https://www.thorwealthmanagement.com/jim-gore-on-wcpos-cincy-lifestyle-tv-show/) - Click above to see a replay of the segment.
- [MLPs: Still in Early Innings](https://www.thorwealthmanagement.com/mlp-still-in-early-innings/) -  Since our market update on December 17, 2020, MLPs have performed well compared to the rest of the market. We believe that this is only the beginning and there are 4 major reasons to invest in MLPs today: 1) cheap; 2) great cash flow; 3) high current yield; and 4) inflation protection.
- [Reaction to Fed Rate Cut - Not What You Thought?](https://www.thorwealthmanagement.com/reaction-to-fed-rate-cut-not-what-you-thought/) - On September 18th, 2024, the Federal Reserve cut interest rates by .5%. The market reaction may not have been what you expected. Is this a set up for a rising commodity environment like the late 1970s? Watch our market update to find out.
- [THOR's Indicators Update (10/2024)](https://www.thorwealthmanagement.com/thors-indicators-update-10-2024/) - Watch this video to see how THOR’s indicators have changed and why that’s important for your portfolio today.
- [Looking Forward - Emerging Markets](https://www.thorwealthmanagement.com/looking-forward-emerging-markets/) - Do you drive your car by looking through the rearview mirror? Of course not, but this is a common approach by investors. They make the mistake of investing based on recent performance (Recency Bias). In this update, we discuss a forward-looking approach and why Emerging Market stocks could be a fit in your portfolio.Previous “Invest
- [How are the Economics of the Individual?](https://www.thorwealthmanagement.com/how-are-the-economics-of-the-individual/) - 68% of US GDP is personal consumption. Therefore, the economics of the individual is critical to the economy. If spending is reduced because of excess debt or higher interest rates, it could have a negative effect on the US economy.
- [Valuation More Important than who won the Election](https://www.thorwealthmanagement.com/valuation-more-important-than-who-won-the-election/) - Elections and policy do matter, but valuation is even more important. Check out our most recent market update to learn more.
- [China vs. Argentina: Tale of Two Different Paths](https://www.thorwealthmanagement.com/china-vs-argentina-tale-of-two-different-paths/) - Join us as we compare the economic rollercoasters of China and Argentina, and uncover the surprising impact of political systems on financial markets.
- [THOR's Market Indicators (THORdex)](https://www.thorwealthmanagement.com/thors-market-indicators-thordex/) - In this update, Jim Gore will review the THORdex and other market indicators that THOR Wealth Management uses as part of their disciplined investment process. Is your portfolio allocated correctly today?
- [Are MLPs Still Attractive after a Great Run?](https://www.thorwealthmanagement.com/are-mlps-still-attractive-after-a-great-run/) - Since our market update on December 17, 2020 (https://www.thorwealthmanagement.com/…, MLPs have outperformed the S&P 500 and the NASDAQ 100. In this market update we explain why they are still attractive.
- [Why Own Fixed Income Securities](https://www.thorwealthmanagement.com/why-own-fixed-income-securities/) - People own fixed income securities for two main reasons – providing an income stream and less volatility in their investment portfolio. We currently like fixed income securities, but not in one area. Watch our video to find out why to own fixed income securities and the one area you should avoid at this time.
- [Update on Gold & Gold Mining Stocks](https://www.thorwealthmanagement.com/update-on-gold-gold-mining-stocks/) - On September 7, 2023, our market update highlighted an investment opportunity in gold mining stocks (https://www.thorwealthmanagement.com/…. Watch this update to see how well these stocks have performed over the past 18 months and why we expect returns could be better than the overall market moving forward.
- [Technicals – What are they saying now?](https://www.thorwealthmanagement.com/technicals-what-are-they-saying-now/) - Our equity risk model remains high (THORdex is over 70), but what is technical analysis saying about the stock market? Watch Jim Gore, CMT to learn more about today’s stock market technical analysis.
- [Time to Buy Tesla?](https://www.thorwealthmanagement.com/time-to-buy-tesla/) - Is it a good time to buy Tesla stock? Jim Gore breaks down the latest trends using both technical and fundamental analysis. Stay tuned for key insights to help you make an informed decision.
- [Stock Market 1987 vs. Today](https://www.thorwealthmanagement.com/stock-market-1987-vs-today/) - Many are comparing the recent sell-off to the stock market crash of 1987, but is that a good comparison? Find out our thoughts and get an update on THOR’s investment indicators today.
- [Big Market Shift](https://www.thorwealthmanagement.com/big-market-shift/) - There has been a big market shift since April 2, 2025. There is also reason to believe this trend will continue based on history. Watch our video to learn about this shift and how to position your portfolio.
- [Trade Deficit: Only 1/3 of the Equation](https://www.thorwealthmanagement.com/trade-deficit-only-1-3-of-the-equation/) - Trump put on tariffs because of the US trade deficit. However, that is only 1/3 of the equation. The tariffs are certainly having an impact on the other 2 parts of the equation which will have a major impact on where to invest for the future. Watch Jim’s video to learn more.
- [Are We In A Recession?](https://www.thorwealthmanagement.com/are-we-in-a-recession/) - Many clients are asking if we are in a recession and what that means for the stock market. Watch this video to discover our thoughts on the current economic environment and possible ramifications for the stock market.
- [Small Caps Are on Sale — But Should You Buy Now?](https://www.thorwealthmanagement.com/small-caps-are-on-sale-but-should-you-buy-now/) - Small-cap stocks are trading at some of the most attractive valuations we’ve seen in years. Is now the time to buy? In this video, we explore the data behind the small-cap opportunity, why the long-term setup looks strong, and why we’re holding off — for now.
- [The Case for Active Investing Today](https://www.thorwealthmanagement.com/the-case-for-active-investing-today/) - The S&P 500 is as expensive as it has been in years, with a few mega-cap stocks driving much of the gains. In this video, we explain why this creates a strong setup for active investors. By taking a selective approach, investors can uncover opportunities that passive strategies may miss and potentially protect returns during
- [THOR's Indicators: Quarterly Market Update (7.2025)](https://www.thorwealthmanagement.com/thors-indicators-quarterly-market-update-7-2025/) - In this quarterly update, Jim Gore analyzes THOR Wealth Management’s proprietary market indicators, offering insights into current market trends and explaining how we’re positioning portfolios for potential opportunities ahead.
- [Markets at Highs, but Weak Breadth Signals Caution](https://www.thorwealthmanagement.com/markets-at-highs-but-weak-breadth-signals-caution/) - The market’s making headlines with new all-time highs — but is this rally as strong as it looks? In this video, we dig into market breadth and why it matters. While indexes are setting records, only a fraction of stocks, especially in areas like small caps, are participating. In fact, less than 40% of small-cap
- [Why Sticky Inflation Is a Structural Problem](https://www.thorwealthmanagement.com/why-sticky-inflation-is-a-structural-problem/) - Inflation may not come down as quickly as many hope. In this market update, we discuss why government spending and the surge in money supply during COVID continue to keep upward pressure on prices. With these structural forces in play, investors should prepare for a stickier inflation environment — and consider how it may impact
- [It’s Time to Look Beyond the S&P 500](https://www.thorwealthmanagement.com/its-time-to-look-beyond-the-sp-500/) - In this market update, Jim Gore presents a compelling case for diversifying away from U.S. large-cap stocks. With the S&P 500 more concentrated than ever, we believe the best opportunities may lie in international, emerging markets, and U.S. small-cap companies. By examining historical trends and current valuations, we explain why shifting your focus beyond the
- [Why Waiting Pays: Maximizing Spousal Social Security Benefits](https://www.thorwealthmanagement.com/why-waiting-pays-maximizing-spousal-social-security-benefits/) - When it comes to Social Security, timing isn’t just everything; it’s money in your pocket. For many couples, especially those with a spouse who has earned significantly less over their career, spousal benefits can be a powerful tool to boost retirement income. However, claiming too early can shrink their benefits for life. Understanding why a
- [What Is the CFA Charter – and Why it Matters for Your Investments](https://www.thorwealthmanagement.com/what-is-the-cfa-charter-and-why-it-matters-for-your-investments/) - At THOR Wealth Management, you may have noticed that several members of our team have “CFA” after their names. It’s not just alphabet soup — those three letters represent a commitment to deep expertise, high ethical standards, and long-term discipline in investment management. But what exactly is the CFA charter, and why should it matter
- [A Teacher’s Guide to Retirement Savings](https://www.thorwealthmanagement.com/a-teachers-guide-to-retirement-savings/) - As an educator, you're dedicated to shaping the future for others, but what about your own? Planning for your financial future is just as important as the lessons you teach. Whether you're in a public or private school, there are powerful savings strategies tailored to your path. The key is knowing which options are typically
- [The Tax Cuts and Jobs Act: What is at Stake in 2025](https://www.thorwealthmanagement.com/the-tax-cuts-and-jobs-act-what-is-at-stake-in-2025/) - The Tax Cuts and Jobs Act (“TCJA”) of 2017 introduced the most significant changes to the tax code we have seen in nearly thirty years. It was enacted in President Trump’s first term in office and reduced average tax burdens for individual taxpayers across all income levels and simplified the tax filing process for many.
- [Market Outlook and Predictions](https://www.thorwealthmanagement.com/market-outlook-and-predictions/) - Explore THOR Wealth Management's insights on market predictions and outlooks, emphasizing a disciplined approach to long-term portfolio construction. Learn why financial markets are more art than science and how THOR navigates uncertainty in investment strategies
- [When to Expect Your 1099](https://www.thorwealthmanagement.com/when-to-expect-your-1099/) - You may be familiar with IRS Form 1099, but you may be less familiar with when you will receive Form 1099 and best practices. Read our blog to learn more.
- [Understanding Investment Behavior in Emerging Wealth Families](https://www.thorwealthmanagement.com/investment-behavior-in-emerging-wealth-families/) - The relationship between income and investment behavior is clear: higher income levels often correlate with a greater willingness to take on investment risk.
- [Can I Sleep at Night?](https://www.thorwealthmanagement.com/can-i-sleep-at-night/) - Since the dawn of behavioral finance, many traditional economic theories have taken a backseat because of practical shortcomings. Individuals are not rational economic beings and instead make emotional decisions that are suboptimal. One practical decision-making tool that I would espouse to individuals is what I will call the sound sleep principle. When faced with tough
- [The Yield Curve - Part 1](https://www.thorwealthmanagement.com/yield-curve-part-1/) - The yield curve is arguably the most popular economic indicator. It can tell you a lot about the future with respect to the markets and the economy. This will be a multi-part series on the yield curve. In Part 1 we will discuss what the yield curve is and go into detail on the three
- [Gifting Money to Children to Purchase a Home](https://www.thorwealthmanagement.com/gifting-money-to-children-to-purchase-a-home/) - In today’s real estate market, many first-time home buyers struggle to raise enough cash for a down payment necessary to purchase a home. In this case, those home buyers may look to their parents for help. For parents who are in a financial position to help, gifting money to their children is a wonderful way
- [10 Rules of Investing - Part 3](https://www.thorwealthmanagement.com/10-rules-of-investing-part-3/) - In the first two parts of this series (Part 1 & Part 2), we explored six of Bob Farrell's rules of investing, highlighting the importance of market cycles, sentiment, and valuation. As we delve into the final segment, we'll examine rules 7 through 10, which offer insights into market breadth, consensus views, and the phases
- [Why Rules of Thumb Are Out of Style](https://www.thorwealthmanagement.com/why-rules-of-thumb-are-out-of-style/) - There seems to be a plethora of financial ratios and rules of thumb whenever you are searching the web for an answer to a personal finance related topic. Here are some common financial rules of thumb that you may have seen or heard of: Save 10% of your income Have 3 to 6 months of
- [10 Rules of Investing - Part 2](https://www.thorwealthmanagement.com/10-rules-of-investing-part-2/) - Back in April, my THOR colleague, Drew Woodard, began a blog series where he discusses Bob Farrell’s 10 Rules of Investing. Bob Farrell was a pioneer in market psychology and sentiment, and he believed there was more to a stock’s performance than just the financial statements. At THOR, we focus on fundamentals, but we also
- [Avoid Investing in the S&P500 Index](https://www.thorwealthmanagement.com/avoid-investing-in-the-sp500-index/) -  The S&P 500 Index is the most concentrated than it has ever been. This concentration is worse than 1999 which led to a multi-year period where active management outperformed the S&P 500 Index. We believe history will be repeated.
- [10 Rules of Investing - Part 1](https://www.thorwealthmanagement.com/10-rules-of-investing-part-1/) - After studying under Benjamin Graham, known as the "father of value investing," at Columbia University in the late 1950s, Bob Farrell began his career as an analyst at Merrill Lynch. Following a distinguished tenure as one of Wall Street's leading analysts, Farrell ascended to the position of chief market strategist at Merrill Lynch. During the
- [IRA Contributions](https://www.thorwealthmanagement.com/ira-contributions/) - The 2023 tax season is almost complete – your tax return is due to be filed by Monday, April 15th unless you extend your return. But, if you have not yet filed your return, you still have a chance to have an impact on your taxes and/or your savings plan. Let us go over some
- [Investing Myth: Buying a Home is Always a Good Investment](https://www.thorwealthmanagement.com/investing-myth-buying-a-home/) - In a previous blog, we deconstructed a common investment myth about market returns. We will continue with that theme by going through another common investment myth about home buying. No matter if it is your first time or tenth, buying a home is an important life event. One myth that is common to hear is
- [MLPs: Still Very Attractive](https://www.thorwealthmanagement.com/mlps-still-very-attractive/) - We have talked about the attractiveness of Master Limited Partnerships (MLPs – Midstream Pipelines) for several years (see below links to prior updates). They still look good from a fundamental perspective and technically they are not overbought. Investors have pulled money out of MLPs over the past 4 years while the asset class has been
- [Power of Long-Term Investing (Updated)](https://www.thorwealthmanagement.com/power-of-long-term-investing-updated/) - The most important dynamic in investing is time. Time and the concept of compounding should be simple and practical but are often misunderstood and overlooked. Source: Jeremy J Siegel, Stocks for the Long Run. The definitive guide to financial market returns and long-term investment strategies, McGraw Hill, 2014, pp6. This chart is a great representation
- [Preparing for the 2023 Tax Season](https://www.thorwealthmanagement.com/preparing-for-the-2023-tax-season/) - The new year is here and tax season is almost upon us. And that brings with it a new tax filing season and trepidation for many about filing their tax return. To help reduce some of that anxiety, here are a few suggestions on how to best prepare to file your return for 2023. Organize
- [Maximizing Returns: How Active Investing in Bonds Triumphs Over Passive Strategies](https://www.thorwealthmanagement.com/maximizing-returns-how-active-investing-in-bonds-triumphs-over-passive-strategies/) - Welcome to the elaborate world of bond investments, where strategic decisions define future returns. At the core of bond investment strategies lies the iShares Core U.S. Aggregate Bond ETF, commonly referred to as the Agg. This ETF forms the foundation of passive bond investing, mirroring the vast landscape of the US investment grade bond market.
- [ROBS - A Unique Alternative for Starting or Buying a Business](https://www.thorwealthmanagement.com/robs/) - One of the key decisions when starting or buying a new business is how to fund the purchase or start-up. There are a lot of alternative ways to accomplish this task including: Using your own after-tax funds to provide the necessary capital Getting a loan through a traditional bank Applying for a loan through the
- [Should I Put Cash Into a Money Market Fund?](https://www.thorwealthmanagement.com/should-i-be-putting-cash-into-a-money-market-fund/) - As the Federal Reserve has raised the targeted federal funds rate, money market funds have been gaining attraction from investors. Since the beginning of 2022, interest rates have been on the rise which has resulted in some horrific returns in the bond market. With some money market funds yielding over 5% today, is it a
- [2023 Year End Tax Planning](https://www.thorwealthmanagement.com/2023-year-end-tax-planning/) - As with every year, it makes sense to consider income tax planning moves that can help lower your tax bill this year. The general strategy of deferring income into next year and accelerating deductions into this year still makes sense for most people – although the ability of many people to benefit from accelerating deductions
- [Finding An Investment Advisor](https://www.thorwealthmanagement.com/finding-an-investment-advisor/) - What Is a Financial Advisory Firm? Finding the appropriate financial professional for your personal situation can be a challenge. Part of that challenge is due to all the terminology and jargon used to describe financial advisors. For example, what is the difference between an investment advisor, financial adviser, financial planner, wealth manager, broker, etc.? In
- [Why the S&P 500 May Not Be the Best Benchmark](https://www.thorwealthmanagement.com/why-the-sp-500-may-not-be-the-best-benchmark/) - The goal of any active investment manager is to generate “alpha” for their clients. Alpha is defined as the excess return in relation to a benchmark (aka “beating the market”). Benchmarks are essential in investing because they give the investor a comparison for how their portfolio is doing relative to the market. A vast majority
- [What Are My Options for My Old Employer Retirement Plan?](https://www.thorwealthmanagement.com/what-are-my-options-for-my-old-employer-retirement-plan/) - Have you changed jobs in the past and now find yourself trying to manage multiple employer retirement plans, i.e., 401(k) or 403(b) accounts? If you answered yes, there are a few different options for what you can do with those old employer accounts. You will need to analyze a few factors which should help you
- [Pros and Cons of Buying vs. Leasing a Vehicle](https://www.thorwealthmanagement.com/pros-and-cons-of-buying-vs-leasing-a-vehicle/) - With the ever-changing landscape of automobiles, we are seeing more and more questions regarding buying vs leasing vehicles. The answer to the question is not cut and dry, as there are pros and cons to both choices. Each individual must weigh the different options to come to the proper conclusion. In this blog, we will
- [IRS Form 1099-K - The New Reporting Rule](https://www.thorwealthmanagement.com/irs-form-1099-k-the-new-reporting-rule/) - Unless Congress acts this year to change the rule it enacted with the adoption of the American Rescue Plan Act of 2021, more information reporting will be required of certain third-party payment networks. Beginning this year, payment card companies, payment apps and online marketplaces such as PayPal, Amazon, Venmo and eBay, must file IRS Form
- [Is Leverage Good?](https://www.thorwealthmanagement.com/is-leverage-good/) - Leverage is a powerful force that is deeply rooted in our society. It has facilitated the build-out of communities, contributed to the expansion of businesses, and led to countless booms and busts in the economy. While there are many places where leverage has done good, that doesn’t tell the full story. What Does Leverage Mean?
- [Compound Interest: The Eighth Wonder of the World](https://www.thorwealthmanagement.com/compound-interest/) - Would you rather have one million dollars in cash or one dollar that doubles for 20 days straight? At face value, you might think “Why would I not take the one million dollars over one dollar right now?” Thinking this way would be short-sighted because, with a little bit of patience, you would be awarded
- [Average Returns are Anything but Average](https://www.thorwealthmanagement.com/average-returns-are-anything-but-average/) - Today, we will deconstruct a common myth about market returns. Before I get started, I recently addressed some common investor mistakes and how to avoid them. If you missed them or would like to reread them, you can do that by simply clicking here, here, and here. Do you know what the average price return
- [Cryptocurrency Taxation](https://www.thorwealthmanagement.com/cryptocurrency-taxation/) - Do I have to pay income tax on my cryptocurrency (“Crypto”) transactions? Will my Crypto transactions be reported to me? Over the past couple of years, we have heard these questions, and others like them, quite frequently. If you disposed of your Crypto during the year from a taxable account, the short answer is yes.
- [Investing vs Gambling: What's the Difference?](https://www.thorwealthmanagement.com/investing-vs-gambling/) - Gambling has never been so popular and accessible as it is today. Sports gambling is now legal in over half of the US. And if you live in one of the states, like Ohio, where it recently became legal, this is no news to you. Like gambling, investing has also grown in accessibility with the
- [Financial Habits and Lifestyle Creep](https://www.thorwealthmanagement.com/financial-habits-and-lifestyle-creep/) - In our last blog, we encouraged you to start the new year off right by setting a few financial goals for yourself. Setting personal financial goals is so important, but, just like fitness goals, they can get pushed to the back burner of life. Time moves quickly. In the blink of an eye, you have
- [Net Unrealized Appreciation: Company Retirement Plans with Company Stock](https://www.thorwealthmanagement.com/net-unrealized-appreciation/) - Many employees who work for publicly traded companies have the option of purchasing their company stock within their retirement plan. This turns out to be a win-win scenario for the employee and the company. The employee gets ownership in their employer stock and is connected to, in a sense, the profits and losses of the
- [Common Investor Mistakes – Part 3: Put Your Money to Work!](https://www.thorwealthmanagement.com/common-investor-mistake-holding-too-much-cash/) - In Part 1 of this series, we discussed Emotional Trading and the behavior and cognitive biases displayed when making this mistake. In Part 2, we expanded on that discussion, going through Risk Tolerance, which is the foundation of portfolio construction and can help you avoid making emotional trading decisions. In Part 3 of this series,
- [THOR Featured In The Cincinnati Business Courier](https://www.thorwealthmanagement.com/thor-featured-in-the-cincinnati-business-courier/) - Jim Gore was recently interviewed by Steve Watkins of the Cincinnati Business Courier. Click here to read the full article.
- [IRS Inflation Adjustments for 2023](https://www.thorwealthmanagement.com/irs-inflation-adjustments-for-2023/) - 2022 has been a challenging year for most of us. The cost of everything has gone up – our decades high inflation rate is at 8.2% - while our stock portfolios are down. The Internal Revenue Service (“IRS”) recently issued its 2023 annual inflation adjustments for certain tax provisions. When most people think of the
- [Value vs Growth: What is the Difference?](https://www.thorwealthmanagement.com/value-vs-growth-what-is-the-difference/) - Value vs Growth is a common theme in the investing world. Commonly investors will bucket a stock into either growth or value. The problem with this practice is that value and growth are not mutually exclusive. Growth and valuation are two separate considerations in evaluating a company or a stock. If a company exhibits high
- [Common Investor Mistakes - Pt. 2: Risk Tolerance](https://www.thorwealthmanagement.com/common-investor-mistakes-2-risk-tolerance/) - This is Part 2 of my series on common investor mistakes. In Part 1, I went into detail about the common investor mistake of Emotional Trading. This blog expands on that topic by talking about risk tolerance and portfolio construction which can influence people making emotional trading decisions. First, let us start by defining
- [Importance of Beneficiary Designations](https://www.thorwealthmanagement.com/importance-of-beneficiary-designations/) - If you own a life insurance policy, annuity contract or individual retirement account, or are a participant in a company sponsored retirement plan (collectively “Accounts”), you are probably familiar with the term beneficiary designations. Beneficiary designations allow an individual to direct assets from an Account directly to a named beneficiary upon the death of the
- [Strong US Dollar - Where To Invest Now?](https://www.thorwealthmanagement.com/strong-us-dollar-where-to-invest-now/) - There has been a strong US Dollar for the past 13 years and assets in foreign countries have become cheaper than in the US. The USD strength has benefitted US stock returns since 2008. However, the dollar strength trend is long in the tooth and may be set to reverse. Learn about where to invest
- [Common Investor Mistakes - Pt. 1: Emotional Trading](https://www.thorwealthmanagement.com/common-investor-mistakes-pt-1-emotional-trading/) - Are you making avoidable mistakes in your portfolio because of some behavior bias? If you answered no to this question, you might be suffering from having an overconfidence bias which will ultimately lead to making mistakes. Much of today’s academia concentrates on traditional finance. Traditional finance ignores how individuals actually behave and instead focuses on
- [Closer to College - Key 529 Plan Facts](https://www.thorwealthmanagement.com/closer-to-college-key-529-plan-facts/) - You have saved for many years into your child’s 529 plan and now you and your child are on the verge of college tours and applications to decide where your child will spend the next 4 years of their life. Now is a good time to familiarize yourself with some of the nuisances of 529
- [Both Spouses Should be Involved in Handling Financial Affairs](https://www.thorwealthmanagement.com/both-spouses-should-be-involved-in-handling-financial-affairs/) - Division of labor in a marriage can be a good and often necessary thing. It can allow couples and families to be much more productive, freeing up precious time to spend on things they enjoy. In fact, according to Pew Research, the perceived fair division of labor is a key component of a successful marriage.
- [Asset Location: 3 Steps for Success](https://www.thorwealthmanagement.com/asset-location-3-steps-for-success/) - Asset location is an important aspect of portfolio composition and one that often gets overlooked. Like many concepts in finance, it can be part art and part science. What is asset location? It is the concept of how to utilize different savings vehicles and where to place investments among those vehicles to minimize income tax. Here we will talk about 3 steps to follow for success. 1. Establish 3 Buckets to Provide a Foundation In order to utilize asset location
- [Gifting Stock To Family Members](https://www.thorwealthmanagement.com/gifting-stock-to-family-members/) - The holidays are quickly approaching and people are starting to think about their gift list. One of the questions that often pops up around this time is about gifting shares of stock to a family member. Gifting shares of stock can be a great gift. It can help stimulate a young person’s interest in the
- [Qualified Charitable Distributions](https://www.thorwealthmanagement.com/qualified-charitable-distributions/) - With two months left in the calendar year, it is time for those of us who have yet to take our required minimum distribution (“RMD”) from our individual retirement account (“IRA”) to do so. If you find yourself in the fortunate position of having to take your RMD, but not needing some or all of it, you may want to consider donating some or all of your RMD
- [How Much Cash Should I Hold?](https://www.thorwealthmanagement.com/how-much-cash-should-i-hold/) - Most people hold cash in some combination of checking and savings accounts at a bank. The cash in these accounts is used to pay for normal everyday expenses throughout a typical month. However, in addition to holding cash in a checking/savings account to pay for bills, you should also consider having a separate savings account designated as an emergency fund. This emergency fund won’t fluctuate monthly like your checking and savings accounts and the purpose of holding it is to be a buffer against an unforeseen event. Having an emergency
- [Password Management - Best Practices](https://www.thorwealthmanagement.com/password-management-best-practices/) - It seems like everywhere you turn online these days, you are being asked to create an account and subsequent password. Want to buy textbooks for your college student or reference your doctor’s advice from your last visit? Well, set up an account and create a password! Passwords are now needed for everything from retail websites, social media, and e-mail accounts to medical providers and financial institutions. According to the latest research by NordPass, the average person has 100 passwords to remember! Obviously, some of these passwords
- [Should I Use My Credit Card or Debit Card?](https://www.thorwealthmanagement.com/should-you-use-your-credit-cards-or-debit-card/) - Most of us have our fair share of plastic in our wallets, purses or money clips. We have one or more credit cards issued by organizations such as American Express, Discover, MasterCard or Visa as well as a debit card, typically issued by your bank. When we go to pay for a purchase, we are
- [President Biden's Recent Tax Proposals](https://www.thorwealthmanagement.com/president-bidens-recent-tax-proposals/) - A couple of months ago, I wrote a blog discussing potential tax changes that might occur under our new President given his election and Democratic control of the Senate and House of Representatives for at least the next two years. That blog reviewed some of the changes President Biden proposed during his campaign. Since that
- [What Does It Mean To Have A Diversified Portfolio?](https://www.thorwealthmanagement.com/what-does-it-mean-to-have-a-diversified-portfolio/) - There are many misconceptions about diversification and what it means to have a diversified portfolio. One of the questions I get a lot is: “I own XYZ stock. Is it a good time to sell it?”. Usually, my immediate follow up, even before looking into the stock, is how big of a position is the stock in your portfolio
- [When You Should Contribute to a Retirement Plan](https://www.thorwealthmanagement.com/when-you-should-contribute-to-retirement-plan/) - Often the mantra you hear when it comes to contributing to retirement plans such as 401(k) or 403(b) plans is to “max out your plan”. And, if you have the annual income necessary to meet these thresholds, you should absolutely take that approach. But there are many people who cannot “max out” their plan and
- [4 Common Wealth Building Mistakes](https://www.thorwealthmanagement.com/four-mistakes-to-building-wealth/) - Building wealth can be confusing and complex at times. To be successful, one must take a holistic approach, requiring an understanding of many different aspects of wealth management. Many of these components are intertwined. For example, ask yourself if you have a sound financial plan? If you answered yes, does the plan take into consideration
- [Potential Tax Policy Changes under the New Administration](https://www.thorwealthmanagement.com/tax-policy-changes/) - The election of Joe Biden as President coupled with Democratic control of the U.S House of Representatives and U.S. Senate could mean tax changes are on the horizon. Although control does rest with the Democratic party, control is only by the slimmest of margins. Any changes to tax policy likely will be only modest as
- [Keys to a Successful Home Inspection](https://www.thorwealthmanagement.com/home-inspection/) - The housing market is very active right now and many home purchasers are buying a home for the first time. In THOR’s May 2018 blog post (https://www.thorwealthmanagement.com/first-time-home-buyer-how-to-make-an-offer), we mention that one of the items all home buyers should complete before removing the contingencies from the purchase contract is a home inspection. A home inspection is initiated once your offer has been accepted by the seller, but you still have a period of due diligence
- [How to Plan for Social Security?](https://www.thorwealthmanagement.com/how-to-plan-for-social-security/) - One question we receive quite often from clients is how to plan for Social Security benefits. For many people, both young and old, this is a big question when considering their future. Based on recent projections from the Social Security Board of Trustees’, the Social Security trust funds are due to run out by 2035. Below is a chart from data on the Social Security website showing that in 2018, the trust fund assets, as represented by the blue line, decreased for the first
- [Benefits of Becoming a Florida Resident](https://www.thorwealthmanagement.com/benefits-of-becoming-a-florida-resident/) - When considering a move to Florida, it is important to understand the benefits of doing so. Besides the year-round pleasant weather, there are two primary benefits. The first is that Florida has no state income tax, while Ohio does. Ohio imposes income tax on income of every resident of Ohio. The highest tax rate is
- [Target Date Funds: 401k’s Most Popular Investment Choice](https://www.thorwealthmanagement.com/target-date-funds-401ks-most-popular-investment-choice/) - The popularity of target date funds has grown substantially over the past 10 years. Currently more than 50% of 401(k) investors have all their assets in target date funds. Not all this popularity is investor driven. Instead, much of this growth is structural. Currently just over 50% of target date funds are with companies that have their own record keeping, but these companies control over 80% of the assets
- [Bull Market? Yes, In Gold!](https://www.thorwealthmanagement.com/bull-market-yes-in-gold/) - The best bull markets are those that grow steadily and are not originally recognized by most investors. Since September 30, 2018, gold has performed very well while stocks have languished. The 1970's gold bull market was squashed when the Federal Reserve raised rates dramatically. With the money supply growing faster now than anytime in the
- [Time To Think About Roth Conversions](https://www.thorwealthmanagement.com/time-to-think-about-roth-conversion/) - We have written several blogs over the years on Roth IRAs. Today though, they have even more importance given the downturn in the market over the past couple of months. As a quick refresher, a Roth IRA provides tax-free growth on after-tax contributions. When funds are withdrawn, normally after attaining the age of 59 ½, qualified distributions are tax-free. There are two ways to introduce money into a Roth IRA. The first
- [Ohio Stay at Home Order - THOR's Statement](https://www.thorwealthmanagement.com/3760-2/) - Yesterday, Ohio Governor Mike DeWine’s stay at home order mandating that all Ohioans stay at home unless you are engaged in essential work or activity went into effect. As a financial service firm, THOR is considered essential work and therefore will stay open during this time period. As we have been doing for the past
- [Changing Dynamics in the Discount Brokerage Industry](https://www.thorwealthmanagement.com/changing-dynamics-in-the-discount-brokerage-industry/) - We live in a time where investors have never been more cost conscious about the fees they are paying and some of the recent changes in the discount brokerage industry reflect this distaste for fees. In early October 2019, Charles Schwab was first among the major discount brokerage firms in the race to the bottom
- [Hungry for Yield?](https://www.thorwealthmanagement.com/hungry-for-yield/) - In a world where $17 trillion of global bonds are selling at negative interest rates and the 30-Year Treasury Note is yielding close to 2%, investors are searching for yield. The two areas that look attractive today are Business Development Companies (BDCs) and Mid-stream Master Limited Partnerships (MLPs). On the income alone, investors will double
- [China Trade Deal: What It Means for Your Portfolio](https://www.thorwealthmanagement.com/china-trade-deal-what-it-means-for-your-portfolio/) -  According to THOR’s disciplined approach, we believe international stocks (especially emerging markets) are set to outperform US stocks over the next several years. The current trade dispute between the US and China may be a catalyst. If a deal is completed, emerging market stocks should appreciate much faster than US stocks. If there is
- [ENERGY INVESTING- WE ARE ONLY IN THE 2ND OR 3RD INNING!](https://www.thorwealthmanagement.com/energy-being-the-best-performing-sector-in-the-equity-market/) - One of the best performing sectors in the equity market recently has been energy. Since the end of November, mid-stream pipelines (Master Limited Partnerships - MLPs) are up over 19% through last Friday’s close. We believe that these gains represent the early stage of a long bull market in energy investments for the following reasons:
- [Artificial Intelligence:  Is It Good for the Markets?](https://www.thorwealthmanagement.com/artificial-intelligence-is-it-good-for-the-markets/) - Technology is changing many things that impact our lives and has certainly made us more productive. As to the stock market, we have seen a deluge of artificial intelligence in the form of computerized trading and “robo” advisers over the past few years. This is not, however, the first time machines have influenced the stock
- [THOR... How We Got Our Name](https://www.thorwealthmanagement.com/thor-how-we-got-our-name/) - Its THOR’s 25th anniversary!! Throughout the years we have gotten the question of how we came up with the name THOR. We invite you to watch our most recent video where we explain why we are THOR Investment Management…
- [IMPORTANCE OF INVESTING LOOKING FORWARD – NOT IN THE REARVIEW MIRROR](https://www.thorwealthmanagement.com/importance-investing-looking-forward-not-rearview-mirror/) - Is it a good idea to drive your car looking in the rear view mirror? Probably not, unless you want to get in an accident. Why then do many people invest their money the same way – looking in the rear view mirror at performance? The answer is grounded in hindsight bias. People adapt to
- [Finding Value in a Growing Industry](https://www.thorwealthmanagement.com/finding-value-in-a-growing-industry/) -  In one of our recent market updates, we discussed that commodity prices are at historically low valuations. Energy, in particular, is one area that is trading at cheap valuations. When most people think about energy, they think of oil and how much they are paying at the pump. While oil does make up a
- [G-20 SUMMIT MEETING THIS FRIDAY AND SATURDAY – THE REAL FIREWORKS THIS JULY?](https://www.thorwealthmanagement.com/g-20-summit-meeting-this-friday-and-saturday/) - If you listen to the talking heads, the big news at the G-20 summit is President Trump’s meeting with Vladimir Putin. Although this meeting is important, the media, in our opinion, is missing the real story. That story is what will happen between Chancellor Merkel of Germany and President Trump. Merkel wants to talk about
- [IT’S THE CHEAPEST IN 40+ YEARS!](https://www.thorwealthmanagement.com/its-the-cheapest-in-40-years/) - Are we talking about stocks or bonds? Neither, we are talking about commodities. Investors usually think about stocks and bonds as the only two investment choices for their portfolio. This type of thinking causes investors to miss out on other investment opportunities (like Business Development Corporations which we discussed back in 2015) that can enhance
- [IF YOU PLAN ON BUYING A CAR SOON, A BETTER DEAL MAY BE ON THE HORIZON](https://www.thorwealthmanagement.com/if-you-plan-on-buying-a-car-soon-a-better-deal-may-be-on-the-horizon/) - Which saying is more appropriate: “Time heals all wounds” or “Those that forget history are bound to repeat it”? In 2008, individuals were highly leveraged and woke up after the Great Recession with a desire to get out of debt. My, how quickly things can change. Household debt recently eclipsed its 2008 peak. Is this
- [SHOULD INVESTORS LISTEN TO THE MEDIA FOR INVESTMENT ADVICE?](https://www.thorwealthmanagement.com/should-investors-listen-to-the-media-for-investment-advice/) - As we all know, the media loves to hype up stories because the hype creates bigger audiences. At about this time into the Obama administration, the media was hyping the rise of countries like Brazil, India, China and South Africa (the “BRICS”). Many talking heads also encouraged investors to invest in these “rising” countries. Over
- [SELL IN MAY AND GO AWAY – A FLAWED APPROACH!](https://www.thorwealthmanagement.com/sell-in-may-and-go-away-a-flawed-approach/) - The media loves to hype up anomalies in the market and there are two many of us are hearing now. We believe investing based on these anomalies is a flawed approach. Let’s look at both the “Sell in May and Go Away” trading strategy and the Presidential Election Cycle anomaly. We would argue that market
- [LACK OF CASH – WHY THE MARKET IS SLOWING DOWN](https://www.thorwealthmanagement.com/lack-of-cash-why-the-market-is-slowing-down/) - Investors can learn a lot about the securities markets if they understand the dynamics that occur at an auction. When an auction has very few people in attendance (or there is limited cash available to purchase the items on auction), prices tend to be depressed because of a lack of competitive buying. On the other
- [THE FEDERAL RESERVE RAISES INTEREST RATES AND GOLD RALLIES.  WHY?](https://www.thorwealthmanagement.com/the-federal-reserve-raises-interest-rates-and-gold-rallies-why/) - The Federal Reserve (“Fed”) raised interest rates yesterday. According to many pundits, that is bad for gold prices. Get out now while you can!! This is consistent with the misconception many people have that higher interest rates are always bad for gold. Despite this sentiment, gold rose by 1% on Wednesday. Why - because the
- [Why the Federal Reserve May Keep Rates Low as Inflation Rises](https://www.thorwealthmanagement.com/why-the-federal-reserve-may-keep-rates-low-as-inflation-rises/) - After the “Great Recession”, US households carried a lot of debt and were hurting economically from that burden. One of the reasons the Federal Reserve (“Fed”) decided to initiate its quantitative easing program was to ease this burden on households while at the same time propping up the general economy. Households benefited by refinancing their
- [The End of Multi-National Company Dominance?](https://www.thorwealthmanagement.com/the-end-of-multi-national-company-dominance/) - Over the last thirty to forty years, multi-national companies have dominated not only the American business landscape but that of the entire world. If you go to “any town” USA, they all look similar with the same national restaurants and stores. Multi-national companies have benefited from globalization, cheap capital and increased regulation over the last
- [2017: Things to Watch for in the Market](https://www.thorwealthmanagement.com/2017-things-to-watch-for-in-the-market/) - It is always dangerous to make predictions, especially when trying to make them for an entire year. Nonetheless, reasoned judgments should be considered for their potential impact on investments. Here are our general thoughts going into the New Year: The US energy sector will be one of the best investments over the next few years.
- [What Sector Will Benefit from Trump?](https://www.thorwealthmanagement.com/is-there-a-sector-that-will-benefit-under-trump/) - Over the past 100 years, there have been two periods in which the stock market was driven higher mainly by one sector of the economy. In the 1920’s, it was utilities and in the 1990’s, technology led the way. Why did this happen? In the 20’s, people were getting electricity in their homes for the
- [Next round of the Euro Crisis set for this weekend?](https://www.thorwealthmanagement.com/next-round-euro-crisis-set-weekend/) - If you turn on CNBC there is a sense of euphoria – Trump’s growth strategy, consumer confidence is high (last time it was this high was in July 2007, a good contrary indicator) and the stock market is at an all-time high (actually, the market as measured by the S&P 500 Index is only up
- [The Trump Market Crash – Not stocks, but bonds!](https://www.thorwealthmanagement.com/the-trump-market-crash-not-stocks-but-bonds/) - While watching the election on Nov. 8th, one not only got minute by minute updates on the voting results but also saw the Dow futures plummeting down over 800 points and heard pundits talking about the market crashing because it looked like Trump was going to win. As it turns out, they were right about
- [The Day After The Election…](https://www.thorwealthmanagement.com/the-day-after/) - Similar to the experience of many Americans, last night was a long night and the caffeine is flowing today at THOR. The US election roller coaster has caused volatile market swings in both directions. Last night, the Dow Jones Industrial Average futures started slightly up, then collapsed more than 800 points when Trump took a
- [In the Eye of the Hurricane!](https://www.thorwealthmanagement.com/in-the-eye-of-the-hurricane/) - The financial markets seem eerily calm before the election. This is surprising given how volatile the news is about both candidates. It is almost like we are in the eye of a hurricane, where the sun is out and it is perfectly calm. We do expect the markets to react after the election in the
- [What happens if the Federal Reserve raises interest rates?](https://www.thorwealthmanagement.com/what-happens-if-the-federal-reserve-raises-interest-rates/) - The discussion among investors when considering an interest rate increase by the Federal Reserve (“Fed”) typically centers around the impact of the rate increase on the stock market, not the bond market. When interest rates do rise, it may or may not have an impact on the stock market. The impact of a rate increase
- [Thoughts on the Election](https://www.thorwealthmanagement.com/thoughts-on-the-election/) - First and foremost, THOR employs a disciplined approach to investing that is based on valuations, not political outcomes. Many individual investors have a tendency to make emotional investment decisions, some of which are based on political outcomes. More times than not, these decisions hurt their portfolio returns over the long term. For example, after President
- [September - The August calm is over](https://www.thorwealthmanagement.com/september-the-august-calm-is-over/) - In our August 1st update, we mentioned how we thought August would be a slow time for the market. We were right, but couldn’t foresee that it would go down in history as one of the months with the tightest range of daily price change. Now that the calm is over, we have begun to see
- [Cash Savings – How much do I need?](https://www.thorwealthmanagement.com/cash-savings-how-much-do-i-need/) - What is the appropriate amount of cash to keep on hand in a savings account? It’s a question we are asked frequently and one that is important for everyone. Part of the reason that the question is so prevalent is because there is no perfect solution. Everyone’s situation is unique and the right amount of
- [Why Publicly Traded Business Development Corporations Offer an Attractive Yield](https://www.thorwealthmanagement.com/publicly-traded-business-development-corporations-offer-attractive-yield/) - Many people have not heard of Business Development Corporations (“BDC”). Having little insight into these relatively unknown investments means a majority of investors avoid them and buy perceived safer investments such as utilities and large US consumer staple companies - see our last market update on the risk of buying consumer staple companies today www.thorinvestment.com/stable-us-consumer-stocks-investors-beware.
- [Robo-Advisors: A Growing Trend in the Financial Industry](https://www.thorwealthmanagement.com/robo-advisors-a-growing-trend-in-the-financial-industry/) - A robo-advisor is “an online wealth management service that provides automated, algorithm-based portfolio management without the use of human financial planners.” – Investopedia.com Robo-advising has become not only a hot-topic in the financial industry, but a big business. Over the past few years, many of the largest players in the financial industry have spent money
- [“Stable” US Consumer Stocks – Investors Beware](https://www.thorwealthmanagement.com/stable-us-consumer-stocks-investors-beware/) - In the past several months, we have seen a trend in the investment strategies that ETF and mutual fund families are promoting: dividend paying/low volatility strategies. They are doing this because that is what is selling. Just recently, we met with such a fund that has seen their assets grow from $900 million at the
- [August – The calm before the storm?](https://www.thorwealthmanagement.com/august-the-calm-before-the-storm/) - Making a prediction about what to expect in the stock market in the weeks ahead can be a less than accurate, derision-inducing effort. However, we are going to take a stab but we are not going to stick our necks out too far. We believe the markets will be relatively calm over the next few
- [Brexit/Schmexit – Importance of the facts and fundamentals](https://www.thorwealthmanagement.com/brexit-geopolitical-concerns/) - It seems like geopolitical concerns have no impact on the direction of the stock market – Brexit, attempted coup in Turkey, truck terrorism in France, cops assassinated in Dallas and Baton Rouge – the list goes on and on. In the past, any one of these incidents may have derailed the market. Yet, the market
- [IRA Charitable Distributions Made Permanent](https://www.thorwealthmanagement.com/ira-charitable-distributions-made-permanent/) - The Protecting Americans from Tax Hikes Act (“Path Act”), which was enacted into law on December 18, 2015, made permanent the tax provision that allows individuals age 70½ and older to distribute up to $100,000 in a given taxable year from their individual retirement accounts (“IRA”) to charities and have the amount so distributed excluded
- [Central Banks focus on “stability” will bring down the EU!](https://www.thorwealthmanagement.com/central-banks-focus-on-stability-will-bring-down-the-eu/) - What a crazy few days in the market. First, the Brexit occurs and markets swoon lower for 2 days only to recoup most of those losses the next 3 days. So what is going on? In our opinion, central banks around the world have changed their focus from the economy to creating “stability” in the
- [Brexit Referendum: The Day After!](https://www.thorwealthmanagement.com/brexit-referendum-the-day-after/) - After a late night of watching the Brexit referendum on BBC and the wild fluctuations in the Asian and US futures market, we wanted to express our thoughts: In the last week we saw the British pound rise only to collapse 8% so far this morning. This says to me there were some big winners
- [What is an 83(b) Election?](https://www.thorwealthmanagement.com/what-is-an-83b-election/) - Section 83(b) and § 1.83-2(a) permit the service provider to elect to include in gross income the excess (if any) of the fair market value of the property at the time of transfer over the amount (if any) paid for the property, as compensation for services. -IRS.gov An 83(b) election can be a very beneficial and
- [Thoughts from the front line!](https://www.thorwealthmanagement.com/thoughts-from-the-front-line/) - We just returned from the Morningstar Investment Conference in Chicago today and wanted to share some thoughts from the conference. The most interesting discussions focused on what foreign investors are doing now because of negative interest rates around the globe. Many foreign investors (especially foreign insurance companies) are looking to buy higher yielding US investments.
- [How Should I Save For College?](https://www.thorwealthmanagement.com/saving-for-college/) - If you are trying to save for your child’s education, you will find an array of investment vehicles available to you today. To determine which vehicle is best for you, you must consider the different features of each option. Two of those options, the Coverdell Education Savings Accounts (“ESA”) and the state-based 529 Plans are
- [The Federal Reserve has to raise rates – here is why!](https://www.thorwealthmanagement.com/the-federal-reserve-has-to-raise-rates/) - The financial press loves to talk about whether the Federal Reserve will raise interest rates in June, July or later this year. We think they will raise rates one more time either this month or next month. Why? Because they have to in order to save the money market industry. If you recall, we were
- [How Do I Build Credit?](https://www.thorwealthmanagement.com/how-do-i-build-credit/) - The catch-22 of credit for young adults is that you can’t get a credit card because you don’t have a credit history but you can’t build credit because you can’t get a credit card!! And in today’s world, credit cards are a fact of life. You need a credit card to do a number of
- [Optimism/Pessimism – Which is best in investing?](https://www.thorwealthmanagement.com/optimism-pessimism-which-is-best-in-investing/) - We have heard on occasion that THOR is not “optimistic” enough. From an investment standpoint, whether you’re optimistic or pessimistic is irrelevant. What is relevant is valuation - the price you pay for a security. When managing your money, our job is to be a realist and use common sense and not be emotional. We
- [Elder Abuse & Exploitation](https://www.thorwealthmanagement.com/elder-abuse-and-exploitation/) - Elder abuse is an important subject and rapid problem in society today. 1 in 10 Americans over the age of 60 have been a victim of some type of elder abuse. Abuse is defined as the infliction upon an adult by self or others of injury, unreasonable confinement, intimidation, or cruel punishment with resulting physical
- [Janet Yellen – The New “Candy Man”](https://www.thorwealthmanagement.com/janet-yellen-the-new-candy-man/) - Who can take a sunrise Sprinkle it with dew Cover it in chocolate And a miracle or two Janet Yellen (The candy man) Janet Yellen can (The candy man can) Janet Yellen can cause’ she Mixes it with free cash and Makes the world taste good The stock market has rebounded from its February lows
- [The Earnings Game Companies Play](https://www.thorwealthmanagement.com/the-earnings-game-companies-play/) - If anyone watches CNBC, they will constantly hear that a company earned a certain number less “ex” one time charges. When they say that, CNBC is reporting earnings on what is called a “pro forma” basis. This is different than the GAAP (Generally Accepted Accounting Principles) rules for reporting financial information. Not only do pro
- [What Is Account Aggregation?](https://www.thorwealthmanagement.com/account-aggregation/) - What is it? Account aggregation is exactly what the name implies. It allows for individuals to see their entire financial picture on a single screen by compiling information from thousands of financial institutions. As many people today have accounts across multiple institutions, this tool has become more and more popular. It also helps with keeping
- [Creating a Sound Financial Plan](https://www.thorwealthmanagement.com/creating-a-sound-financial-plan/) - Financial planning is a popular topic these days. It’s hard to turn on the TV or get online without seeing an advertisement for some type of financial planning service. People have different perceptions of what a financial plan is and whether they need to hire an expert to assist them with a plan. The truth
- [Is Gold the Answer to Negative Interest Rates?](https://www.thorwealthmanagement.com/is-gold-the-answer-to-negative-interest-rates/) - Federal Reserve Chairman Janet Yellen in her recent address to Congress mentioned that negative interest rates are on the table. These comments come after the Federal Reserve, in January, asked US banks to stress test for negative interest rates. We believe this potential adjustment to interest rates by the Fed, along with moves by other
- [Preparing Your End of Life Plan](https://www.thorwealthmanagement.com/preparing-your-end-of-life-plan/) - We all know by now that we ideally should have a financial plan to guide us through our earning years so that when we finally arrive at retirement’s doorstep, we can live comfortably and worry-free. However, our work is not quite finished yet. While retirement for some can last 30+ years, one never knows when
- [Thoughts on Current Stock Market Turmoil](https://www.thorwealthmanagement.com/thoughts-on-current-stock-market-turmoil/) - With today’s stock market decline, many stocks and market indexes have lost all the gains achieved over the past few years. Some high growth areas like Biotech are down significantly (-30%) this year. In addition, volatility in 2015 and in the early part of 2016 has definitely come to the forefront as the Federal Reserve
- [Our Final Note on the Euro](https://www.thorwealthmanagement.com/our-final-note-on-the-euro/) - About 3 years ago, we started writing about our concerns within Europe. At that time, we took a short position in the Euro given the myriad of problems we thought Europe was facing. Ten years ago, it would have been very difficult for individual investors to make money on the currency markets. However, with the
- [High Yield Bonds - The Canary in the Coal Mine?](https://www.thorwealthmanagement.com/high-yield-bonds-the-canary-in-the-coal-mine/) - High Yield Bonds – The Canary in the Coal Mine? The high yield bond market has shown continued weakness over the past six months. As an example, take a look at the pricing chart below for HYG, a popular high yield bond ETF. Part of the problem in the high yield bond market has been
- [Remember the BRICS, now we have FANG!](https://www.thorwealthmanagement.com/remember-the-brics-now-we-have-fang/) - Remember the BRICS, now we have FANG! It was only 6-8 years ago that stories about the BRIC (Brazil, Russia, India and China) countries becoming the dominant economies were front and center on most financial news broadcasts. Investors willingly followed the talking heads’ advice and pulled money out of US investments in order to join
- [Tax Strategies for Charitable Donations](https://www.thorwealthmanagement.com/tax-strategies-for-charitable-donations/) - This time of year we are more apt to count our blessings and give some of what we have harvested to others in need. One of the most popular charitable income tax breaks of the last several years is the ability for those age 70 ½ or older to make charitable gifts of up to
- [Federal Reserve Raises Interest Rates](https://www.thorwealthmanagement.com/federal-reserve-raises-interest-rates/) - As you may have already heard, the Federal Reserve (the “Fed”) raised interest rates for the first time in almost ten years. What this means for the economy over the next few weeks and months is anyone’s guess. This is all new for the Fed and the financial markets and what happens next is the
- [Bond Market Update](https://www.thorwealthmanagement.com/bond-market-update/) - The news du jour over the next few weeks will be about whether the Federal Reserve (“Fed”) will raise interest rates. In anticipation of the Fed’s meeting, the bond market is already making adjustments to bond prices – especially in the corporate bond market. In our last bond market update in June, we discussed what
- [Washington changes your Retirement Plan in the Dead of Night](https://www.thorwealthmanagement.com/washington-changes-your-retirement-plan-in-the-dead-of-night/) - Last Friday, very early in the morning, the Senate passed the budget bill which now goes to President Obama to sign which will change Social Security rules dramatically. The main changes will be eliminating two relatively lucrative strategies – “file and suspend” along with “restricted application”. Under old law The “file and suspend” strategy, in
- [Recent Changes in Filing FAFSA Form for Financial Aid](https://www.thorwealthmanagement.com/recent-changes-in-filing-fafsa-form-for-financial-aid/) - In September, President Obama signed an executive order implementing some important changes to the financial aid process including a couple of changes related to the filing of the Free Application for Federal Student Aid (“FAFSA”) form. The first change is the date to file the FAFSA form. The date has been moved to October 1st,
- [Investing – it all depends on future earnings growth](https://www.thorwealthmanagement.com/investing-it-all-depends-on-future-earnings-growth/) - When investing in the equity market there are two factors that go into deciding what assets to buy: 1) what is the value of the asset today; and 2) how much will the earnings of the asset grow in the future. The first one is fairly easy to figure out. The second is more difficult.
- [Dodd/Frank Bill’s unintended consequences - liquidity mispricing](https://www.thorwealthmanagement.com/doddfrank-bills-unintended-consequences-liquidity-mispricing/) - Market volatility has increased since the Federal Reserve ended quantitative easing, but the unintended consequences of the Dodd/Frank bill have heightened the risk in the bond market. Many people have forgotten that the 2008 financial crisis started in the bond market, not the stock market. Most of us have heard of certain financial firms referred
- [Lump Sum versus Fixed Annuity Payments](https://www.thorwealthmanagement.com/lump-sum-versus-fixed-annuity-payments/) - Determining whether one should take a lump sum payment from your company pension plan or defer those payments by receiving annuity payments over your life can be a difficult decision. This is a decision many soon-to-be retirees may face if their employer has funded a pension or annuity for you during your career. When faced
- [It all depends on the price you pay!](https://www.thorwealthmanagement.com/it-all-depends-on-the-price-you-pay/) - Over the course of the next two days, the financial news stories will be replete with opinions about whether the Federal Reserve (“Fed”) will raise rates tomorrow. Its decision will have implications for the markets – especially if it increases interest rates. What is interesting to watch is the Fed has tried to be as
- [“Our greatest glory is not in never falling, but in rising every time we fall.” -  Confucius](https://www.thorwealthmanagement.com/our-greatest-glory-is-not-in-never-falling-but-in-rising-every-time-we-fall-confucius/) - The turmoil in stock markets around the world is being blamed on the crash of the Chinese stock market. This is partially true, but it really doesn’t tell the whole story. Let’s take a minute to look a little deeper into the issue. To start, one has to understand what is considered the “Chinese stock
- [Longevity Insurance and Qualified Longevity Annuity Contracts](https://www.thorwealthmanagement.com/longevity-insurance-and-qualified-longevity-annuity-contracts/) - Longevity insurance, commonly referred to as a longevity annuity, is a deferred income annuity. Deferred annuities promise to pay a specific monthly income amount for life beginning at a future date in exchange for an immediate lump-sum premium payment. However, up until recently, they were not as attractive to purchase with qualified retirement plan funds
- [The Bloom is off the Rose – Panic in the stock market](https://www.thorwealthmanagement.com/the-bloom-is-off-the-rose-panic-in-the-stock-market/) - At the start of the market today, the Dow was down more than 1,000 points and was down just over 500 points at 10:15. At 10:15, there were only 89 stocks up and a staggering 3,085 down on the NYSE. There are now only 4 stocks at 52 week highs compared to 1,260 at new
- [The stock market has a fever – Is it just a cold or is it the flu?](https://www.thorwealthmanagement.com/the-stock-market-has-a-fever-is-it-just-a-cold-or-is-it-the-flu/) - Since the end of June, the market internals, the number of new highs and new lows of individual stocks, have come under pressure. The U.S. is not alone as we are seeing the same action abroad as well. It started with the “Greek Tragedy”, continued when Chinese stocks crashed, and now we are seeing a
- [Party like its 1999?](https://www.thorwealthmanagement.com/party-like-its-1999/) - Every market is different but there are still lessons to be learned from past markets that can be applied to the current situation. Some parts of today’s market appear quite similar to the 1999 market as told in the song by the artist formally known as Prince. In 1999, technology stocks were being bid up
- [The Basics of Investing in a Roth IRA](https://www.thorwealthmanagement.com/the-basics-of-investing-in-a-roth-ira/) - As a wealth manager, we get asked a common question all the time: “Where should I be saving my money?” In our opinion, there are three potential buckets to put your money – taxable dollars, tax deferred dollars, and Roth IRA dollars. Each bucket has different rules associated with it and each has its own
- [Greece – The problem is now more social than economic](https://www.thorwealthmanagement.com/greece-the-problem-is-now-more-social-than-economic/) - It was just 3 years ago that bond holders took a “haircut” in order to reduce the debt burden in Greece. As you can see in the chart below, the relief was short lived. So here we are again, at the precipice of another Greek tragedy. Today, the problem has both economic and social aspects
- [Pain is being felt in the bond market](https://www.thorwealthmanagement.com/pain-is-being-felt-in-the-bond-market/) - The average investor doesn’t understand that they can lose money investing in the bond market. Much of that has to do with the fact that there has been a 30 year bull market in bonds so many investors have never experienced significant losses in fixed income. There is an inverse relationship between bond prices and
- [Retirement Income Strategies for Rising Medicare Premiums](https://www.thorwealthmanagement.com/retirement-income-strategies-for-rising-medicare-premiums/) - We recently wrote about Medicare premiums and discussed how high earners may be affected by those premiums. The premiums can be substantial and can have a huge impact on a retiree’s discretionary income. You can click here to read the previous article. This article is “part 2” of that article and discusses ways to lower
- [What is the price of lumber telling us about the housing market?](https://www.thorwealthmanagement.com/what-is-the-price-of-lumber-telling-us-about-the-housing-market/) - Housing is very important to the overall economy and a robust housing market is a huge driver of growth. Last week’s housing report was better than expected. Housing starts in the U.S. jumped 20.2% in April and building permits were up 10%. Additionally, single-family housing starts rose 16.7% from March, and 15% when compared to
- [WHAT DO RISING MEDICARE PREMIUMS MEAN FOR ME?](https://www.thorwealthmanagement.com/what-do-rising-medicare-premiums-mean-for-me/) - What does the number $491,039 mean to you? According to Jester Financial Retirement Health Care Cost Calculator, it is the amount the average 65 year-old couple today will pay, taking into account inflation, in health care costs during a 20-year retirement. Most people are aware that health care costs have been dramatically increasing for years,
- [Why Investing in Fixed Income is Difficult in Today’s Market](https://www.thorwealthmanagement.com/why-investing-in-fixed-income-is-difficult-in-todays-market/) - Two weeks ago, there was over $5 trillion invested globally in bonds priced with negative interest rates. Stated another way, people who bought these bonds are paying someone to use their money! At the same time, money market funds are yielding close to zero. Mexico recently issued an interesting bond. The bond was denominated in
- [Key to Investing: Patience](https://www.thorwealthmanagement.com/key-to-investing-patience/) - Back in the late 90’s, many people wanted to become day traders by selling one overpriced technology stock to buy a different overpriced stock. People thought of investing as a short-term gamble. When we look at an investment, we look at it over a three to five year time horizon. Sometimes, an investment will work
- [The Harvester - April 2015](https://www.thorwealthmanagement.com/the-harvester-april-2015/) - “There are persons who constantly clamor. they complain of oppression, speculation and pernicious influence of wealth. They cry out loudly against all banks and corporations, and a means by which small capitalists become united in order to produce important and beneficial results. They carry on mad hostility against all established institutions. They would choke the
- [What Does Receiving a Tax Refund Mean For Me?](https://www.thorwealthmanagement.com/what-does-receiving-a-tax-refund-mean-for-me/) - If you receive a tax refund when filing your tax return, it means your tax liability is less than what you paid the government in taxes. In other words, throughout the year you paid the government more than you were required and you are being refunded the excess. On the surface, it may be nice
- [Where In the Market Can You Find Stable & Growing Yields?](https://www.thorwealthmanagement.com/where-to-get-yield-that-will-grow/) - It was just a few short years ago that the energy picture in the United States (“US”) looked bleak. The projections showed that we had only a twenty-year supply of natural gas. Because of new technology in fracking, the US is experiencing an energy renaissance. However, until there is more technological breakthrough, we are still
- [Tax Implications of Distributions from a Mutual Fund](https://www.thorwealthmanagement.com/tax-implications-of-distributions-from-a-mutual-fund/) - There are a variety of investment products out there and they are not all taxed in the same manner. As an investor, it is important to understand the tax implications associated with any investment you make. This is certainly the case with mutual funds. Like an individual stock, mutual funds make distributions to shareholders, but
- [Boring Market Returns For A Volatile Quarter](https://www.thorwealthmanagement.com/a-boring-quarter-for-the-markets/) - The first quarter is coming to a close and if someone was in hibernation for the past three months, they did not miss much as it relates to the stock market. The Dow Industrials are up just under 1% so far this year (including today’s big market move higher). We did experience some volatility during
- [Understanding the Basics: Incentive Stock Options & Non-Qualified Stock Options](https://www.thorwealthmanagement.com/understanding-the-basics-incentive-stock-options-non-qualified-stock-options/) - Today many companies grant employees stock purchase rights as a form of incentive. These rights are often one part of a total compensation package. Employers use these incentives to attract and retain valuable employees. These grants are given through a stock plan and grant agreement. They can come in two different forms: incentive stock options
- [Time to Travel Abroad and Eat Well?](https://www.thorwealthmanagement.com/time-to-travel-abroad-and-eat-well/) - Mark and his wife Nancy just booked a family trip to Germany for this spring. If they had taken the trip two years ago, it would have cost them 30% more as one Euro cost $1.40 then and only costs $1.06 now. So, although we are obviously not travel consultants, for those looking to
- [How to Get Out-of-State College Education at an In-State Tuition Rate](https://www.thorwealthmanagement.com/how-to-get-out-of-state-college-education-at-an-in-state-tuition-rate/) - The college decision is one of the more important moments of a young adult’s life and making the best decision can be rather challenging when analyzing all the factors, whether it be the cost of tuition, location, or the programs offered by an institution. Over the last decade, we have seen rising college costs weigh
- [Negative Yielding German Bonds – Where is the Logic?](https://www.thorwealthmanagement.com/negative-yielding-german-bonds-where-is-the-logic/) - “Do I have a great deal for you?” I have an investment to buy today, and in five years from now, you are guaranteed to lose money if you hold to maturity. Don’t worry though; you will make money in the short run. How, you ask? You will be able to sell it to someone
- [EMERGING MARKETS – NET WINNERS FROM FALLING OIL PRICES](https://www.thorwealthmanagement.com/emerging-markets-net-winners-from-falling-oil-prices/) - Oil reached its peak in the United States at over $140 a barrel in July of 2008. After the “Great Recession”, oil rose but did not get close to its peak of 2008. Conversely, as oil is priced globally in dollars and because of the strength of the US dollar, other countries saw oil peak
- [THINGS TO WATCH FOR IN 2015](https://www.thorwealthmanagement.com/things-to-watch-for-in-2015/) - It is always dangerous to make predictions, especially for an entire year. However, reasoned judgments should be considered for their potential impact on investments. Here are our general thoughts going into the New Year: 1) Vladimir Putin will not sit idly by as falling energy prices put pressure on the Russian economy. He currently has
- [BULL MARKET? - ONLY IF YOU ARE IN US LARGE COMPANIES](https://www.thorwealthmanagement.com/bull-market-only-if-you-are-in-us-large-companies/) - In 1998, the world experienced a strong dollar and a drop in oil prices. At that time, the only place to invest was in a few large cap stocks. We are seeing a complete replay of that scenario today. If you listen to the folks on CNBC, the stock market is in a bull market
- [Harvester - March 2000](https://www.thorwealthmanagement.com/harvester-march-2000/)
- [THE CHESS MATCH OF THE CENTURY - OIL](https://www.thorwealthmanagement.com/the-chess-match-of-the-century-oil/) - Oil prices have been rocked over the past few weeks, dropping by more than 30% from their summer peak. This is great news for holiday travelers as gas prices are now under $3 a gallon. However, we are most interested in why oil prices are falling in order to determine if it is truly a
- [Year End Tax Planning Recommendations](https://www.thorwealthmanagement.com/the-harvester-novemebr-2014/) - “Our Constitution is in Actual Operation; Everything appears to Promise That It Will Last; But in This World Nothing is Certain But Death And Taxes” Letter To M. Leroy - 1789 At this time last year, there was talk in Washington about comprehensive tax reform in 2014. Not surprisingly, no such reform was
- [ABENOMICS: “THE EMPEROR HAS NO CLOTHES”](https://www.thorwealthmanagement.com/abenomics-the-emperor-has-no-clothes/) - Today's market headline: Japan officially in "Triple-Dip Reccession" Abe Shinzo became Prime Minister of Japan in September 2012 with a radical plan designed to reinvigorate the Japanese economy. His plan, referred to as Abenomics, called for a three -pronged approach to stimulate Japan’s economy using: fiscal stimulus, monetary easing and structural reforms. First, a little
- [JAPAN:  KEYNES ON STEROIDS](https://www.thorwealthmanagement.com/japan-keynes-on-steriods/) - John Maynard Keynes was a big believer that government should use tools to stabilize an economy. Over time, the Federal Reserve (“Fed”) has become more and more Keynesian in its approach to monetary policy. The Fed has used such tools at various times over the last 20 years to jump in during a crisis to
- [Volatility is back – re-pricing of risk and more importantly, opportunity!!](https://www.thorwealthmanagement.com/volatility-is-back-re-pricing-of-risk-and-more-importantly-opportunity/) - As the Federal Reserve (“Fed”) ends QE this month, volatility is back and risk is finally being re-priced. The Fed gave all of us a sense of complacency with the implementation of its QE program and now that complacency has evaporated. We believe volatility is higher than normal because it was suppressed by the Fed.
- [Tax Implications of Investing in Master Limited Partnerships](https://www.thorwealthmanagement.com/tax-implications-of-investing-in-master-limited-partnerships/) - Master Limited Partnerships (“MLPs”) have been a hot topic in the investment community in the last few years and for good reason. One of the top performing sectors of the market, MLPs have and continue to play a major role in the developing U.S. energy renaissance. A MLP is a partnership that provides liquidity because
- [FALL OF AN INVESTMENT LEGEND – A LONG TIME COMING](https://www.thorwealthmanagement.com/fall-of-an-investment-legend-a-long-time-coming/) - Last week, the investment world was shocked by the announcement that Bill Gross, the founder of PIMCO and the man often referred to as the “Bond King”, was leaving PIMCO to join Janus Capital. We have known Bill Gross, PIMCO and many former PIMCO portfolio managers for almost three decades. It has been more than
- [September 2014](https://www.thorwealthmanagement.com/september-2014/) - September 30, 2014 “America has to face the fact that we have not reformed our corporate tax laws. We have the highest overall corporate tax rates in the world. And we are now the only OECD country that also taxes overseas earnings on the difference between what the companies pay overseas and what they
- [Opportunity Knocks - Emerging Markets](https://www.thorwealthmanagement.com/opportunity-knocks-emerging-markets/) - It was just a few years back when we would ask mutual fund representatives who visited our office what investments other advisors were utilizing in their clients’ portfolios. The answer that came back time and again was “most advisors have 40%-50% of their clients’ money in international funds with half that being in emerging markets
- [ARE INVESTORS TOO COMPLACENT?](https://www.thorwealthmanagement.com/are-investors-too-complacent/) - Complacency, whether in the stock market, your job, your life, etc., is never a good thing. With the geopolitical news - Ukraine, Isis, European slowdown (Italy is in recession) - making headlines, it begs the question: Are investors too complacent about risk? One way to determine if investors are complacent is to look at
- [Are Your Beneficiary Designations Up-to-Date?](https://www.thorwealthmanagement.com/are-your-beneficiary-designations-up-to-date/) - The disposition of retirement assets such as individual retirement accounts (“IRA”) and employer-sponsored retirement plans as well as death benefits from life insurance policies and annuity contracts are not covered by your will or trust as long as beneficiary designations are in place for those assets. These vehicles are a great way to transfer assets
- [CORPORATE BORROWING - PART 2…..](https://www.thorwealthmanagement.com/corporate-borrowing-part-2/) - In our last market update, we discussed corporate debt and company stock buybacks. We see this topic as a bigger story than what has been reported so we thought we would again address the issue and give an example using a well- known company that has been doing this for the last few years.
- [Company Buybacks - Party like its 1999 (or 2007?)](https://www.thorwealthmanagement.com/company-buybacks-party-like-its-1999-or-2007/) - Because of historically low interest rates, companies are selling bonds (borrowing money) and buying back shares. This is a good thing for the market, but is it just a short-term sugar high? Let’s look at some figures. For the twelve months ending March 31, 2014, companies increased the amount of company shares they purchased by
- [Research - One of THOR's Competitive Advantages](https://www.thorwealthmanagement.com/research-one-of-thors-competitive-advantages/) - “Learning is not attained by chance, it must be sought for with ardor and attended to with diligence” – John Quincy Adams Our core values at THOR can be summed up by the acronym “PKC” - Passion, Knowledge and Caring. Knowledge is our biggest asset and we have a saying that gets mentioned often in
- [Unintended Consequences – No liquidity in bond markets](https://www.thorwealthmanagement.com/unintended-consequences-no-liquidity-in-bond-markets/) - As a direct result of the financial crisis of 2008, the Frank/Dodd Wall Street Reform Act was passed to try and reduce the risk of banks’ failing during a financial crisis. One of the unintended consequences of the Act was that it has reduced liquidity in the bond market. How? Before Frank/Dodd, banks were active
- [A Different Twist on Education Planning](https://www.thorwealthmanagement.com/a-different-twist-on-education-planning/) - At THOR, we continually strive to find the best financial solutions for our clients. We recently reviewed the “Private College 529 Plan,” which has an interesting twist to saving for college expenses. Most of our clients are aware of traditional 529 plans. The Private College 529 Plan is different from a traditional 529 plan in
- [European Central Bank negative interest rates – the battle to devalue the Euro](https://www.thorwealthmanagement.com/european-central-bank-negative-interest-rates-the-battle-to-devalue-the-euro/) - Mario Draghi, the head of the European Central Bank (“ECB”) has been vocal over the past few months about the need to devalue the Euro. His first step in pursuing this objective was to cut the bank deposit rate to -.10%, which he says will also help to fight off deflation. However, there are other
- [Risk is important, but risk with expected returns is meaningful](https://www.thorwealthmanagement.com/risk-is-important-but-risk-with-expected-returns-is-meaningful/) - When a fund manager recently visited and touted their emerging market bond fund as a good investment, we couldn’t believe what we were hearing. The fund was 17% invested in Nigerian bonds, 9% in Russian bonds and 7% in Venezuelan bonds. For that much risk, the fund had a yield of only 5.5%. In our
- [The Emotional World of Investing](https://www.thorwealthmanagement.com/the-emotional-world-of-investing/) - Investing is far from an exact science and in many ways it can be considered an art. Nobody has the perfect process or equation to tell them when to buy or sell, even though many will try to convince you otherwise. Just walk through a bookstore. You will see the shelves lined with investing books
- [We are #66!](https://www.thorwealthmanagement.com/we-are-66/) - On Wednesday May 14, CNBC announced their inaugural list of the Top 100 Fee-Only Wealth Management firms in the country. THOR Investment Management, Inc. was named to the #66 spot on this prestigious list. Rankings were based on criteria that included assets under management, average account size, client segmentation and growth of assets. These criteria
- [WHY ARE INTEREST RATES FALLING?](https://www.thorwealthmanagement.com/why-are-interest-rates-falling/) - If the economy is so rosy, as the Federal Reserve has insinuated with tapering and talk of higher inflation (PPI is up 0.6% in April and 2.1% over the past year), why would interest rates be falling? Under normal circumstances, falling interest rates imply the economy is not as robust as it seems. However, this
- [Changing Dynamics in the Hedge Fund and Mutual Fund World](https://www.thorwealthmanagement.com/changing-dynamics-in-the-hedge-fund-and-mutual-fund-world/) - If one were to ask the average investor their general thoughts about hedge funds, the feedback would include things like specialized investment strategies, astute managers, large returns, high net worth individuals, and minimal regulations. To this day, many see hedge funds as a symbol of the elite and wealthy. Although this image of the space
- [MANAGED FUTURES: OPPORTUNITY AND DIVERSIFICATION](https://www.thorwealthmanagement.com/managed-futures-opportunity-and-diversification/) - What are Managed Futures? Let’s break this down a bit and start with a futures contract. A futures contract is an agreement to buy or sell a set amount of a particular asset at a predetermined price and date. The futures market is comprised of agriculture assets (sugar, corn, etc.), energy assets (natural gas, oil,
- [Importance of Investing at a Young Age and Best Practices](https://www.thorwealthmanagement.com/importance-of-investing-at-a-young-age-and-best-practices/) - Arguably the most fundamental lesson that can be taught in personal finance is the importance of saving and investing at a young age; it is vital to the process of wealth accumulation. The first point that needs to be stressed is that compounding interest can be very powerful over time. For example, suppose at the
- [RISK AND OPPORTUNITY](https://www.thorwealthmanagement.com/risk-and-opportunity/) - The Federal Reserve, along with central banks around the globe, has been easing for over 5 years. After that long of a time period, market distortions will occur. What do we mean? From 2003-2006, the Federal Reserve left interest rates lower than they should have been and this distorted the real estate market. We remember
- [Do Your Financial Advisor’s Incentives Match Your Best Interests](https://www.thorwealthmanagement.com/do-your-financial-advisors-incentives-match-your-best-interests/) - It is important to note that every individual’s financial situation is different. This means that everyone’s financial needs are going to vary. While some individuals will have a more complex financial picture and may need a more focused approach, others may only need minimal guidance and in many cases a more hands off approach. It
- [Broken Promises: The Separation of Monetary Unions](https://www.thorwealthmanagement.com/march-2014/) - “The man who in the view of gain thinks of righteousness; who in the view of danger is prepared to give up his life; and who does not forget an old agreement however far back it extends – such a man may be reckoned a complete man” – Confucius Throughout history, agreements have been
- [ENERGY – THE RESOURCE EVERY COUNTRY NEEDS – A GREAT INVESTMENT IN THE FUTURE](https://www.thorwealthmanagement.com/energy-the-resource-every-country-needs-a-great-investment-in-the-future/) - On Sunday, Crimea has their referendum to join Russia. Even though there is a lot of tough rhetoric from Europe and the United States, Putin has the “energy card” that will allow him to keep Crimea with very little ramifications. Putin is able to do this because Europe depends on the energy from Russia. They
- [The Chess Game](https://www.thorwealthmanagement.com/the-chess-game/) - It looks like the pawns (the people) of Ukraine have taken a strategic position by forcing President Viktor Yanukovych to retreat to Russia. Is this the end of the game? We don’t think so as long as Putin is leading Russia. The last thing Putin, who is an ex-KGB agent, wants is for Ukraine to
- [Top 6 Considerations for Financial Planning for College](https://www.thorwealthmanagement.com/top-6-considerations-for-financial-planning-for-college/) - Financial planning for college is becoming ever more important as the higher education required to succeed becomes more and more expensive. According to the Department of Education, the cost of college is outpacing inflation and wage growth. Student loans account for more personal debt than credit cards. And by 2030, the average public university tuition
- [EUROPE UPDATE – IS ALL WELL OR ARE WE IN THE EYE OF THE STORM?](https://www.thorwealthmanagement.com/europe-update-is-all-well-or-are-we-in-the-eye-of-the-storm/) - In the time period leading up to, and in the time period since, German Chancellor Merkel’s re-election, things have been relatively quiet in Europe. Now that her re-election is behind us, we believe the problems we have written about in the past - which have yet to be solved - will begin to resurface. Full
- [THINGS TO WATCH FOR IN 2014](https://www.thorwealthmanagement.com/things-to-watch-for-in-2014/) - It is always dangerous to make predictions, especially for an entire year. However, reasoned judgments should be considered for their potential impact on investments. Here are our thoughts going into the New Year: General Thoughts: 1) There will be more turmoil in the Middle East as Sunni and Shia Muslims escalate their fights against each
- [THE ONE CONSTANT IN INVESTING – HUMAN EMOTION: GREED AND FEAR](https://www.thorwealthmanagement.com/the-one-constant-in-investing-human-emotion-greed-and-fear/) - This time it’s different!!! With almost three decades of investment experience, we have heard this phrase many times throughout the years. Every market run and collapse is different (i.e., technology boom, mortgage collapse, black Friday, real estate boom, to name a few), but there is one constant among all of them - human emotion. Human
- [3 Keys to Effective Financial Planning for Divorce](https://www.thorwealthmanagement.com/3-keys-to-effective-financial-planning-for-divorce/) - Research shows that getting divorced is one of the most stressful events in life – and a frequent victim of that stress is effective financial planning for divorce. An experienced wealth manager can be invaluable in this situation, providing the clear head, careful consideration and financial expertise required. THOR Investment has helped many clients
- [INFLATION - WHY THE FEDERAL RESERVE IS WRONG](https://www.thorwealthmanagement.com/inflation-why-the-federal-reserve-is-wrong/) - When talking with clients about inflation, nearly all of our conversations include examples that run completely counter to our government’s ongoing reports that inflation remains low here in the US. We see many different examples that show inflation is not as low as the government would like us to believe including: 1) an increase in
- [“HE WHO FAILS TO PLAN, PLANS TO FAIL” - Winston Churchhill](https://www.thorwealthmanagement.com/he-who-fails-to-plan-plans-to-fail-winston-churchhill/) - At this time last year, a lame duck Congress and the President were working on a bipartisan agreement to avoid going over the “Fiscal Cliff.” The result of their efforts was the American Taxpayer Relief Act of 2012 (“ATRA”) which was signed into law on January 2, 2013. Even though things appear to be relatively
- [Retirement Planning: One Well, Three Buckets](https://www.thorwealthmanagement.com/retirement-planning-one-well-three-buckets/) - Retirement is a stage of life that we all are instructed to prepare for during our working years, but developing a retirement plan is another matter entirely. Between the challenges of the economy, and the complexity of investing, not enough Americans will be prepared to retire – in fact, a recent Pew Research study shows
- [WILL THE FED PUMP CONTINUE?](https://www.thorwealthmanagement.com/will-the-fed-pump-continue/) - As we await a resolution of the debt ceiling and government shut down, current discussions center on allowing Congress a few more months to come up with a solution. Simply put, our illustrious politicians appear set on kicking the can further down the road. If this path continues, it is our belief that it
- [Having Security in Social Security](https://www.thorwealthmanagement.com/having-security-in-social-security/) - “The hardest choices in life aren’t between what’s right and what’s wrong, but between what’s right and what’s best.” – Jamie Ford Unfortunately, we are all getting older and as we creep closer to the sixth decade of our lives, Social Security benefits begin to enter our financial conversations. We have had many conversations with our
- [Democracy is messy, but still the best system in the world!!](https://www.thorwealthmanagement.com/democracy-is-messy-but-still-the-best-system-in-the-world/) - It is amazing how brilliant our Founding Fathers were when they established our Constitution over 200 years ago. They balanced ruling by dictatorship against majority rules by creating three equal, but separate, branches of government. What is occurring now in Washington is the system contemplated by our Founding Fathers at work. The Founding
- [Bank Regulations – have they fixed the problem?](https://www.thorwealthmanagement.com/bank-regulations-have-they-fixed-the-problem/) - The 1929 stock market crash was caused by lax lending standards and excessive leverage. The Glass-Steagall Act was passed in 1933 in an effort to prevent other crashes moving forward. That act separated commercial banks from security firms. The thought process in separating banks from security firms was that security firms (which use leverage)
- [The Difference Between a Wealth Management Firm and a Brokerage Firm – and Why It Matters to You](https://www.thorwealthmanagement.com/the-difference-between-a-wealth-management-firm-and-a-brokerage-firm-and-why-it-matters-to-you/) - In an ever more complex world, people who enjoy a high net worth have much to be thankful for– but also much to manage. Their desire to find financial expertise covering more than just investments has been one key factor driving a shift from reliance on stockbrokers to relationships with wealth management firms. But what
- [What happens to the Euro after German Elections next month?](https://www.thorwealthmanagement.com/what-happens-to-the-euro-after-german-elections-next-month/) - Not much has been happening in Europe over the past few months. This is not surprising, as many are awaiting the outcome of the German election on September 22nd. With the instability of more recent elections in southern Europe – especially Italy, Spain and Greece – the last thing Europe needs is for Merkel
- [There’s Gold in them thar Hills](https://www.thorwealthmanagement.com/theres-gold-in-them-thar-hills/) - There is a tale of two stories in the gold market – the financial market and the physical market (individual demand for the actual metal). The gold market has changed dramatically with the introduction of GLD (a gold exchange traded fund - ETF) in November of 2004. For the first time, investors could buy gold
- [Pop open the champagne - Second quarter GDP grows by 1.7% - annually!!](https://www.thorwealthmanagement.com/pop-open-the-champagne-second-quarter-gdp-grows-by-1-7-annually/) - The headlines this morning about GDP growth at 1.7% during the second quarter is a positive sign that the economy is growing. However, as we mentioned in an update a few weeks back, the Federal Reserve forecasted much higher growth than this: Year 2009 Fed GDP Forecast Actual GDP 2010 2.5%-3.5% 2.4% 2011 3.4%-4.5% 2.0%
- [THOR's 2nd Quarter 2013 Stock Market Analysis](https://www.thorwealthmanagement.com/thors-2nd-quarter-2013-stock-market-analysis-4/) - With markets moving 100’s of points in either direction based on what Federal Reserve members say on any given day, it is important to have a disciplined approach to investing that focuses on the facts. So the question we ask ourselves today is: With the equity markets at all-time highs, does the price of the
- [Headline: June Job reports 195,000 jobs added – Now let’s look behind the curtain ….](https://www.thorwealthmanagement.com/headline-june-job-reports-195000-jobs-added-now-lets-look-behind-the-curtain/) - The payroll numbers over the past few months seem to be pointing to a strong recovery in jobs. However, one needs to look behind the numbers to see what really is happening. While the numbers may look rosy, what doesn’t get said is that there is a big shift occurring in the workforce from
- [TIP’s – a “safe” investment that is down more than 10% since April!](https://www.thorwealthmanagement.com/tips-a-safe-investment-that-is-down-more-than-10-since-april/) - Over the past few months, a number of clients have asked why we have not purchased any Treasury Inflation Protected Securities (“TIPS”) in their portfolio. The reason is we thought they were too expensive. Before we get too deep into this subject, let us take a moment to explain what a TIP is? A TIP
- [The Harvester - Summer 2013](https://www.thorwealthmanagement.com/the-harvester-summer-2013/) - “THREE THINGS ARE TO BE LOOKED TO IN A BUILDING: THAT IT STAND ON THE RIGHT SPOT; THAT IT BE SECURELY FOUNDED; THAT IT BE SUCCESSFULLY EXECUTED.” - JOHANN WOLFGANG VON GOETHE The residential housing market has gone through some dramatic changes in the past few years, more so than any other market in recent
- [Will the Federal Reserve get it Right or Wrong?](https://www.thorwealthmanagement.com/will-the-federal-reserve-get-it-right-or-wrong/) - Over the past few weeks, the stock market has gyrated with 100 point moves - both up and down – primarily driven by concerns over the Federal Reserve tapering its purchase of securities. Mortgage rates have jumped more than .5% in the past couple of weeks to over 4% on a 30-year mortgage. Treasury bonds
- [What is a wealth manager? (And how do I choose one?)](https://www.thorwealthmanagement.com/what-is-a-wealth-manager-and-how-do-i-choose-one/) - The best wealth management advisors aren’t one size fits all. One leading financial publication defines wealth management as “the combining of personal investment management, financial advisory, and planning disciplines…” But as the best wealth managers can attest, it is much more than a financial science – it is also a very human art. The science
- [Inflation](https://www.thorwealthmanagement.com/inflation/) - It is not a question of "if" inflation is coming, but when. The Federal Reserve (“FED”) is setting the stage for inflation. In 1977, the FED was given a second mandate of full employment in addition to its first mandate of price stability. These two mandates can run counter to each other. Congress gave the
- [Emerging Markets are starting to look attractive](https://www.thorwealthmanagement.com/emerging-markets-are-starting-to-look-attractive/) - A little history is important. Those clients that were with us in 1998 saw THOR invest a significant portion of their portfolio - 40%-45% - in international stocks shortly after the Asian currencies collapsed. It was a great time to invest. You had Asian stocks selling for half the value of US companies, but at
- [Is the G20 throwing a “Hail Mary” pass to try and save Europe](https://www.thorwealthmanagement.com/is-the-g20-throwing-a-hail-mary-pass-to-try-and-save-europe/) - Depression is the only word to explain what is happening in southern Europe right now – especially in Spain and Italy. The current unemployment rate in Spain is 27.2% and the young have been most affected. The overall Eurozone youth unemployment rate - those under 25 years of age - is 24.0%. Greece is over
- [The Slippery Slope](https://www.thorwealthmanagement.com/the-slippery-slope/) - The Bank of Japan has opened up the “quantitative easing” spigot with almost 3X the $85 billion a month that Santa Bernanke is providing in the United States. The Japanese plan involves buying the bulk of Japanese longer-dated government bonds, but also includes purchases of exchange-traded-funds (ETF’s) and real-estate investment trusts. Central banks are now
- [The Harvester - Spring 2013](https://www.thorwealthmanagement.com/spring-2013/) - “THE ATTACKS UPON THE COURT ARE MERELY AN EXPRESSION OF THE UNREST THAT SEEMS TO WONDER VAGUELY WHETHER LAW AND ORDER PAY. WHEN THE IGNORANT ARE TAUGHT TO DOUBT, THEY DO NOT KNOW WHAT THEY SAFELY MAY BELIEVE.” - OLIVER WENDELL HOLMES, JR. One of the most important factors for investors over the years has
- [A Recipe for Economic Disaster - Part V?](https://www.thorwealthmanagement.com/a-recipe-for-economic-disaster-part-v/) - The past two weeks have been a disaster for the EU because of its handling of Cyprus. Not only did it put a chill on ordinary bank depositors by the mere suggestion of taking money deposited at the banks, but it laid the groundwork moving forward by indicating that this would serve as a model
- [A Winter Chill!!!](https://www.thorwealthmanagement.com/a-winter-chill/) - Just imagine that you are enjoying the weekend only to wake up Sunday morning and find out that you were robbed of 10% of your assets overnight. If you had insurance, you might feel a little more secure. Otherwise, you would feel vulnerable and less secure. Now imagine if the thief was your government. What
- [The Debt Roundtable - Now it's the Government's Turn](https://www.thorwealthmanagement.com/the-debt-roundtable-now-its-the-governments-turn/) - The 2007-2008 stock market correction changed the debt focus for corporations, individuals and government. Corporations and individuals changed for the better, but the government has not. In the graphs below - both provided by J.P. Morgan - you can see that both corporations and individuals have reduced their debt levels over the past 4 years
- [Currency War - Act III Will Be a Major Devaluation of Euro](https://www.thorwealthmanagement.com/currency-war-act-iii-will-be-a-major-devaluation-of-euro/) - Not because they want to, it is because they will be forced to do so. The history of the early 1930’s is being replayed today. After the financial meltdown in 1929 that led to the Great Depression, countries were under huge financial stress. England was the first to go off the gold standard in September
- [Sector Boom - Energy!](https://www.thorwealthmanagement.com/654-2/) - Over the next few years, the energy landscape will be changing dramatically. North America is on its way to energy independence which will have not only implications for America, but the world. For example, at Germany's upcoming Munich security conference, fracking and America's energy boom will be at the top of the agenda. The boom is
- [Update on Tax Changes from Fiscal Cliff Deal](https://www.thorwealthmanagement.com/update-on-tax-changes-from-fiscal-cliff-deal/) - We mentioned in our last update that many of the details related to the tax changes surrounding the fiscal cliff legislation were hard to come by at that time. We now have more clarity on those changes and want to share some of the more important ones with you. As mentioned previously, the bill permanently
- [Fiscal Cliff](https://www.thorwealthmanagement.com/fiscal-cliff/) - Legislation to avert the fiscal cliff passed both chambers of Congress yesterday. President Obama is expected to sign it into law today. In short, the bill lets a variety of taxes increase for wealthy Americans, averts most middle class tax hikes and leaves entitlement programs untouched. Although all of the details of the legislation are
- [Searching For Growth](https://www.thorwealthmanagement.com/searching-for-growth/) - The two areas that have helped the US economy grow since the 2008 collapse have been manufacturing and exports. Things may be changing, however, as we are beginning to see a real decline in exports - see chart below. The contraction in Europe is also starting to spread. This is not surprising as we are
- [Over the Cliff?](https://www.thorwealthmanagement.com/over-the-cliff/) - The “Fiscal Cliff” is the popular term used to describe the conundrum that we face at the end of this year when the terms of the Budget Control Act of 2011 are scheduled to go into effect. This Act’s combination of higher taxes and spending cuts would have a dramatic effect on the economy and
- [Difficult Few Weeks Ahead for the Euro](https://www.thorwealthmanagement.com/difficult-few-weeks-ahead-for-the-euro/) - The Euro is likely to have a few rough weeks ahead that may cause indigestion for some at Thanksgiving. The problems in Europe still linger and, along with the fiscal cliff in the United States, likely will take center stage in the coming weeks. A couple of things coming up in Europe are: 1) The
- [Election Day Hangover](https://www.thorwealthmanagement.com/election-day-hangover/) - The stock market is reacting to the results of yesterday’s elections very poorly with the Dow Jones off by over 250 points as of the time of the writing of this update. Is this justified? In our opinion, much of this downward movement is justified for the following reasons: 1) Uncertainty. The Bush tax cuts
- [Pension, Election and Hurricane Reflections](https://www.thorwealthmanagement.com/pension-election-and-hurricane-reflections/) - Pension: There was a provision in the Highway Bill passed in July that allows companies to calculate their future pension obligations by using longer-term interest rates instead of the current low interest rates. The impact of this is that current earnings will be overstated for those companies that choose to use this method and pension
- [The problem with socialism is that sooner or later you run out of other people’s money – Margaret Thatcher, Prime Minister of Great Britain](https://www.thorwealthmanagement.com/the-problem-with-socialism-is-that-sooner-or-later-you-run-out-of-other-peoples-money-margaret-thatcher-prime-minister-of-great-britain/) - In our last update, we talked about the Bavarians and Catalonians’ desire to separate from Germany and Spain respectfully. There is now a separatist movement in of all places – Belgium. Recently, in local elections, separatists had sweeping gains in Belgium. Venice now also wants to separate from Italy. What is interesting to note is
- [Self-determination - the EURO's end?](https://www.thorwealthmanagement.com/self-determination-the-euros-end/) - Saving the Euro, at any cost, has been a mainstay of politicians throughout Europe. It has been our contention that the Euro will eventually collapse because of the social stresses caused by the economic stresses of keeping it together. The unemployment rate in Spain is almost matching that in Greece and more people are forced
- [The Harvester - Fall 2012](https://www.thorwealthmanagement.com/the-harvester-fall-2012/) - “THE STOCK MARKET IS BUT A MIRROR WHICH …..PROVIDES AN IMAGE OF THE UNDERLYING OR FUNDAMENTAL ECONOMIC SITUATION. CAUSE AND EFFECT RUN FROM THE ECONOMY TO THE STOCK MARKET, NEVER THE REVERSE. IN 1929 THE ECONOMY WAS HEADED FOR TROUBLE. EVENTUALLY THAT TROUBLE WAS VIOLENTLY REFLECTED IN WALL STREET.” - JOHN KENNETH GALBRAITH The Fed’s
- [Our Open Letter to Ben Bernanke](https://www.thorwealthmanagement.com/our-open-letter-to-ben-bernanke/) - Dear Ben: When the financial crisis hit in 2008, we were glad to have your expertise at the helm of the Federal Reserve because of your keen knowledge of the Great Depression. Your courageous moves of 0% interest rates and QE1 were steps in the right direction to ensure there was enough liquidity in the
- [Thoughts on Economy - Market Implications](https://www.thorwealthmanagement.com/thoughts-on-economy-market-implications/) - We have all heard the saying “this time is different”, and in this case it may be. On the other hand, it may not be. The stock market has been heading higher the past few months despite economic data that continues to show global weakness. Below is a chart showing the Purchasing Managers Index (“PMI”)
- [Where to make money - Patience is key](https://www.thorwealthmanagement.com/where-to-make-money-patience-is-key/) - Just like in 1998 when Asian markets and currencies collapsed, Europe might be the next best investment once the Euro falls - if it doesn’t drag on in such a way that it destroys the social structure of Europe. There is, in our opinion, another investment idea that might be more potent. This idea is
- [Dividend paying stocks – Are they a safe bet?](https://www.thorwealthmanagement.com/dividend-paying-stocks-are-they-a-safe-bet/) - What a difference a decade makes. At the beginning of 2000, if you mentioned that you should be buying high dividend paying stocks at a cocktail party, you would have been laughed at as a complete idiot. Now, many pundits advocate buying mega cap, dividend paying stocks. These stocks are also being touted as a
- [Market Update](https://www.thorwealthmanagement.com/market-update-2/) - “Insanity: doing the same thing over and over again and expecting different results” – Albert Einstein Countries in Europe are trying to tackle their economic problems with announced austerity measures. Some of the proposed austerity measures include: - Increase the VAT (Value Added Tax on goods consumers buy) from 21% to 23%. - One time tax
- [The Harvester - Summer 2012](https://www.thorwealthmanagement.com/the-harvester-summer-2012/) - “THOSE THAT CANNOT REMEMBER THE PAST ARE CONDEMNED TO REPEAT IT” - GEORGE SANTAYANA Is History Repeating Itself? Truer words have never been spoken. The financial times and circumstances we are experiencing today have occurred in the past. There were many times in the 1800’s when our country experienced severe recessions. Over the past 20+
- [The Last Dance](https://www.thorwealthmanagement.com/the-last-dance/) - Who can blame the Greeks for voting to stay in the Euro. Their credit cards are maxed out and this vote will give them another card. Even if it is for a short time, it keeps the party going. The Titanic – in this case the Euro - is getting closer to the iceberg and
- ["We Don't Get Fooled Again" - The Who](https://www.thorwealthmanagement.com/we-dont-get-fooled-again-the-who/) - Many thought that the Spain bailout would lift the markets higher, and it did temporarily. Yesterday, 10-year rates on Spanish bonds dropped from 6.20% to 6.00% in the first few hours of trading, but quickly rose to 6.48% by the close. This morning, the rate is already over 6.7%. The bond market is voting and
- [Uncertainty?](https://www.thorwealthmanagement.com/uncertainty/) - We love the pundits in the papers and on CNBC that continue to say that it is uncertainty alone that is causing the market to dip. While we do agree there are some major uncertainties out there causing angst, there are always uncertainties about the market. The major uncertainties today include Europe, the upcoming US
- [A House Of Cards Ready To Fall](https://www.thorwealthmanagement.com/a-house-of-cards-ready-to-fall/) - Hopefully we don’t sound like a broken record, but the news from Europe is, and will be for the near future, the deciding factor for the direction of the market. The potential problems with the Euro were well known when it was created. Recent documents from Germany demonstrate that there were concerns about the Euro's
- [April 30 - The Pain in Spain](https://www.thorwealthmanagement.com/april-30-the-pain-in-spain/) - As the chart below shows, the economic problems in Spain are wreaking havoc on the financial markets. With the 12%+ drop in the value of their stock market this month, Spain’s stock market will close at the lowest monthly close since 2003. What is more disconcerting is that their market is lower than what it
- [April 18 - Ground Hog Day - Again!](https://www.thorwealthmanagement.com/april-18-ground-hog-day-again/) - The Euro Crisis is ready to show its ugly head again. The short-term fix for Europe, which included the ECB dramatically expanding their balance sheet and banks buying sovereign debt, is starting to wear off. Over the next few weeks, there are some major European events that might spark a more significant European crisis: 1)
- [April 3 - Expect Higher Gas Prices Ahead](https://www.thorwealthmanagement.com/april-3-expect-higher-gas-prices-ahead/) - As we look out of our office at the BP station, we see the rapidly changing numbers as the price of gas continues higher. Not only is gasoline high, but diesel fuel is at a 31 month high. The impact of rising gas prices is as follows: 1) every one penny increase in retail gasoline
- [The Harvester - Spring 2012](https://www.thorwealthmanagement.com/the-harvester-spring-2012/) - “HE IS NO WISE MAN THAT WILL QUIT A CERTAINTY FOR AN UNCERTAINTY” - SAMUEL JOHNSON How the Market Will Change as Pensions Disappear Pension plans and their liabilities/funding calculations are very complicated. We will try to simplify the calculation by using just one participant. Let’s assume that an individual is going to retire in
- [March 15 - The Battle Between Fear and Greed](https://www.thorwealthmanagement.com/march-15-the-battle-between-fear-and-greed/) - The stock market is a great barometer for measuring both fear (2008-2009 crash) and greed (technology market in the late 1990’s). One such stock market related tool that can be used to measure fear in the market is the Chicago Board Option Exchange Market Volatility Index (the VIX Index). This index measures the implied volatility
- [February 17 - Today's Risk In The Market](https://www.thorwealthmanagement.com/february-17-todays-risk-in-the-market/) - Risk: is the potential that a chosen action or activity (including the choice of inaction) will lead to a loss. The notion implies that a choice having an influence on the outcome exists. When investing, risk is always involved. There is risk of loss of principal if an investment goes down in value. There is
- [February 2 - The Fed's Decision to Keep Rates Low](https://www.thorwealthmanagement.com/february-2-the-feds-decision-to-keep-rates-low/) - What Does It Mean? The Federal Reserve last week surprised everyone by extending its “exceptionally” low interest rate environment until late 2014. This is almost a year later than its previous forecast for interest rates. With many economists saying the economy was improving over the last few months, we have to wonder why the Federal
- [January 17 - Election Cycle Investment Strategy](https://www.thorwealthmanagement.com/january-17-election-cycle-investment-strategy/) - There is much information suggesting that the stock market will have a great year because of the upcoming Presidential election. One of the reasons for this position is that the President - and to a lesser extent Congress - will do everything in their power to have the stock market rise so that they can
- [December 16 - A World Divided](https://www.thorwealthmanagement.com/a-world-divided/) - Throughout the past couple of months, we have heard from analysts and experts that “despite the headwinds from Europe, the U.S. economy is doing well.” We have also heard “if it weren’t for the economic problems in Europe, the U.S. markets would be stronger.” We know there are major problems in Europe that have yet
- [November 30 - A Suckers Rally?](https://www.thorwealthmanagement.com/november-30-a-suckers-rally/) - The market today feels like a tale of two worlds. In the United States, the holiday shopping season is off to a robust start. The Chicago Purchasing Managers Index came in at 62% - above 50% means the economy is expanding - and ADP reported 206,000 new private sector jobs in November. In Europe, things
- [November 16 - More Europe](https://www.thorwealthmanagement.com/november-16-more-europe/) - The European train is hitting Italy and is spreading to other European countries such as Belgium, Hungary, Spain and France. Things have not gotten better since our last update and, if anything, have gotten worse. We have attached a flowchart we created internally to assist us in determining the potential ramifications of the events currently
- [September 30th, 2011 – Problems in the Market - Political, Not Fundamental](https://www.thorwealthmanagement.com/september-30th-2011-problems-in-the-market-political-not-fundamental/) - When analyzing an investment vehicle, there are different ways to determine value. Two of the most basic ways are: (1) determining the price at which assets can be sold in the current market and subtracting from that price liabilities; and (2) determining value based on projected future growth. The first method works in any market.
- [The Harvester - Fall 2011](https://www.thorwealthmanagement.com/the-harvester-fall-2011/) - “A CONTINENTAL CURRENCY, WITH A DUAL METALLIC AND FIDUCIARY BASE, RESTING ON ALL EUROPE AS ITS CAPITAL, AND DRIVEN BY THE ACTIVITY OF 200 MILLION MEN: THIS ONE CURRENCY WOULD REPLACE AND BRING DOWN ALL THE ABSURD VARIETIES OF MONEY THAT EXIST TODAY, WITH THEIR EFFIGIES OF PRINCES, THOSE SYMBOLS OF MISERY.” - VICTOR HUGO,
- [September 1st, 2011 – Euro Union Update](https://www.thorwealthmanagement.com/september-1st-2011-euro-union-update/) - August was the fourth consecutive down month for the stock market. It looks like September has a number of events that could significantly impact the market. We believe the next few weeks in the market could be volatile because of these events. September 7 – Germany’s high court is expected to rule on whether the
- [August 17th, 2011 - Europe’s last Gasp?](https://www.thorwealthmanagement.com/august-17th-2011-europes-last-gasp/) - News out of Europe yesterday included a proposed plan by France and Germany to solve the EU debt problems. This plan called for the creation of a “collective government” run by the EU President and a tax on every financial transaction. Both of these ideas are significant and, we believe, unworkable. By setting up a
- [August 8th, 2011 - Debt Downgrade](https://www.thorwealthmanagement.com/august-8th-2011-debt-downgrade/) - When we mentioned that the market would be volatile last week, we didn’t know that Standard and Poor’s would downgrade US Treasuries late Friday night. The downgrade is having a ripple effect across global equity markets today. What is interesting is the yield on US Treasury Bonds has fallen dramatically today. That is the complete
- [August 4th, 2011 - Debt Deal](https://www.thorwealthmanagement.com/august-4th-debt-deal/) - All those pundits that said we need to get a debt deal in order to “stabilize” the markets are certainly eating their words. The last few days have been horrendous for the stock market and today is no exception, with the market being down over 450 points so far. As we stated in our last
- [August 1st, 2011 – Political Ramifications](https://www.thorwealthmanagement.com/august-1st-2011-political-ramifications/) - The next few days we are going to see political theatre that could be greater than Shakespeare’s plays. Some have asked us not to talk about politics, but at times like this, it is politics that is driving the market lower. We believe the market will be very volatile over the next few days with
- [July 14th, 2011 - European Debt](https://www.thorwealthmanagement.com/july-14th-2011-market-update/) - The capital markets have shown no signs of easing up on Europe’s debt laden countries. Until recently, Italy’s headline was little more than an occasional reference as one of the “I’s” in PIIGS. This has changed in the last few weeks as the severity of the situation in Europe is reaching a point we have
- [June 30th, 2011 - Slow Train Wreck](https://www.thorwealthmanagement.com/june-30th-2011-slow-train-wreck/) - Greece saves the world (well at least for a little while)!! Stock markets around the world were up the past few days as Greece voted for their “suicide pact” (austerity plan) that is only delaying the inevitable and in our opinion is only going to make the adjustment bigger and more disruptive when it occurs in
- [The Harvester - Summer 2011](https://www.thorwealthmanagement.com/the-harvester-summer-2011/) - “What experience and history teach is this – that people and governments never have learned anything from history, or acted on principles deduced from it.” - Georg Hegel Many people are trying to figure out why the economy has not rebounded as quickly as in past recessions. Even though every recession is different, there are
- [June 15th, 2011 - Debt problems](https://www.thorwealthmanagement.com/market-update-june-15th-2011/) - The US should be looking at Greece as an example of how NOT to fix our budget crisis. You can not solve a debt problem if there is no growth in an economy. Last year, Greece tried to fix its debt problem by implementing spending cuts and tax increases - they increased their VAT tax by 20%. History has
- [May 27th, 2011 - A "V" recovery](https://www.thorwealthmanagement.com/market-update-may-27th-2011/) - In just two years, the stock market is up 100% from its bottom in what will probably go down, at least for most of us, as the worst market correction of our lifetimes. The stock market has experienced a V recovery over this time and we believe the probability of a market correction to be fairly
- [May 17th, 2011 - Client feedback](https://www.thorwealthmanagement.com/market-update-may-17th-2011/) - In our last update, we asked you to respond to a few questions about the economy. The results were mixed. On the personal side, we almost had an even split on those that are cutting back their personal spending and those that are spending more. We also had an even split on those who believed the economy was
- [April 15th, 2011 - A bag of goods](https://www.thorwealthmanagement.com/market-update-april-15th-2011/) - We are all being sold a bag of goods! Unless one has been living under a rock, you are aware there is broad consensus that if nothing changes in Washington, the US government will be broke several years from now. The looming debt crisis is one of the reasons why Tea Party candidates won so
- [April 1st, 2011 - Keeping a long-term focus](https://www.thorwealthmanagement.com/market-update-march-31st-2011/) - Looking at the S&P levels for the month of March might suggest there wasn’t much that happened in the way of meaningful events. The broad market index closed at 1,327 at the end of February and is looking to close right around that same level this month. That analysis would fail to recognize the tremendous
- [The Harvester - Spring 2011](https://www.thorwealthmanagement.com/the-harvester-spring-2011/) - “I don’t think it’s unthinkable.” - Warren Buffet on the collapse of the Euro The grand experiment called the European Union (“EU”) may finally be coming to an end. Portugal is just the latest crack in the armor. We have always been in the camp that the real test of the EU will be when
- [March 15th, 2011 - Investment advice](https://www.thorwealthmanagement.com/market-update-march-15th-2011/) - Before talking about the markets, our hearts go out to the people of Japan. We can not fathom what they are going through. Even though Japan’s infrastructure was designed to withstand earthquakes, the magnitude of this quake and subsequent tsunami was an incredible reminder that no matter how well humans try to contain our environment,
- [February 17, 2011 - Let the games begin](https://www.thorwealthmanagement.com/market-update-february-17-2011/) - Let the Games Begin!!! The political games on the Federal budget have begun. Over the next few weeks, there will be a lot of political posturing on both sides. Republicans are complaining that the budget proposed by President Obama (adding $7.2 trillion to the deficit over the next ten years) doesn’t even scratch the surface. Democrats are complaining
- [Market Update - February 1, 2011](https://www.thorwealthmanagement.com/market-update-february-1-2011/) - Egypt - WHAT NEXT? The unrest in Egypt is causing jitters around the world as investors ask - what next? First, we have to look at the main reason for the uprising in both Tunisia and Egypt. Both of these governments have been authoritative for years with repressive governments and high unemployment. So the question
- [Market Update – Janurary 17, 2011](https://www.thorwealthmanagement.com/market-update-janurary-17-2010/) - Time for a market breather? Since the market’s rebound from the choppiness of last summer, the stock market is up about +25%! That’s great news for all of us. However, the question we now hear many of our clients inquiring about is “Where does the market go from here?” As in the case with most
- [Market Update - our thoughts on 2011](https://www.thorwealthmanagement.com/market-update-our-thoughts-on-2011/) - Our Thoughts on 2011 We want first to wish all of you and your families our very best wishes for the New Year. Second, as is the case for any new year, many people, clients and non-clients alike, have asked for our opinion on the upcoming year. Of course, any opinion is just that, an
- [The Harvester - Winter 2010/2011](https://www.thorwealthmanagement.com/the-harvester-winter-20102011/) - “IN OUR SPRINGTIME EVERY DAY HAS ITS HIDDEN GROWTH IN THE MIND, AS IT HAS IN THE EARTH WHEN THE LITTLE FOLDED BLADES ARE GETTING READY TO PIERCE THE GROUND” - GEORGE ELIOT We recently attended a speech by a nationally recognized economist who asked the audience "who thinks the recession is over?" We were
- [Market Update – December 15, 2010](https://www.thorwealthmanagement.com/market-update-december-15-2010/) - Should the government be cutting taxes now? When listening to the news regarding the extension of the Bush tax cuts, we continually hear the mantra that these “tax cuts” will be stimulative. In truth, it is not a tax cut at all and therefore we should not expect this bill to be as stimulative as
- [Our Thoughts on Quantitative Easing – Part 2](https://www.thorwealthmanagement.com/our-thoughts-on-quantitative-easing-part-2/) - Many clients have asked for our thoughts on Quantitative Easing Part 2 – QE2, not Queen Elizabeth II. What is QE2, you ask? QE2 is the Federal Reserve’s plan to inject $600 billion dollars into the financial system by purchasing Treasury Notes. The Federal Reserve is buying notes issued by the Government in an
- [The Markets after the Election - November 2, 2010](https://www.thorwealthmanagement.com/the-markets-after-the-election/) - Many clients have asked for our thoughts about the upcoming election and how it might impact the stock market. The current trends show that there is a strong chance the legislative and executive branches of the government will be divided next year. The attached chart shows that the stock market performs better when the two
- [Market Update - October 18, 2010](https://www.thorwealthmanagement.com/why-is-such-a-precious-commodity-falling-in-value/) - Why is such a precious commodity falling in value Yes, we did say fall. With all the commodity headlines centered on gold, oil and silver spiking in price over the past few months, natural gas has received little attention. Natural gas prices have fallen 24% in the last three months and more than 47% over
- [Market Update – September 30, 2010](https://www.thorwealthmanagement.com/market-update-september-30-2010/) - Market Anomalies – a Fallacy? There are many market anomalies that the press loves to talk about. Following those anomalies, however, sometimes can be hazardous to your investment health. Analysts are always looking for ways to outperform the market and will test almost anything against stock market returns. In many cases, the anomalies are only
- [The Harvester - Fall 2010](https://www.thorwealthmanagement.com/the-harvester-fall-2010/) - “THE PEOPLE ARE THE ONLY SURE RELIANCE FOR THE PRESERVATION OF OUR LIBERTY” - THOMAS JEFFERSON With just a little over a quarter left before the end of the year, this fall promises to be a busy one for Congress. As we write this newsletter, Congress and the White House are busy jockeying for position
- [Market Update - September 15, 2010](https://www.thorwealthmanagement.com/market-update-september-15-2010/) - Should taxes be raised on those making more than $250,000? This recession is deeper and longer than any recession since the Great Depression. It was also caused by the same event that caused the Great Depression - a huge credit bubble that burst. Say what you will about Ben Bernanke, but he did learn some
- [Market Update – September 1, 2010](https://www.thorwealthmanagement.com/market-update-september-1-2010/) - Bad news sells newspapers. That really tells us what is happening today in the financial markets. This is manifesting itself in poor, emotional decisions by investors (selling stocks and buying bonds). In our last market update, we talked about how the stock market is now selling at one of its cheapest levels relative to bonds
- [Market Update – August 16, 2010](https://www.thorwealthmanagement.com/market-update-august-16-2010/) - Is The Next Bubble The Bond Market? In the 90’s we had the “tech” bubble and in the 2000’s we had the “real estate” bubble. Going forward, is there another bubble investors should be concerned about? We believe a bubble could be forming in the bond market. A bubble occurs when money rushes to a
- [Market Update – July 30, 2010](https://www.thorwealthmanagement.com/market-update-july-30-2010/) - High unemployment can be fixed today There is nothing more frustrating to us (and many of you) than to continue to hear pundits say that we will have a sustained high level of unemployment for years to come. There are a number of ways to solve the unemployment problem – one of which is to
- [Market Update – July 16, 2010](https://www.thorwealthmanagement.com/market-update-july-16-2010/) - The Tale of Two Cities What are the two cities? The news of woe – a possible second dip in the economy - and the expected good corporate earnings reports. The media has been replete with negative news about the economy for the last two months. We stopped counting how many articles we had read
- [Market Update – June 30, 2010](https://www.thorwealthmanagement.com/market-update-june-30-2010/) - The stock market is down ~ 6% since our last update and as such, bonds have rallied. At the risk of stating the obvious, basic supply and demand gives a very top level approach to why. For example, depending on the figures used, 2009 saw an inflow to bond mutual funds of between $357 billion
- [The Harvester - Summer 2010](https://www.thorwealthmanagement.com/the-harvester-summer-2010/) - “The word 'politics' is derived from the word 'poly', meaning 'many', and the word 'ticks', meaning 'blood sucking parasites'.” - Gore Vidal Being a politician these days is akin to being a convicted felon. Unfortunately, most of the anger people have towards politicians is well deserved. If it were up to us, a prerequisite for
- [Market Update – June 12, 2010](https://www.thorwealthmanagement.com/market-update-june-12-2010/) - The extremes in the market in the recent past – overbought in mid-April and oversold just a couple of weeks ago - have dissipated. Volatility has fallen and the market has held support at a critical point 4 times, which is a good sign. It is not unusual (actually it is expected) to have a
- [Market Update – May 28, 2010](https://www.thorwealthmanagement.com/market-update-may-28-2010/) - Calm Waters ahead? The past three weeks have probably been the strangest shift in individual investor psychology we have ever seen in our 24 years of investment experience. We went from a calm steady market to almost complete panic in three weeks. We now believe the market is trending to a more stable period ahead.
- [Market Update – May 20, 2010](https://www.thorwealthmanagement.com/market-update-may-20-2010/) - There is one constant in the financial markets – emotions. All markets go through bouts of “fear and greed.” The length of these emotional ups and downs is different each time. It was only three weeks ago that we were receiving phone calls from clients who were very optimistic about the market. One client left
- [Market Update – May 14, 2010](https://www.thorwealthmanagement.com/market-update-may-14-2010/) - Greece coming to America? To say the last couple of weeks have been interesting is an understatement. The Greece problem boiled over, necessitating a bailout costing almost $1 trillion. Some of that money comes from the International Monetary Fund (IMF), of which the US is the largest contributor. America’s portion of the bailout is now
- [Market Update – May 3, 2010](https://www.thorwealthmanagement.com/market-update-may-3-2010/) - Since our last market update on Greece, the market took a nose dive as Greece's deficit problems got worse and the yield on the Greek 2-year note shot up to 19%. Greek bonds were downgraded to junk status. Both Spain's and Portugal's bonds were downgraded as well. The vultures see wounded meat in Europe and
- [Market Update – April 15, 2010](https://www.thorwealthmanagement.com/market-update-april-15-2010/) - It is hard to believe that it was two years ago that Bear Stearns collapsed into the hands of JP Morgan. As many believed it to be unfathomable, we now look back at the event as a mere drop in the bucket. However, the lessons learned do not have to be carried that far into
- [Market Update – March 31, 2010](https://www.thorwealthmanagement.com/market-update-march-31-2010/) - The argument about the true cost of the health care bill is not being fought in Congress or by the CBO. Instead, it is being fought in the US Treasury market. The Treasury market auction last week had long- term yields moving higher and was met with less enthusiasm than past months. The bond market’s
- [The Harvester - Spring 2010](https://www.thorwealthmanagement.com/the-harvester-spring-2010/) - “Borrowers are nearly always ill-spenders, and it is with lent money that all evil is mainly done?” - John Ruskin The borrowing binge that American consumers have been on the past decade is over. Credit cards were doled out like candy. If you had a pulse, you were able to get a mortgage. Increasing home
- [Market Update – March 16, 2010](https://www.thorwealthmanagement.com/market-update-march-16-2010/) - More Government Spending? Ask your friends or colleagues if they believe the U.S. Government should be spending more in order to get us out of the recession. The reaction we have gotten from both conservatives and liberals alike has been a resounding “NO” – many times it has been a resounding reaction. In our last
- [Market Update – March 1, 2010](https://www.thorwealthmanagement.com/market-update-march-1-2010/) - Individuals are Getting Their Balance Sheets Healthy The past year has served as a wake up call to individuals about the risk of too much debt. Many have reduced their spending and are now saving more. Frivolous spending has been replaced with saving. Cash is king and the “good ‘ole days” of living on borrowed
- [Market Update - February 17, 2010](https://www.thorwealthmanagement.com/market-update-february-17-2010/) - The Problem with Wild PIIGS For years, we at THOR have talked about the potential problems with the European Union (“EU”). As long as there are no stresses on the system, the system works relatively well. However, our real concern with the EU was if and when one of the weaker countries ran afoul of
- [Market Update - February 3, 2010](https://www.thorwealthmanagement.com/market-update-february-3-2010/) - The January Effect Revisited In our last market update, we talked about "the January effect", a phenomena in which a positive market in January has a high correlation to a positive market for the entire year. Below is a copy of that e-mail: "The January Effect This is an anomaly where the stock market rises
- [Market Update - January 18, 2010](https://www.thorwealthmanagement.com/market-update-january-18-2010/) - The January Effect This is an anomaly where the stock market rises during the first week of January. The explanation to why this occurs is that those investors that sold off in late December to capture gains/losses in their portfolio reinvest those assets back into the market at the beginning of the following year. The
- [Market Update - January 8, 2010](https://www.thorwealthmanagement.com/market-update-january-8-2010/) - The New Year 2009 ended up being a very good year for the US stock market. And yesterday’s gains provided an optimistic beginning to the New Year. While we welcome the positive stock market, we recognize the potential risks and remember very acutely just how quickly such gains can be derailed. However, we believe we
- [Market Update - December 15, 2009](https://www.thorwealthmanagement.com/market-update-december-15-2009/) - Death of the Euro??? Almost every day you read an article or hear a story about the fall of the dollar. We believe there is a greater story occurring across the pond: the possibility of the euro collapsing. We believe for this reason we are starting to see the US dollar strengthen as money starts
- [Are We in a Bubble?](https://www.thorwealthmanagement.com/are-we-in-a-bubble/) - Mark and I remember March of 2000 when several individuals called to inquire about our opinion of Cisco - during the two days when it was the largest company in the United States based on market capitalization. When we asked these individuals if they knew what Cisco did, not one of them could tell us.
- [The Harvester - Winter 2009](https://www.thorwealthmanagement.com/the-harvester-winter-2009/) - “HE WHO FAILS TO PLAN, PLANS TO FAIL” - PROVERB With just five weeks left before the end of the year, it is time to review your year-end income tax plans. Making the right moves now can save you plenty. As you consider your options, you need to take into account two tax years -
- [Market Update – November 17, 2009](https://www.thorwealthmanagement.com/155-2/) - Getting back to work With the unemployment rate at its highest rate in 25 years, many are asking if things will get better. The answer is yes. In some sectors it is already getting better. According to Forbes magazine, there are some businesses actually hiring: Sub-Zero has just added 165 people; Bank of America has
- [Market Update](https://www.thorwealthmanagement.com/market-update/) - As you may know, consumer spending makes up almost 70% of the US economy. If you look on the surface of the latest monthly retail sales report, the negative 1.5% drop gives a bearish sentiment. However, after looking deeper into the numbers, we find that after accounting for the termination of the cash for clunkers
- [Dow over 10,000](https://www.thorwealthmanagement.com/dow-over-10000/) - The run in the stock market continues in October. Cash on the sidelines, better than expected earnings announcements and money market yields close to 0% is causing investors to look at the stock and bond markets for higher returns. Many people are still sitting on the sidelines - $3.4 trillion in cash - still worried
- [Market Update – October 1, 2009](https://www.thorwealthmanagement.com/market-update-october-1-2009/) - The economy doesn’t have to be this bad!!! The rate of unemployment for the young is the highest it has ever been, overall unemployment is near 10% and many economists talk about a jobless recovery. The sad news is it doesn’t have to be this way. In addition, Mark and I have boys graduating from
- [The Harvester - Fall 2009](https://www.thorwealthmanagement.com/the-harvester-fall-2009/) - “O accurst craving for Gold!” - Virgil (Publius Vergilius Maro) We have received many inquiries about our thoughts on gold. One could write an entire book on the subject, but we will condense our thoughts for purposes of this newsletter. In order to best understand gold, we believe a look at the history of the
- [Market Update - September 15, 2009](https://www.thorwealthmanagement.com/thors-market-update-september-15-2009/) - Bonds, not Stocks, Suffer more with Inflation A few weeks ago, we mentioned in our market update that we are not overly concerned with inflation at this time. The reasons include the massive deleveraging occurring in the U.S., a lack of upward pressure on wages and falling real estate prices, all of which are offsetting
- [THOR's Market Update August 5, 2009](https://www.thorwealthmanagement.com/thors-market-update-august-5-2009/) - The Market As you will see from your July statement, the stock market over the past few weeks has produced positive returns in your account. Some of the old stock market adages such as the “January effect”, “don’t fight the Fed”, etc., have fallen by the wayside. If you had bought into the “sell in
- [THOR's Market Update July 17, 2009](https://www.thorwealthmanagement.com/thors-market-update-july-17-2009/) - Economy vs. Stock Market Many clients have asked for our opinion about the stock market and, at the same time, the economy. Most people believe they are one and the same. They aren’t. The way to think about the relationship between the two is that the stock market is a fortune teller for what will
- [The Harvester - Summer 2009](https://www.thorwealthmanagement.com/the-harvester-summer-2009/) - "There can be no freedom or beauty about a home life that depends on borrowing and debt" - Ibsen, "A Doll's House", Act I Henrick Ibsen wrote this line back in 1879, but it could be written today not only for our home life, but for our country. The ?home life? many Americans have been
- [THOR's Market Update July 1, 2009](https://www.thorwealthmanagement.com/thors-market-update-july-1-2009/) - This morning, both the Consumer Confidence Index and the Expectations Index delivered numbers below the consensus forecast and are down from the previous month’s readings. While not a huge surprise, this news just adds to the fatigue the market has been experiencing over the past few weeks. But, according to some investor sentiment indicators, the
- [THOR's Market Update June 22, 2009](https://www.thorwealthmanagement.com/thors-market-update-june-22-2009/) - One of the keys to the great success of America is that we let companies fail. On average, 10% of all companies (public and private) will fail in any given year. Business failures are difficult for those employees and investors who had an interest in the failed company, but this normal ebb and flow is
- [THOR's Market Update June 10, 2009](https://www.thorwealthmanagement.com/thors-market-update-june-10-2009/) - So we finally swallowed the bitter GM bankruptcy pill. The fact that the US government now owns greater than 70% of the means of production for this company presents a new set of challenges which will have political and financial implications for years to come. Hopefully workers and resources will move to more productive areas
- [THOR's Market Update May 19, 2009](https://www.thorwealthmanagement.com/thors-market-update-may-19-2009/) - In our last Market Update, we were cautiously optimistic about the direction in which the stock market and economy were headed. We discussed our belief that one of the primary catalysts for the first quarter market upswing was money moving off the sidelines and into the market. Click here to read more.
- [The Harvester - Spring 2009](https://www.thorwealthmanagement.com/the-harvester-spring-2009/) - PRESS RELEASE THOR Investment Management, Inc. selected as one of the Leading Wealth Managers of the Great Lakes Region Cincinnati, OH; 4/28/2009: THOR Investment Management, Inc., a leading provider of wealth management services, today announced that it has been selected by Goldline Research as one of the leading Wealth Managers of the Great Lakes Region for
- [THOR's Press Release April 28, 2009](https://www.thorwealthmanagement.com/thors-press-release-april-28-2009/) - PRESS RELEASE THOR Investment Management, Inc. selected as one of the Leading Wealth Managers of the Great Lakes Region Cincinnati, OH; 4/28/2009: THOR Investment Management, Inc., a leading provider of wealth management services, today announced that it has been selected by Goldline Research as one of the leading Wealth Managers of the Great Lakes Region for
- [THOR's Market Update April, 2009](https://www.thorwealthmanagement.com/thors-market-update-april-2009/) - "Our greatest glory is not in never falling, but in rising every time we fall." Confucius After a first quarter filled with extreme movements on the upside and downside, we find ourselves entering a critical second quarter for the financial markets. Trading in the first quarter was mostly contingent upon the words and actions of
- [Increasing Support for Corporate Tax Cuts as Part of Stimulus](https://www.thorwealthmanagement.com/increasing-support-for-corporate-tax-cuts-as-part-of-stimulus/) - More influential individuals are speaking out in favor of using tax cuts to stimulate the economy. However, the most cost-effective way of creating jobs, as the THOR Plan lays out, is the reduction of the corporate tax rate. The President's stimulus plan does not encourage marginal growth in the economy like a decrease in the
- [How Some Firms Boost The Boss's Pension](https://www.thorwealthmanagement.com/how-some-firms-boost-the-bosss-pension/) - The following are excerpts from an article in the Friday January 23, 2009 Wall Street Journal by Mark Maremont. These points tie directly into our second point in the Plan. If executive pay is curtailed within a specific set of parameters, the people at the top of the company cannot navigate loopholes in the system
- [1/21/2009 Market Update](https://www.thorwealthmanagement.com/1212009-market-update/) - We have a new President as of yesterday and the reactions are mixed depending on which side of the aisle you are on. Democrats are ecstatic about not only winning the House and Senate, but having a new, younger Democrat President. Republicans feel a sense of fear and trepidation about what changes will occur to
- [2+2=5?](https://www.thorwealthmanagement.com/225-2/) - This is an excerpt from the following article regarding corporations and their "tax havens": Citigroup had 427 units in 23 countries, including 91 subsidiaries in Luxembourg and 90 in the Cayman Islands. Morgan Stanley had 273 units, News Corp. had 152 and Bank of America had 115. Procter & Gamble Co. had 83 subsidiaries and
- [State Pension Losses](https://www.thorwealthmanagement.com/state-pension-losses/) - This link is to a Bloomberg article detailing the extent of 2008 losses in State Pension Funds and the impact on workers and hiring in the respective jurisdictions. The Plan was written before the actual amount of losses was made public; this is another real world example of how the THOR Plan would have a
- [Listen to the interview with Mike McConnell from WLW](https://www.thorwealthmanagement.com/listen-to-the-interview-with-mike-mcconnell-from-wlw/) - Here's a link to listen to the first hour of the Mike McConnell. The interview starts about ten minutes into the broadcast and lasts for most of the first hours.
- [Mike McConnell Show Summary](https://www.thorwealthmanagement.com/mike-mcconnell-show-summary/) - Today I was on the Mike McConnell show to discuss the THOR Plan. The interview went very well, especially because some of the typical questions about the Plan's success were brought to the table. I would like to address them here. Mike brought up the theoretical opposition by some that suggest the Plan is corporate welfare. I would suggest
- [The Mike McConnell Show](https://www.thorwealthmanagement.com/the-mike-mcconnell-show/) - I wanted everyone to know that I will be on The Mike McConnell Show on WLW 700 at 9:00 a.m. this Wednesday, January 14 to discuss the "THOR Plan." Click here at 9:00 a.m. on Wednesday to listen to the broadcast.
- [THOR's Market Update January 8, 2009](https://www.thorwealthmanagement.com/thors-market-update-january-8-2009/) - THOR's U.S. Economic Revitalization and Corporate Responsibility Plan January 8, 2009 We at THOR have been unhappy with the economic plans being put forth today. We have developed the “THOR Plan” that we believe solves both short-term and long-term economic problems. The Plan also would be a huge positive for the stock market and it
- [THOR's U.S. Economic Revitalization and Corporate Responsibility Plan](https://www.thorwealthmanagement.com/thors-us-economic-revitalization-and-corporate-responsibility-plan/) - THOR's U.S. Economic Revitalization and Corporate Responsibility Plan January 8, 2009 We at THOR have been unhappy with the economic plans being put forth today. We have developed the “THOR Plan” that we believe solves both short-term and long-term economic problems. The Plan also would be a huge positive for the stock market and it
- [THOR's Market Update December 18, 2008](https://www.thorwealthmanagement.com/thors-market-update-december-18-2008/) - "Oft expectation fails, and most oft where most it promises; and oft it hits where hope is coldest; and despair most sits." - William Shakespeare In less than a decade, the University of Cincinnati Bearcats transformed their football team from disregard into the Big East champions in 2008. Their success may have caught some by
- [THOR's Market Update November 18, 2008](https://www.thorwealthmanagement.com/thors-market-update-november-18-2008/) - We are in a historically unprecedented time for both the stock and bond markets. The Bad & the Ugly October was the most volatile month in the S&P 500 Index’s 80-year history. Retail sales fell a record 2.8% in October (only 0.5% when auto and gas sales are excluded) – the fourth month in a
- [THOR's Market Update October 31, 2008](https://www.thorwealthmanagement.com/thors-market-update-october-31-2008/) - We are sure that you are just as happy to see this month end as we are relative to the performance of the stock market. This October was one of the worst months in the history of the stock market. The severe crisis in financials, the drop in consumer confidence and the upcoming election made
- [THOR's Market Update October 24, 2008](https://www.thorwealthmanagement.com/thors-market-update-october-24-2008/) - When you woke up this morning, you were probably as shocked as we were to see the market futures down so much. Earnings of consumer companies in Japan - Samsung and Sony - created a fall in the overseas markets that has spread throughout the globe. More importantly, we are still seeing some forced selling
- [THOR's Market Update October 15, 2008](https://www.thorwealthmanagement.com/thors-market-update-october-15-2008/) - Reality vs. Panic Over the past few weeks, we have seen the market go from panic mode to relief mode back to panic mode. During this time, we have experienced both the worst point drop in history and highest point gain in history. We have not seen this level of distress from investors since the
- [THOR's Market Update October 1, 2008](https://www.thorwealthmanagement.com/thors-market-update-october-1-2008/) - In the past two weeks, uncertainty and fear have reverberated through the markets. We have received a significant number of calls from our clients expressing concern about the safety of their money, especially as it relates to money market funds. While there is no way to know how the market will fluctuate going forward, rest
- [THOR's Market Update September 17, 2008](https://www.thorwealthmanagement.com/thors-market-update-september-17-2008/) - Be careful what you ask for!!! Most everyone except those hiding under a rock for the past couple of days are aware that world markets have been roiled by the news of the bankruptcy of Lehman Bros., the sale of Merrill Lynch to Bank of America and insurance giant AIG’s need for a large infusion
- [THOR's Market Update September 2, 2008](https://www.thorwealthmanagement.com/thors-market-update-september-2-2008/) - Weathering the Markets Earlier this year, forecasters proclaimed the 2008 hurricane season would be "well above average" in terms of ferocity. While the beginning of the season has been relatively mild, multiple storm systems have begun their formation. The most recent system, Hurricane Gustav, began generating tremendous power as it approached Louisiana, inciting fear and
- [THOR's Market Update August 15, 2008](https://www.thorwealthmanagement.com/thors-market-update-august-15-2008/) - Inflation / Commodities Many people are comparing today’s economy to the economy of the late 70’s because of the run-up in oil prices. Some people think that inflation will come roaring back like it did in the 70’s. There is one big difference, however, between today’s economy and the one that existed in the late
- [The Harvester - Summer 2008](https://www.thorwealthmanagement.com/the-harvester-summer-2008/) - "Positive economics is in principle independent of any particular ethical position or normative judgments... In short, positive economics is or can be an 'objective' science." - Milton Friedman ‘Tis the season for stump speeches and political posturing. Now that we are down to two candidates for President, we wanted to offer some advice to the
- [2008 Oil Crisis: Understanding the Reality behind the Madness Presented by THOR Investment Management, Inc.](https://www.thorwealthmanagement.com/2008-oil-crisis-understanding-the-reality-behind-the-madness-presented-by-thor-investment-management-inc/) - Many news articles in the past few months have tried to pinpoint one exact reason for oil’s price climb. Unfortunately, one reason does not fully explain the problem. There are several causes, many of which have been working in unison, that have led to the stark increase in oil prices. Investigating several catalysts for oil’s
- [Sub prime Crisis Update April 11 , 2008](https://www.thorwealthmanagement.com/sub-prime-crisis-update-april-11-2008/) - What is going on in the market? That is the big question on the minds of everyone these days. THOR has prepared a presentation for our clinets to help understand the current liquidity crisis of 2008. Please click here to download this PDF presentation.
- [The Harvester - Spring 2008](https://www.thorwealthmanagement.com/the-harvester-spring-2008/) - "For this relief much thanks; 'tis bitter cold, and I am sick at heart" - Shakespeare, "Hamlet" Shakespeare could write the same line today, but as it applies to the members of the Federal Reserve Board regarding their decision last week to provide liquidity to the financial markets. Not only did they cut interest rates
- [The Harvester - Winter 2007/2008](https://www.thorwealthmanagement.com/the-harvester-winter-20072008/) - "Time crumbles things; everything grows old under the power of Time and is forgotten through the lapse of Time" - Aristotle There is one thing that is consistent about the markets; people forget the pain and agony of past bubbles only to create new bubbles. Does anyone remember the mid-80’s when many people were concerned
- [The Harvester - Fall 2007](https://www.thorwealthmanagement.com/the-harvester-fall-2007/) - "May You Live in Interesting Times" - Unknown Author To say the last few months have been interesting is an understatement. Even though the stock market today is pretty much where it was at the end of June, the ride has been bumpy. The primary cause of this volatility was the meltdown of the sub-prime
- [The Harvester - Summer 2007](https://www.thorwealthmanagement.com/the-harvester-summer-2007/) - Half-Time Report With the stock market recently reaching new highs (THOR clients were at new highs back in May of 2003!), we thought it would be a good time to take a step back and review what THOR's expectations were for 2007 and where we are today. In our newsletter dated December 21, 2006, we
- [The Harvester - Spring 2007](https://www.thorwealthmanagement.com/the-harvester-spring-2007/) - "If you lend money to someone who doesn't qualify to borrow money in the first place, why the surprise when they don't pay?" - Ed Yardeni, economist Ed's recent quote about mortgage lenders hits the nail on the head. The financial media recently has been full of stories about the collapse of the subprime mortgage market.
- [The Harvester - Winter 2006/2007](https://www.thorwealthmanagement.com/the-harvester-winter-20062007/) - "Those who make peaceful revolution impossible will make violent revolution inevitable" - John Fitzgerald Kennedy As in 1994, when the Republicans took control of the House of Representatives, this past election was a peaceful revolution with opposite results - the Democrats took control of the House and the Senate. During the campaign, there was quite
- [The Harvester - Fall 2006](https://www.thorwealthmanagement.com/the-harvester-fall-2006/) - "For mere vengeance I would do nothing. This nation is too great to look for mere revenge. But for the security of the future, I would do everything." - James Abram Garfield Given the three dollar per gallon gas prices we saw earlier this year, who would have thought we would ever see a gallon
- [The Harvester - Summer 2006](https://www.thorwealthmanagement.com/the-harvester-summer-2006/) - "Nothing Endures but Change" - Heraclitus This is always true when talking about the U.S. tax code. Life would be so much simpler (and our newsletters would be more entertaining!!) if Congress just implemented a flat or sales tax. Instead, they tinker with the tax code to gain political advantage. And now we must write
- [The Harvester - Spring 2006](https://www.thorwealthmanagement.com/the-harvester-spring-2006/) - "Be not the first by whom the new are tried, nor yet the last to lay the old aside!" - Alexander Pope A new tax-free retirement plan became available on January 1 of this year. On that date and at any time thereafter - but before December 31, 2010 when the provision enacting the Roth
- [The Harvester - Fall 2005](https://www.thorwealthmanagement.com/the-harvester-fall-2005/) - "The market is like a beautiful woman – always fascinating, always mystifying." - Edward Johnson III We concur with this statement. The investment arena is a great area for analysis by psychologists. Time and time again, people let their emotions dictate their investment decisions. Our experience shows us that this leads to poor investment decisions
- [The Harvester - Spring 2002](https://www.thorwealthmanagement.com/the-harvester-spring-2002/) - "Learning is not attained by chance, it must be sought for with ardor and attended to with diligence" - Abigail Adams It was in January of 2000 when our UPS deliveryman told us it was his last day on the job (he had 9 years under his belt at UPS). He quit because he was
- [The Harvester - Fall 2000](https://www.thorwealthmanagement.com/the-harvester-fall-2000/) - How Inflation Impacts the Stock Market... Inflation. That dirty, little word is starting to be bantered around for the first time in a long time. The Federal Reserve has done a masterful job constraining inflation over the past decade. This is one of the key reasons for the stock market's unprecedented rise. However, the rising
- [The Harvester - Fall 1999](https://www.thorwealthmanagement.com/the-harvester-fall-1999/) - How much can I spend when I’m retired? This is a question that many of us ask ourselves, whether we are about to embark upon retirement or are several years away yet. There are a number of factors that one has to look at including spending habits, age, amount of retirement assets available and current
- [The Harvester - Summer 1998](https://www.thorwealthmanagement.com/the-harvester-summer-1998/) - Why measuring risk is important The past few months have been horrible for the stock market. The average stock in the S&P 500 Index is down –15% from their all time highs. The average over-the-counter stock is down -30%. It is during times like these that investors look at the volatility of their investment portfolio –

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- [matthew-telscher](https://www.thorwealthmanagement.com/team-members/matthew-telscher/) - Matthew Telscher Financial Planner About Matthew joined the THOR team full-time in January 2026 after successfully completing a year-long internship with the firm. He is a graduate of the University of Cincinnati, where he earned his degree in Finance with a concentration in Financial Planning in December 2025.Prior to joining THOR, Matthew gained experience through
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- [jim-gore](https://www.thorwealthmanagement.com/team-members/jim-gore/) - Explore Jim Gore’s experience and advisory focus, delivering thoughtful guidance designed to support confident and informed financial decisions.
- [rob-nicolls](https://www.thorwealthmanagement.com/team-members/rob-nicolls/) - Explore Rob Nicolls’ advisory experience and his commitment to helping clients make confident, well-informed financial decisions.
- [Schedule a Call](https://www.thorwealthmanagement.com/schedule-a-call/) - Schedule a call with THOR Wealth to discuss your goals, ask questions, and learn how personalized financial planning can support your long-term success.
- [mark f.-kleespies](https://www.thorwealthmanagement.com/team-members/mark-kleespies/) - Learn about Mark Kleespies’ experience and how his approach helps clients navigate financial challenges with clarity, structure, and long-term focus.
- [Pre-Retirement](https://www.thorwealthmanagement.com/pre-retirement/) - Retirement Is a Transition, Not a Finish Line. You’ve spent decades building your wealth. Now it’s time to ensure it works for you — with clarity, confidence, and comfort for the years ahead. Schedule a Call
- [Emerging Wealth](https://www.thorwealthmanagement.com/emerging-wealth/) - Explore financial strategies tailored for rising professionals building long-term wealth with purposeful planning, smart investing, and expert guidance.
- [Resources](https://www.thorwealthmanagement.com/resources/) - Access expert financial guides, educational articles, and planning tools designed to help you make confident, informed decisions at every stage of life.
- [Smart Portfolio Checkup](https://www.thorwealthmanagement.com/smart-portfolio/) - Understand the Smart Portfolio approach and how structured evaluation helps improve decision-making, risk alignment, and long-term financial clarity.
- [Accessibility statement](https://www.thorwealthmanagement.com/accessibility-statement/) - Review our commitment to accessibility and our ongoing efforts to ensure every visitor can access financial guidance, resources, and planning tools with ease.
- [will-horstman](https://www.thorwealthmanagement.com/team-members/will-horstman/) - Learn about Will Horstman’s background and how he helps clients navigate financial decisions with structure, clarity, and long-term perspective.
- [p.j.-clark](https://www.thorwealthmanagement.com/team-members/p-j-clark/) - Learn more about P.J. Clark’s background and how his thoughtful advisory approach supports confident, informed financial decision-making.
- [jenna-kaiser](https://www.thorwealthmanagement.com/team-members/jenna-kaiser/) - Learn more about Jenna Kaiser’s background and her structured, client-focused approach to guiding financial decisions with clarity and purpose.
- [gregory c.-luke](https://www.thorwealthmanagement.com/team-members/gregory-c-luke/) - Discover Gregory Luke’s experience and planning focus, supporting clients with thoughtful guidance, structured strategy, and long-term clarity.
- [Team Members](https://www.thorwealthmanagement.com/team-members/) - Meet the THOR Wealth advisory team, dedicated to delivering clear guidance, personalized planning, and long-term support to help you reach your financial goals.
- [Strategy Fit Session](https://www.thorwealthmanagement.com/strategy-fit-session/) - Explore how our Strategy Fit Session helps determine the right approach for your goals and establishes a clear direction for your financial plan.
- [Onboarding](https://www.thorwealthmanagement.com/onboarding/) - Learn what to expect during the THOR Wealth onboarding process, designed to create clarity, align your goals, and establish a strong foundation for your financial plan.
- [Fee-Only Financial Advisor](https://www.thorwealthmanagement.com/fee-only-financial-advisor/) - Explore the benefits of working with a fee-only advisor focused on objective guidance, long-term alignment, and clarity across your financial decisions.
- [Ebook](https://www.thorwealthmanagement.com/ebook/) - Download our free financial planning ebook for clear, practical insights that help you make confident, informed decisions about your long-term financial future.
- [Discovery Session](https://www.thorwealthmanagement.com/discovery-session/) - Explore the structure of our discovery session, designed to clarify your financial picture and establish a foundation for purposeful, personalized planning.
- [Discovery Meeting](https://www.thorwealthmanagement.com/discovery-meeting/) - Learn what to expect in a discovery meeting and how this first step helps us understand your goals, priorities, and long-term financial direction.
- [Disclosures](https://www.thorwealthmanagement.com/disclosures/) - Review important disclosures outlining how we operate, how we serve clients, and the principles of transparency that guide our advisory process.
- [Dev](https://www.thorwealthmanagement.com/dev/) - Internal development page for staging and testing site features. Not intended for public search visibility.

## Categories

- [Blog](https://www.thorwealthmanagement.com/category/blog/)
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- [Stage 1: Start Out Strong](https://www.thorwealthmanagement.com/category/stage-1-start-out-strong/)

## Tags

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