Market Commentaries

April 2017
Tax Reform May Prove Elusive
: In this quarter’s commentary, we discuss how the market’s recent advance is not rooted in the current economic growth numbers, which are anemic, but rather based on the expectation that Trump’s economic policy initiatives will fuel higher growth rates and corporate profits in the future. We believe that the administration’s failure on healthcare has significant implications for its ability to pass tax reform legislation, which could have negative implications for US equity prices.

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January 2017
Radical Uncertainty
: In this quarter’s commentary, we offer our perspectives on how investors should approach the high level of uncertainty currently facing the markets. We highlight the many factors likely to influence markets over the near-term and discuss prudent strategies to tackle these issues.

pdf16x16 Download Q4 2016 commentary

October 2016
Full Employment Economy Changes Little
: In this quarter’s commentary, we discuss that while most Federal Reserve officials agree that the economy is approaching full employment, what they can’t agree on is what should happen next.  Economic growth and inflation remain stubbornly low, so the path forward for the Fed will be challenging.

pdf16x16     Download Q3 2016 commentary

July 2016
Rate Hikes prove Challenging:
In this quarter’s commentary, we discuss the Federal Reserve’s interest rate policies and why they have remained sidelined in 2016 when most market watchers had predicted rising rates this year.

pdf16x16     Download Q2 2016 commentary

April 2016
Lower for Longer:
In this quarters commentary we discuss the current economic environment and the likely path of future monetary policy.
     Download Q1 2016 commentary

January 2016
Outlook 2016:
In this 2016 Outlook we take a look back at 2015 and talk about the two major forces that had significant pressure on  stock and bond prices in 2015.
     Download Outlook 2016

October 2015
Headwinds for Global Growth:
In this quarters commentary we discuss the headwinds facing global markets.
pdf16x16     Download Q3 2015 commentary

July 2015
Setting realistic expectations:
In this quarters commentary we discuss one of the most important factors to achieve long-term success in the markets i.e. setting realistic expectations. Unfortunately, recent market performance tends to skew what the average investor thinks the market will do going forward.
pdf16x16     Download Q2 2015 commentary

April 2015
Volatility is on the Rise:
We believe the upcoming economic data will not only have an impact on investors’ expectations for economic growth and corporate profits, but the economic data will also have an impact on near-term interest rate policies adopted by the Federal Reserve. Therefore the stakes have increased.
pdf16x16     Download Q1 2015 commentary

January 2015
Outlook 2015:
In this 2015 Outlook we take a look back at 2014 and we have also drawn up 9 major investment themes about investing in 2015.
     Download Outlook 2015

October 2014
Not just a numbers based industry:
Investing is about having a plan to leverage savings for the purpose of satisfying life’s ambitions. And when times get tough, as they always do in investing, it helps to have people you can trust, have confidence in, and who are familiar. All bring about a sense of peace and satisfaction when the volatility cycles higher and markets become choppy.
     Download October 2014 commentary

July 2014
Valuation & Complacency:
We discuss today’s valuation and the “casual” outlook towards future risks.
     Download July 2014 commentary

April 2014
All about the FED:
We discuss the FED and how their actions create opportunities in the municipal bond market
     Download April 2014 commentary

January 2014
2014 Outlook:
We discuss various investing themes for 2014 in what we believe is a fully valued market
     Download January 2014 commentary

October 2013
Looking Ahead: Rising Volatility for most Portfolios: 
We discuss how volatility is not constant and the influence on investment portfolios
     Download October commentary

July 2013
The Bright Side of Higher Rates: We discuss how the interest rate rise over the last quarter has improved the long term prospects for the conservative portion of the investors balance sheet
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April 2013
Beyond Treasuries & Municipalities: Finding Yield without Sacrificing Quality: We discuss the lack of yield and how we find good yielding assets without sacrificing the quality of the underlying security
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January 2013
Increased Visibility & Income Scarcity: We discuss how to steer through an improving economy, unproven monetary policy, low yield environment and opportunities in the different asset classes
pdf16x16Download January commentary

October 2012
A Saver’s Guide to Surviving the Global Debt Solution:
pdf16x16Download October commentary

July 2012
The Allocation of Capital: We discuss our methodology behind asset class selection and allocation.
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April 2012
Preparing for potential policy errors: We discuss the massive intervention by governments and central bank and the potential for errors.
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January 2012
Finding Yield in a Zero Interest Rate World: We discuss the artificial low interest rate environment and what strategies investors could apply to counteract this environment.
pdf16x16Download January commentary

October 2011
Same Problem, Different Name:
We discuss the similarity between the crisis in 2008 and how the current financial crisis keeps unfolding.
pdf16x16Download October commentary

July 2011
Where Has All The Income Gone:
We discuss the effects of quantitative easing on future economic growth and the importance of income in today’s market environment. An example of a covered call is also presented.
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April 2011
The Big Squeeze on Middle Class America:
We discuss inflation, the Fed´s quantitative easing program and unemployment, as well as potential actions the government may take to “solve” the debt burden.
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January 2011
Investor Letter:
We discuss some key market trends and our risk management process as it relates to the high net worth investor.
pdf16x16Download January commentary

October 2010
Less or More?: Consumers and Government Chart Different Paths To Recovery.
We discuss the interesting contrast between consumers and governments, how consumers are de-levering as governments continue to borrow and spend in order to stimulate growth.
pdf16x16Download October commentary

July 2010
From Crisis To Response: Investing In A Time Of Reform & Regulation
We discuss today´s regulatory environment (the recent healthcare and financial reform, plus the potential for tax and energy reform) as well as strategies for managing through all the uncertainty.
pdf16x16Download July commentary

April 2010
You Can´t Rush Reality.
We discuss the optimism that has driven the market higher, the expansion of debt that is likely to make things challenging going forward, and why a strategy of “singles and doubles” makes more sense than swinging for the fence.
pdf16x16Download April commentary

October 2009
Fighting For Recovery On Multiple Fronts.
We discuss the competing forces of inflation and deflation, the unprecedented credit expansion of the past 25 years, and what to expect as the leverage bubble unwinds.
pdf16x16Download October Commentary

July 2009
2010 and Beyond: Flying Into Economic Headwinds.
We discuss how yesterday´s economic tailwinds are becoming today´s headwinds and how focusing on income and managing volatility will continue to be critical going forward.
pdf16x16Download July Commentary

April 2009
First Quarter Overview: Good News? Or Merely Less Bad News?
We outline the details of the government stimulus and housing programs, their intentions, and their implications for investors.
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January 2009
An Economic Overview: Implications for U.S. Investors of the World Economy and Monetary Stimulus Efforts.
We discuss how the financial landscape has changed and how to design a road map of opportunities for the future.
pdf16x16Download January Commentary

Van Hulzen In The News

April 2014
East Bay Municipal Utility District chooses for Covered Calls
pdf16x16 Mandate Pipeline Article Jan 2014

April 2013
MoneyShow interview, “Increase Profits With Covered Calls”
John Pearce & Stefan ten Brink discuss ways to add additional income to existing stock holdings
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December 2012
BornToSell interview:
Craig Van Hulzen discusses the long-term track record of our covered call strategy as well as the Iron Horse Fund
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December 2012
MoneyShow interview, “Covered Calls, More Important Than Ever”
John Pearce discusses the relevance of covered calls in today’s market environment
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December 2012
MoneyShow interview, “Getting Started in Covered Calls”
John Pearce discusses the increased demand for covered call strategies
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December 2012
MoneyShow interview, “Unboxing Covered Calls”
John Pearce discusses covered call basics and how the Van Hulzen approach differs from other managers
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June 2012
MoneyShow interview, “Where To Get Yield In Today’s Environment”
Craig Van Hulzen discusses where we are finding yield for our clients
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June 2012
MoneyShow interview, “How Covered Calls Can Boost Income”
Craig Van Hulzen discusses our approach for identifying companies with strong brands and a sustainable competitive advantage
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February 2012
USA Today article, “What impels someone to start a stock mutual fund today?”
Craig Van Hulzen discusses our decision to launch a mutual fund in a difficult environment for stock funds
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July 2011
Investment News article, “The ‘perfect time’ for a covered-call strategy? One PM thinks so”
Craig Van Hulzen comments on our 10 year track record with covered calls and the recently-launched mutual fund
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July 2011
Sacramento Bee article, “Folsom investment adviser launches new mutual fund”
John Pearce and Craig Van Hulzen comment on the launch of our new mutual fund
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July 2011
Daily Press article, “The King of K”
Craig is profiled in a local newspaper for his success story, both on the baseball field and in the board room
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