David M. Borowsky
March 2023 Interim Market Update
Invariant was active across portfolios in early February. This interim market update will discuss these moves and provide initial...
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David M. Borowsky
- Jan 8, 2023
Invariant Q4 2022 Letter
Happy New Year! We hope you and yours had an enjoyable holiday season. We wish the end of 2022 meant the end of challenging times for...
David M. Borowsky
- Aug 24, 2022
Invariant Q2 2022 Letter: Part 2
Executive Summary At Invariant, we believe the economy is much stronger than commonly believed. Volatile and persistently high inflation...
David M. Borowsky
- Jul 19, 2022
Invariant Q2 2022 Letter
Executive Summary June capped off a quarter that most investors would like to forget. The S&P declined more than 16%, sliding into bear...
Gary Smith, CFA
- May 31, 2022
Tax Planning for Retirement
The strategies employed while tax planning for retirement are different from the strategies you employ to minimize taxes while working....
Seth W. Arbogast, CFP®
- May 27, 2022
Welcome to Invariant Investment Management
On behalf of the entire Invariant family, we would like to thank you for taking the time to visit our website. We hope that as you...
David M. Borowsky
- Apr 12, 2022
Invariant Q1 2022 Letter
Executive Summary Stock and bond markets experienced a serious correction in January and February but recovered some of those losses in...
Gary Smith, CFA
- Mar 21, 2022
Tracking Error
Investment managers spend a lot of time thinking about portfolio risk – usually in terms of volatility and drawdowns . Tracking error is...
Gary Smith, CFA
- Mar 14, 2022
Estate Planning: The Essentials
Estate planning is about protecting your assets, protecting yourself, and protecting your family. No matter what stage of life you are...
Gary Smith, CFA
- Feb 28, 2022
Mid-Point of your Career: Cash Flow Planning
Financial planning isn’t static - your journey has several milestones and transitions along the way. As you progress, your needs, goals,...
Gary Smith, CFA
- Feb 22, 2022
Planning for Retirement with Equity and Option Compensation
Equity and option compensation is becoming a more common part of employee pay packages. With this comes additional considerations when...
Gary Smith, CFA
- Feb 14, 2022
Behavioral Biases Surrounding Concentrated Positions
Portfolio managers, financial advisors, and individual investors are all susceptible to allowing common behavioral biases impact their...
Gary Smith, CFA
- Feb 7, 2022
Retirement Plan Options for Small Businesses
Small Business Retirement Plan Options 401(k) plan options can be expensive to set up and maintain for small business owners. ...
Gary Smith, CFA
- Jan 31, 2022
High Net Worth Planning Case Study
Intro The case study series provide hypothetical financial planning scenarios. While no actual client information is used for privacy...
Gary Smith, CFA
- Jan 18, 2022
Profitability Premium: Risk-based or Behavioral?
When implementing quantitative investment strategies, it is generally believed that you should understand the economic rationale of why a...
David M. Borowsky
- Jan 7, 2022
Invariant CIO 2021 Year End Letter
Happy New Year! As Invariant enters its ninth year, we are grateful to have the opportunity to serve a growing number of individuals and...
Gary Smith, CFA
- Dec 28, 2021
Equal Weight: An Alternative Strategy to Market-Capitalization Weighted Indexes
Before discussing the benefits of equal-weight as an alternative to strategy market-capitalization, we need to define market...
Gary Smith, CFA
- Nov 16, 2021
Wealth Management for Private Equity Professionals
Introduction Although many early career private equity professionals fall into the HENRY (high-earner-not-yet-rich) category, the access...
Gary Smith, CFA
- Nov 9, 2021
Asset Location for Tax Optimization
A critical distinction between individual and institutional investors is the relative importance of after-tax returns. Many institutions,...
David M. Borowsky
- Nov 2, 2021
Proposed Tax Code Changes
Proposed Tax Changes (with thanks to Akram and Associates ) On September 15th, the House Ways and Means Committee approved its sections...
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