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Asset Location for Tax Optimization
A critical distinction between individual and institutional investors is the relative importance of after-tax returns. Many institutions,...

Gary Smith, CFA
Nov 9, 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...

David M. Borowsky
Nov 2, 2021


Drawdown Profiles of Simple U.S. Stock/Bond Allocations – Jan 1972-May 2021
One of my favorite heuristics for determining an investor’s willingness to take risk and, subsequently, an appropriate asset allocation ,...

Gary Smith, CFA
Oct 26, 2021


Invariant Q3 Market Report
Everything looked rosy for stock investors early in September. The S&P 500 added to its impressive gains and notched a new all-time high...

David M. Borowsky
Oct 22, 2021


Academic Paper Review: "The Behavior of Individual Investors"
A key pillar of Invariant’s investment philosophy is that “ Behavioral mistakes can derail even the best investment plans and strategies...

Gary Smith, CFA
Oct 12, 2021


Managing Concentrated Holdings
Concentrated positions, whether publicly traded or privately held, have implications on clients’ financial plans. They can arise from...

Gary Smith, CFA
Oct 5, 2021


Portfolio Management & Financial Planning Need to Work Together for Your Clients
A key pillar of Invariant’s Investment Philosophy is that portfolio management and financial planning need to work together. It sounds...

Gary Smith, CFA
Sep 28, 2021


The Frequency and Severity of S&P 500 Drawdowns
The Standard and Poor's 500 index is the most widely watched U.S. large cap index by investment professionals. It has appreciated...

Gary Smith, CFA
Sep 21, 2021


Profitability Alpha: A Factor Investing Strategy
Factor Investing: The Profitability Factor This post will introduce Invariant’s large cap U.S. single stock strategy – Profitability...

Gary Smith, CFA
Sep 14, 2021


Invariant Q2 Market Report
Stocks and the economy delivered impressive gains in the second quarter as the world continued to emerge from the COVID-19 pandemic....

David M. Borowsky
Jul 27, 2021


A Primer on Asset Allocation
The first tenet of Invariant’s investment philosophy is “The primary determinants of investment success are appropriate asset allocation...

Gary Smith, CFA
Jun 12, 2021


Behavioral Mistakes Can Derail Even the Best Investment Plans
Creating a financial plan is the first step toward building a successful Advisor/Client relationship – mapping the investment strategy...

Gary Smith, CFA
Jun 12, 2021
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