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Banach Wealth Management Aug. 1, 2009 Letter

Saturday, August 1st, 2009
July 2009 Month End Markets Review
Economic Recession near End
Key Points
  • 2009 Year to Date Total Returns
    S&P 500 (987) 10.5%
    US 10 Yr Bond (3.50%) -21%
    NASDAQ (1978) 25%
    Foreign (EAFE) Stocks 11%
  • U.S. GDP expected contraction -2.4%
  • 2009 earnings expected decline -13%
  • Stock markets hit bottom in March,
    as the economic recession nears an end

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Banach Wealth Management July 22, 2009 Draft Guide Chapter 12

Wednesday, July 22nd, 2009
Lifetime Wealth Flow Guide
Rough Draft Chapter 12
Diversification
Avoid Diworseification!
Key Points
  • Misunderstood multi-dimensional concept
  • Returns, costs, cash flows, liquidity, location
  • Unstable risk or unknown uncertainty?
  • Scenarios change diversification value

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Banach Wealth Management June 30, 2009 Letter

Tuesday, June 30th, 2009
1st Half 2009 Markets Review
Credit (Financial) Depression Averted
Economic Recession Easing
Key Points
  • First Half 2009 Total Returns
    S&P 500 (919) 3%
    US 10 Yr Bond (3.52%) -20%
    NASDAQ (1835) 17%
    Foreign (EAFE) Stocks 2%
  • U.S. GDP expected contraction -2.6%
  • 2009 earnings expected decline -14%
  • Stock markets likely hit bottom in March,
    as the economic recession eased

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Banach Wealth Management June 24, 2009 Draft Guide Ch. 10 & 11

Wednesday, June 24th, 2009
Section V. Personal Risk Reduction Processes
Chapter 10. Recognizing Personal Behavioral Biases
And Risk Tolerances
Key Points
  • Risk tolerances vary with circumstances
  • Align wealth goals with risk tolerance
  • Measure biases: mainly at transaction time
  • Improvement aides; checklists and habits
  • Written transaction analysis; develop
    process to correct poor personal biases
Chapter 11. Improving Rational Biases
Key Points
  • Identify short cuts and impacts
  • Distinguish rational from emotional adjustments
  • Overcome biases with specific corrections
  • Develop a rational portfolio management process
  • Monitor results and respond per a plan

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Banach Wealth Management May 31, 2009 Letter

Sunday, May 31st, 2009
May Markets Review
Case for optimism or caution?
Positive surprises continue
Key Points
  • 2009 Year To Date Total Returns
    S&P 500 (919) 3%
    US 10 Yr Bond (3.46%) -21%
    NASDAQ (1744) 13%
    Foreign (EAFE) Stocks 5%
  • US GDP expected contraction = -2.6%
  • 2009 earnings expected decline = -14%
  • Stock markets have hit bottom as
    the economy approaches a low point

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Banach Wealth Management May 03, 2009 Letter

Sunday, May 3rd, 2009
April Markets Review
Is the market’s upturn real?
Will positive surprises continue?
Key Points
  • 2009 year to date Total Returns
    S&P 500 (872) -2%
    US 10 Yr Bond (3.12%) -18%
    NASDAQ (1717) +9%
    Foreign (EAFE) -8%
  • U.S. GDP expected contraction = -2.6%
  • 2009 earnings expected decline = -14%
  • Markets may have hit bottom, but
    economy has not reached its low point

Link to full version BWM Letter

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Banach Wealth Management May 01, 2009 Letter Draft Guide Ch. 7, 8, & 9

Friday, May 1st, 2009
Section IV. Investment Risk Categories
Chapter 7 Fundamentals
Operating Risks & Uncertainties
Key Points
  • Asset classes - unique operating risk profiles
  • Business models - constructs to evaluate
    asset operations
  • General & specific factors - asset quantitative
    risk insights
  • Asset class - operating risk & return checklist
Chapter 8
Market Transaction Risks
Key Points
  • Economic Basics - supply and demand risks
  • Historic asset price data provides factual insights
  • Market emotions increase transaction risks
  • Agents - supporting transaction actors are not free
  • Benchmarks are needed for score keeping
Chapter 9
Data Risk or Information Content?
Key Points
  • Questions should lead to relevant investment data
  • Separate facts from opinions
  • Strive to think and act independently

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Banach Wealth Management Apr. 01, 2009 Letter

Thursday, April 2nd, 2009
First Quarter Markets Review
A Wild Ride
Recession Remains in Full Force
Key Points
  • First Quarter 2009 Total Returns
    S&P 500 (797) -11%
    US 10 Yr Bond (2.68%) -11%
    NASDAQ (1528) -3%
    Foreign (EAFE) Stocks -16%
  • U.S. GDP expected contraction = -2.2%
  • 2009 earnings expected decline = -20%
  • Significant 1st Qtr losses; Markets &
    economy continue to search for bottom

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Banach Wealth Management Mar. 22 Letter Draft Guide Ch. 5 & Ch. 6

Sunday, March 22nd, 2009
Lifetime Wealth Flows Guide
Section III Wealth Foundation & Factors
Chapter 5 Wealth Goals & Objectives
Key Points
  • Wealth goals signfiy values
  • Objectives are based on goal statements
  • Grasp link between risks and objectives
  • Wealth distribution or growth objectives?
Chapter 6 Wealth Flow Factors
Key Points - Significant 7 Wealth Factors
  • Household time horizon (longevity)
  • Retirement spending (withdrawal rate)
  • Risk tolerance (portfolio volatility)
  • Investment returns (portfolio volatility)
  • Gift commitments (sharing with others)
  • Inflation (political policy)
  • Taxes (manage efficiently)

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Banach Wealth Management Mar. 01, 2009 Letter

Monday, March 2nd, 2009
February 2009 Markets Review
Economic & Market Uncertainties Continue
Key Points
  • Year to date Total Returns
    S&P 500 (735) -18%
    US 10 Yr Bond (3.04%) -13%
    NASDAQ (1378) -12%
    Foreign (EAFE) Stocks -23%
  • U.S. GDP expected contraction = -1.2%
  • 2009 earnings expected decline = -12%
  • Large year to date losses; First Half 2009
    partial recovery uncertain

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