Mountain Money Blog

3rd Quarter Client Note

By Steven Smith | October 15, 2013

Every time I sit down to write a quarterly client note reviewing the investment news of the most recent quarter, there’s a conflagration brewing in the current quarter that overwhelms the discussion. This quarter is no different.

2nd Quarter Market Review

By Steven Smith | July 11, 2013

Our friends at Dimensional Fund Advisors graciously provide us with a robust and detailed review of the world capital market performance. Attached is their Quarterly Market Review. The report includes: a global overview, timeline of events, and the returns of asset classes in both US and international markets. Also included are returns for globally diversified index portfolios […]

2nd Quarter Client Note

By Steven Smith | July 11, 2013

The coining of a new phrase – “taper tantrum” – spiced up a volatile second quarter. Reacting swiftly to Federal Reserve Chairman Ben Bernanke’s late June announcement that there was some evidence of improvement in the economy and a possible change in the Fed’s accommodative monetary policy, skittish investors precipitously sold both stocks (from May’s […]

A Commentary on the PBS Show The Retirement Gamble

By Steven Smith | May 8, 2013

PBS recently aired a Frontline show entitled The Retirement Gamble, profiling the 401(k) industry. If you missed it, it can be viewed here. Polemic in tone, the show is highly critical of the country’s evolution from defined benefit pension plans toward defined contribution 401(k) type plans, and in particular the culture of the industry that […]

How Do You Spell Relief? ATRA! (American Taxpayer Relief Act)

By Steven Smith | May 6, 2013

Congratulations, the 2012 tax season is behind us. Time to start planning for 2013. The dramatic New Year’s Eve peek over – and retreat from – the fiscal cliff did not solve all of the country’s budgetary problems. But it did produce a historic and constructive piece of tax legislation that ended a great deal […]

1st Quarter 2013 Market Review

By Steven Smith | April 25, 2013

Following up on my 1st Quarter Client Note, I am providing a more robust and detailed review of the world capital market performance, graciously provided by our friends at Dimensional Fund Advisors. Attached is their Quarterly Market Review. The report includes: a global overview, timeline of events, and the returns of asset classes in both US and […]

1st Quarter Client Note

By Steven Smith | April 11, 2013

Reflecting relief from the New Year’s Eve (at least temporary) avoidance of the “fiscal cliff,” equity markets continued their strong recovery from the financial crisis of 2008. Economic activity in the US also continued to pick up, albeit at a slow pace. (On average, although fairly volatile from quarter-to-quarter, GDP continues to grow at about […]

4th Quarter Client Note

By Steven Smith | January 20, 2013

It is sometimes said that the stock market climbs a “wall of worry” – meaning that it overcomes uncertainty, or even bad news. By any measure, that is what happened in 2012. And there remains plenty of uncertainty for 2013. Believe it or not, this year will mark the fifth anniversary of the 2008 financial […]

Cliff Notes: Peering over the Fiscal Cliff and Living to Tell the Story

By Steven Smith | December 27, 2012

The “fiscal cliff” is staring us in the face. The best chance of averting the consequences of failure to reach agreement will be in January, after the new Congress is seated. In the meantime, it is good to understand the details and to also do some planning.

Putting the Community in Community Foundation

By Steven Smith | November 30, 2012

Occasionally I write articles for The Summit Foundation newsletter. This piece explores the genesis of the community foundation model and how The Summit Foundation exemplifies it in many respects.

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