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The Long View: Finance

June 2014

When many retirees first meet with us we hear "We need income of $xxx per month
from our portfolio" or "we just want to take the income from our investments to spend".
What a "tax-savvy" financial advisor hears is "I would like $xxx in cash to maintain a
certain life style". The difference in interpretation... Read More

May 2014
I find it comforting that more and more of the clients who are referred to us at Joseph
Capital Management understand what we do and why it is so valuable. This is not by
chance! We spend a lot of time educating other professionals on... Read More
March 2014
We had our Annual Appreciation Luncheon for our clients and their friends who live
locally. When they were leaving they thanked us for making them feel part of a "special
community." Each year we identify topics that will inform and provide insight... Read More

Featured Articles

"Investment Advisers: Is our path toward, or away, from a true profession" and "The last advice model standing".
In these articles, originally published at, our former Director of Research, Ron Rhoades provides an argument that investment advisers are a "potentially 'emerging profession' and the future holds two distinct paths." The first is a path of lower standards of care and conduct if investment advice becomes dominated by commercial interests. The better path "arises to the level of a true profession, in which individual professionals collaborate to establish, maintain, and over time enhance the bona fide fiduciary standard of conduct." Ron then elaborates on why consumers of investment advice need trusted advisors who are governed by a fiduciary standard. Ron also discusses five major changes that the modern era has brought to investment management and how those changes may lay the groundwork for a "true investment advisory profession."
Why the New York Times fiduciary article won't deter special interests.
Ron comments on a New York Times article in this guest column printed in March 2010 at Ron comments upon the dangers posed by a legislative proposal circulating in the U.S. Senate. He notes that Wall Street firms stand to lose billions of dollars a year in revenue (and investors collectively win such amounts) should the fiduciary standard be adopted for all providers of investment advice.
"I Am A Fiduciary Financial Advisor".
In this article, Ron provides an uncharacteristically short article designed to educate financial advisors on their fiduciary duties. It can be found in the Nov. 3, 2009, edition of Advisor Perspectives, a weekly newsletter designed for Registered Investment Advisers who provide services to high-net-worth investors.
Special Report: Answering Your Key Questions about the U.S. Economy and about the Future for Stocks..
Fear. Uncertainty. Worry. It's hard to ignore these emotions, as the economic news continues to be grim. But this is not the time to panic. In the enclosed Special Report, Ron A. Rhoades, our former Director of Research, offers some insights into the current financial turmoil, expectations of an economic recovery, stock market valuation levels, and what investors can and should do now.

Investing Articles

The Informed Investor - Making Smart Investing Decisions in Today's Volatile Market. Investors today are facing difficult choices in achieving their financial goals and, as well they should, are asking serious questions. This brochure will help you see through the noise of the marketplace in order to systematically make smart decisions about your money by utilizing a Nobel Prize-winning approach to your investments that has been proven to succeed in optimizing investment portfolios over time.
Seniors: Top 12 Tips to Avoid Investment Scams. In this paper, Ron A. Rhoades explores the Top 12 Tips that will help Seniors avoid becoming involved in investment scams. These include tips as basic as not accepting offers that sound "too good to be true" to tips regarding Powers of Attorney and asking for Disclosure.

Planning Article

Year-End Tax Planning. Tax planning is a year-round endeavor. This article offers several important tips. Originally published in the Citrus County Chronicle.

White Papers

These articles explore a specific topic relating to investment theory, portfolio construction, investment due diligence, or related topics in more extensive detail than that found in our other publications. These articles are intended for academics, knowledgeable investment advisers, other fiduciary advisers, and sophisticated investors.
Fixed indexed Annuities: Disclosure and Other Fiduciary Requirements for RIAs (March 2011)
Stock Market Valuation Levels: How Low Can They Go? (November 23, 2008)
Estimating the Total Costs of Stock Mutual Funds. (as revised April 22, 2009)
Good things come to those who wait. The head of international equity trading for Dimensional Funds Advisers outlines the firm's "patient and flexible" trading approach, in this April - June 2009 issue of "The Trader," an industry trade publication. This article is a perfect complement to our updated white paper, which focused primarily on trading costs in U.S. stocks.
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