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Alternative Investments

Articles and resources related to Alternative Investments.

Gambling on Stable Markets

James Yaworski
James Michael Yaworski, CFA

Senior Investment Strategist
507.206.2804
Email James

Professional Biography
James Michael Yaworski serves as Senior Investment Strategist at Carlson Capital Management. In this role, James is responsible for investment research, portfolio management, and client investment education. James monitors and reviews client portfolios to maintain balance across asset classes, makes recommendations for portfolios when out of alignment with models, reviews daily cash positions, and places trades through the custodial trading platform. He also provides new client portfolio analysis, asset class/portfolio research and analysis, prepares and presents client education materials, and manages other activities in support of overall client portfolio management.

James is a graduate of Northern Illinois University where he earned his degree in Finance. While studying at NIU, he gained insights into his future career as part of a student-managed portfolio team. Prior to joining CCM, James’ experience included working in the roles of investment manager, project manager in investment research, and financial analyst in both large and small financial organizations. James holds the Chartered Financial Analyst (CFA Charter) designation, granted by the CFA Institute, which entails a rigorous exam requirement. He also represents CCM as chair of the investment research committee of Zero Alpha Group, a national network of eight independent wealth management firms.

In addition to the research James conducts related to building strong client portfolios, he is engaged in research on approaches that enhance institutional experiences as well. His most recent work sets out to provide institutional investors with a more robust way of constructing spending policies. In a paper published in the Financial Analysts Journal, James shows how current practices create poor long-term outcomes, resulting in declining support for beneficiaries over time. He also demonstrates how current methods expose trustees to significant fiduciary risk, and how small errors in implementation can have significant long-term ramifications on portfolio growth. His in-depth and thoughtful research stems from his genuine interest in providing university, public and private foundations, and endowment trustees with an approach that not only optimizes the outcomes of their portfolio’s performance, but also addresses their fiduciary responsibility with regard to spending policies. [You can read the accepted manuscript of James' paper here.]

James enjoys being engaged in the community with Habitat for Humanity and Paws & Claws. In his free time he also enjoys golfing and playing softball. James grew up in Crystal Lake, Illinois and now resides in Rochester, Minnesota with his wife, Brittany, their three young children, and two dogs, Frankie and Jordy.

Personal Thoughts
“I can do things you cannot, you can do things I cannot; together we can do great things.”  -Mother Teresa

I have grown to appreciate the importance of collaboration and teamwork in this industry. A group of individuals, each dedicated toward expertise in their respective fields, can help to piece together the puzzle of a family’s financial lives in an incredible manner. The end result is one which truly connects the math of an individual’s personal finances with the why that makes up who they are and what they want to achieve in life.

As a member of our investment team, I enjoy every aspect of this process; from our discovery meetings where we learn about financial goals, to the analysis and construction of a financial plan, to the educational meetings where we help put all the pieces into place. Ultimately, building a relationship with clients that centers on creating financial security and establishing confidence in their financial plan is extremely gratifying.

James and other members of the CCM Investment Team regularly post articles of interest including investment insights, recommended reading on timely topics, and articles on portfolio management which you can find here.

Posted on February 7, 2018
 

Starting on Friday, February 2, and continuing on the following Monday, global equity markets sustained their largest correction in more than two years. While small in historical context, this correction was a rude awakening for many investors who had grown comfortable with the unusual stability in the stock market throughout 2017. Some investors did more than just grow comfortable, they started betting on this stability to continue, in the form of shorting volatility. These bets, which ... [Continue Reading]

Bitcoin Mania

James Yaworski
James Michael Yaworski, CFA

Senior Investment Strategist
507.206.2804
Email James

Professional Biography
James Michael Yaworski serves as Senior Investment Strategist at Carlson Capital Management. In this role, James is responsible for investment research, portfolio management, and client investment education. James monitors and reviews client portfolios to maintain balance across asset classes, makes recommendations for portfolios when out of alignment with models, reviews daily cash positions, and places trades through the custodial trading platform. He also provides new client portfolio analysis, asset class/portfolio research and analysis, prepares and presents client education materials, and manages other activities in support of overall client portfolio management.

James is a graduate of Northern Illinois University where he earned his degree in Finance. While studying at NIU, he gained insights into his future career as part of a student-managed portfolio team. Prior to joining CCM, James’ experience included working in the roles of investment manager, project manager in investment research, and financial analyst in both large and small financial organizations. James holds the Chartered Financial Analyst (CFA Charter) designation, granted by the CFA Institute, which entails a rigorous exam requirement. He also represents CCM as chair of the investment research committee of Zero Alpha Group, a national network of eight independent wealth management firms.

In addition to the research James conducts related to building strong client portfolios, he is engaged in research on approaches that enhance institutional experiences as well. His most recent work sets out to provide institutional investors with a more robust way of constructing spending policies. In a paper published in the Financial Analysts Journal, James shows how current practices create poor long-term outcomes, resulting in declining support for beneficiaries over time. He also demonstrates how current methods expose trustees to significant fiduciary risk, and how small errors in implementation can have significant long-term ramifications on portfolio growth. His in-depth and thoughtful research stems from his genuine interest in providing university, public and private foundations, and endowment trustees with an approach that not only optimizes the outcomes of their portfolio’s performance, but also addresses their fiduciary responsibility with regard to spending policies. [You can read the accepted manuscript of James' paper here.]

James enjoys being engaged in the community with Habitat for Humanity and Paws & Claws. In his free time he also enjoys golfing and playing softball. James grew up in Crystal Lake, Illinois and now resides in Rochester, Minnesota with his wife, Brittany, their three young children, and two dogs, Frankie and Jordy.

Personal Thoughts
“I can do things you cannot, you can do things I cannot; together we can do great things.”  -Mother Teresa

I have grown to appreciate the importance of collaboration and teamwork in this industry. A group of individuals, each dedicated toward expertise in their respective fields, can help to piece together the puzzle of a family’s financial lives in an incredible manner. The end result is one which truly connects the math of an individual’s personal finances with the why that makes up who they are and what they want to achieve in life.

As a member of our investment team, I enjoy every aspect of this process; from our discovery meetings where we learn about financial goals, to the analysis and construction of a financial plan, to the educational meetings where we help put all the pieces into place. Ultimately, building a relationship with clients that centers on creating financial security and establishing confidence in their financial plan is extremely gratifying.

James and other members of the CCM Investment Team regularly post articles of interest including investment insights, recommended reading on timely topics, and articles on portfolio management which you can find here.

James Michael Yaworski
James Michael Yaworski, CFA
Senior Investment Strategist

As an independent Registered Investment Advisor (RIA), Carlson Capital Management has the ability to include any investment product in client portfolios which we think will best serve our client’s needs. There are thousands of mutual funds, ETFs, stocks, bonds, etc. that we could select when constructing your portfolio. These choices extend to futures contracts, stock options, currencies, commodities and, yes, even Bitcoin. Bitcoin, a ‘cryptocurrency,’ is a form of electronic money that has ... [Continue Reading]

Published January 16, 2018 Topics: Alternative Investments, Bitcoin, Portfolio Management

Fiduciary Rule Causes High Commission Investment Product Sales to Plummet

Kelly Irvine
Kelly Irvine

Chief Marketing & Communications Officer
507.321.4021
Email Kelly

Professional Biography
Kelly Irvine is a member of the Management Team and Chief Marketing & Communications Officer for Carlson Capital Management. She oversees the planning, development, and execution of the firm’s marketing strategies; client communications; brand management; event management; and community involvement all with an eye on keeping our clients’ experience at the forefront. She is also responsible for partnering with other leaders and human capital colleagues to nurture and support the firm's keen focus on culture as expressed through its mission, vision, and values.

Kelly graduated with departmental distinction in Political Science from St. Olaf College, where she earned her Bachelor of Arts degree cum laude. Her career took her to Montana, Idaho, and Wisconsin before returning to Minnesota. Kelly’s professional background spans both the corporate and non-profit sectors. She has held corporate management positions in community relations and human resources.

Community involvement is important to Kelly. She was selected as a Policy Fellow at the University of Minnesota Hubert H. Humphrey Institute of Public Affairs, and served board tenures at both the Northfield Area Family YMCA and the Helena Education Foundation. Additional activities have included advisory committee service at St. Dominic School and co-chairing 5th Bridge-Feed My Starving Children Northfield meal-packing events, and many years of Northfield Jingle Bell Runs. Kelly, her husband Colin, and their two children spent the 2010-2011 school year living in and working from Oslo, Norway. She now telecommutes from Sioux Falls, South Dakota where she resides with her family.

Personal Thoughts
Like many Minnesotans, I grew up with the privilege of “going to the Lake” in the summer. (Much to the chagrin of my spouse, who hails from the West, we Midwesterners never really bother to specify which lake. It’s just the Lake.) Not unlike many families in this area, I am fortunate in that early ancestors from Norway had the foresight to purchase lake front land where they wasted no time establishing family traditions – including an annual July 4th celebration. And while land is simply land, it’s our landscape that helps describe the essence of who we are. For me that landscape, and more precisely the Lake, is really all about cousins.

I recall my wedding day as guests came out of the chapel to greet us in the receiving line. My new mother-in-law from out of state stood next to me as I introduced her to many unfamiliar faces. She remarked later that every other person was “a cousin from the Lake.” How right she was. In our family, it doesn’t matter if one is a first cousin, a third cousin twice-removed, or the spouse of a second cousin – we are just cousins. Cousins range from several months old to those in their nineties. We all grew up spending summers at the Lake, and we were always accountable to the aunts and uncles in the generation (or two) ahead of us. We are there for one another’s weddings, funerals, and sometimes birthdays. We look forward to sharing kransekake and rommegrot on special occasions. We are intent on ensuring that our children know our cousins’ children. So, to know me is to know that I am a wife and a mother, a daughter and a sister, and, importantly, a cousin.

All of us at CCM look forward to learning your story, because that is how we at CCM have defined ourselves as a company, and that is how we will continue to define ourselves in the future. Knowing you, and your story, enables us to help you accomplish what is important to you.

Posted on November 3, 2016
 

As company-sponsored pension plans are replaced with self-managed 401(k) plans and IRA accounts, American families are increasingly becoming more responsible for the management of their retirement funds. While this shift has allowed for greater freedom and choice, it has also exposed investors to product salesmen who may not have the client’s best interest at heart. The Department of Labor fiduciary rule, announced earlier this year, aims to end this abuse, which the White House Council of ... [Continue Reading]

Hedge Fund Fees Allow Warren Buffett to Win his Big Bet

Kelly Irvine
Kelly Irvine

Chief Marketing & Communications Officer
507.321.4021
Email Kelly

Professional Biography
Kelly Irvine is a member of the Management Team and Chief Marketing & Communications Officer for Carlson Capital Management. She oversees the planning, development, and execution of the firm’s marketing strategies; client communications; brand management; event management; and community involvement all with an eye on keeping our clients’ experience at the forefront. She is also responsible for partnering with other leaders and human capital colleagues to nurture and support the firm's keen focus on culture as expressed through its mission, vision, and values.

Kelly graduated with departmental distinction in Political Science from St. Olaf College, where she earned her Bachelor of Arts degree cum laude. Her career took her to Montana, Idaho, and Wisconsin before returning to Minnesota. Kelly’s professional background spans both the corporate and non-profit sectors. She has held corporate management positions in community relations and human resources.

Community involvement is important to Kelly. She was selected as a Policy Fellow at the University of Minnesota Hubert H. Humphrey Institute of Public Affairs, and served board tenures at both the Northfield Area Family YMCA and the Helena Education Foundation. Additional activities have included advisory committee service at St. Dominic School and co-chairing 5th Bridge-Feed My Starving Children Northfield meal-packing events, and many years of Northfield Jingle Bell Runs. Kelly, her husband Colin, and their two children spent the 2010-2011 school year living in and working from Oslo, Norway. She now telecommutes from Sioux Falls, South Dakota where she resides with her family.

Personal Thoughts
Like many Minnesotans, I grew up with the privilege of “going to the Lake” in the summer. (Much to the chagrin of my spouse, who hails from the West, we Midwesterners never really bother to specify which lake. It’s just the Lake.) Not unlike many families in this area, I am fortunate in that early ancestors from Norway had the foresight to purchase lake front land where they wasted no time establishing family traditions – including an annual July 4th celebration. And while land is simply land, it’s our landscape that helps describe the essence of who we are. For me that landscape, and more precisely the Lake, is really all about cousins.

I recall my wedding day as guests came out of the chapel to greet us in the receiving line. My new mother-in-law from out of state stood next to me as I introduced her to many unfamiliar faces. She remarked later that every other person was “a cousin from the Lake.” How right she was. In our family, it doesn’t matter if one is a first cousin, a third cousin twice-removed, or the spouse of a second cousin – we are just cousins. Cousins range from several months old to those in their nineties. We all grew up spending summers at the Lake, and we were always accountable to the aunts and uncles in the generation (or two) ahead of us. We are there for one another’s weddings, funerals, and sometimes birthdays. We look forward to sharing kransekake and rommegrot on special occasions. We are intent on ensuring that our children know our cousins’ children. So, to know me is to know that I am a wife and a mother, a daughter and a sister, and, importantly, a cousin.

All of us at CCM look forward to learning your story, because that is how we at CCM have defined ourselves as a company, and that is how we will continue to define ourselves in the future. Knowing you, and your story, enables us to help you accomplish what is important to you.

Posted on September 23, 2016
 

Warren Buffett’s famous bet in 2007 that a low cost S&P 500 index fund would outperform a group of five prominent hedge fund managers is nearing its end. Without a sudden change in fortune, the low cost index fund is set to more than double the returns generated by the group of hedge fund managers. As noted by Money Talk News founder, Stacy Johnson, in Karla Bowsher's article “3 Lessons From Buffett’s Million-Dollar Wager,” this bet is simply another reminder of how difficult it is to beat ... [Continue Reading]

Catastrophe Bond Demand Continues to Grow

Kelly Irvine
Kelly Irvine

Chief Marketing & Communications Officer
507.321.4021
Email Kelly

Professional Biography
Kelly Irvine is a member of the Management Team and Chief Marketing & Communications Officer for Carlson Capital Management. She oversees the planning, development, and execution of the firm’s marketing strategies; client communications; brand management; event management; and community involvement all with an eye on keeping our clients’ experience at the forefront. She is also responsible for partnering with other leaders and human capital colleagues to nurture and support the firm's keen focus on culture as expressed through its mission, vision, and values.

Kelly graduated with departmental distinction in Political Science from St. Olaf College, where she earned her Bachelor of Arts degree cum laude. Her career took her to Montana, Idaho, and Wisconsin before returning to Minnesota. Kelly’s professional background spans both the corporate and non-profit sectors. She has held corporate management positions in community relations and human resources.

Community involvement is important to Kelly. She was selected as a Policy Fellow at the University of Minnesota Hubert H. Humphrey Institute of Public Affairs, and served board tenures at both the Northfield Area Family YMCA and the Helena Education Foundation. Additional activities have included advisory committee service at St. Dominic School and co-chairing 5th Bridge-Feed My Starving Children Northfield meal-packing events, and many years of Northfield Jingle Bell Runs. Kelly, her husband Colin, and their two children spent the 2010-2011 school year living in and working from Oslo, Norway. She now telecommutes from Sioux Falls, South Dakota where she resides with her family.

Personal Thoughts
Like many Minnesotans, I grew up with the privilege of “going to the Lake” in the summer. (Much to the chagrin of my spouse, who hails from the West, we Midwesterners never really bother to specify which lake. It’s just the Lake.) Not unlike many families in this area, I am fortunate in that early ancestors from Norway had the foresight to purchase lake front land where they wasted no time establishing family traditions – including an annual July 4th celebration. And while land is simply land, it’s our landscape that helps describe the essence of who we are. For me that landscape, and more precisely the Lake, is really all about cousins.

I recall my wedding day as guests came out of the chapel to greet us in the receiving line. My new mother-in-law from out of state stood next to me as I introduced her to many unfamiliar faces. She remarked later that every other person was “a cousin from the Lake.” How right she was. In our family, it doesn’t matter if one is a first cousin, a third cousin twice-removed, or the spouse of a second cousin – we are just cousins. Cousins range from several months old to those in their nineties. We all grew up spending summers at the Lake, and we were always accountable to the aunts and uncles in the generation (or two) ahead of us. We are there for one another’s weddings, funerals, and sometimes birthdays. We look forward to sharing kransekake and rommegrot on special occasions. We are intent on ensuring that our children know our cousins’ children. So, to know me is to know that I am a wife and a mother, a daughter and a sister, and, importantly, a cousin.

All of us at CCM look forward to learning your story, because that is how we at CCM have defined ourselves as a company, and that is how we will continue to define ourselves in the future. Knowing you, and your story, enables us to help you accomplish what is important to you.

Posted on August 24, 2016
 

The reinsurance business is rapidly growing in size and popularity as investors are attracted to the return potential and risk diversification that this asset class can deliver. Total issuance of catastrophe bonds has tripled over the past five years, which has some investors worried that the traditional 16% annual returns of the asset class may no longer be achievable. Berkshire Hathaway owns some of the largest companies in this industry and their chairman and CEO, Warren Buffet, has recently ... [Continue Reading]

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