Carlson Capital Management

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Diversification

Articles and resources related to Diversification.

Lessons (Re)Learned

Adam Hoffmann
Adam Hoffmann, CFP®, AIF®

Chief Investment Officer
507.321.4004
507.645.6408 (Fax)
Email Adam

  Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.  

Professional Biography
Adam Hoffmann is a member of the firm's Management Team and serves as Chief Investment Officer at Carlson Capital Management. In this role, he leads the firm’s investment team in the areas of trading, investment research, portfolio design and technology support for investment applications. Adam oversees analysis and execution of investment strategies for new and existing client portfolios. He consistently communicates the firm’s investment philosophy and approach by writing for firm publications, presenting to new clients, and by participating in client meetings. Adam chairs the CCM investment committee, represents the firm with strategic partnerships in the investment community, and serves as the firm’s liaison to the Zero Alpha Group investment committee. Adam holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards and has served as a subject matter expert for the CFP Board, contributing to the development of examination questions for the CFP Certification Examination. He has also served as a presenter at industry events, providing other financial services professionals with continuing education credits in investment topics. In addition, Adam holds the Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies. The AIF designation affirms the highest in fiduciary standards of care for CCM clients.

Adam graduated cum laude with Honors Program distinction from Augsburg College, where he earned a Bachelors of Arts degree in Finance with a minor in Business Administration. While at Augsburg, Adam participated in four years of varsity football and was honored by his teammates by being elected captain for both his junior and senior seasons. He also earned all-MIAC and pre-season All-American honors.

Adam is a former member of the board of directors for the Just Food Community Co-op and past trustee for the First United Church of Christ Northfield. He and his wife Rachel grew up in Hastings, Minnesota and now live in Northfield with their two daughters.

Personal Thoughts
A strong sense of curiosity is a cornerstone to who I am and how I live my life. As a kid I used to be fascinated by how things work or why things happen the way they do. I often would take things apart to see what was happening ‘inside,’ frequently with limited success at being able to put them back together. Little has changed since then with regard to my curiosity, but fortunately my success rate of being able to put the pieces back together has greatly improved. I have always been driven by this desire to solve problems and learn more about the world around me.

There is a natural connection between this curiosity and managing portfolios. The investment world today is one of relentless change and evolution. With advances in technology, there is an endless stream of news available at our fingertips that constantly impacts asset prices, shapes investor behavior, and provides an unlimited supply of data and information to digest.

It is our job at CCM to absorb this information and provide guidance and knowledge back to our clients about what it all means and how it may it impact the world we know. The most important role we play in our clients’ financial lives is not only to understand the big picture – that is the Market and the global economic system – but to be able to translate how events and changes around the globe impact each individual client and their personal financial plan.

Being able to apply my deep-rooted curiosity in a way that allows our clients to focus on what they truly enjoy doing the most, rather than having to worry about their financial well-being, is a wonderful thing.

Adam 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.

Adam Hoffmann
Adam Hoffmann, CFP®, AIF®
Chief Investment Officer

Reflecting on a year gone by is often, at least to some extent, an exercise in revisionist history. This isn’t necessarily a bad thing; many of the differences between our memories and experiences are minor and inconsequential. In some cases, the variations in these realities can help us persevere and move out of the past and into future endeavors. But as investors, revising the memories of the past can be problematic and potentially hinder future success. Behavioral finance is the study of ... [Continue Reading]

Published January 15, 2021 Topics: Discipline, Diversification, Economy, Investment Insight, Market Conditions, Market Volatility

Déjà Vu—2020 or 1999?

James Yaworski
James Michael Yaworski, CFA

Senior Investment Strategist
507.206.2804
507.206.2811 (Fax)
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 two 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

For investors who recall the experience of 1999, it was either a fantastic year or a difficult one, depending on the types of stocks in their portfolio. Investors who concentrated their portfolio among growth companies, which earned little or no profits, remember 1999 as a fantastic year, delivering a return of 41%. Investors with the opposite philosophy, such as Warren Buffett, chairman of Berkshire Hathaway, did not fare as well. Their focus on value companies with large profits lost ... [Continue Reading]

Published September 9, 2020 Topics: Diversification, Investment Insight, Market Volatility, Valuation

Saudi Aramco Becomes World’s First $2T Company

James Yaworski
James Michael Yaworski, CFA

Senior Investment Strategist
507.206.2804
507.206.2811 (Fax)
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 two 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 December 13, 2019
 

The long-awaited IPO of Saudi Aramco is here and gives investors the first chance to own a piece of the world’s largest oil company. This IPO is historical in that Saudi Aramco becomes the world’s first $2 trillion company. For perspective, very few companies have ever been valued at over $1T, with Apple and Microsoft being the only two publicly traded companies to currently hold that designation. So, should investors race to grab a piece of this gigantic company’s stock? While ... [Continue Reading]

Vanguard’s Latest Research Shines Light on Portfolio Returns

James Yaworski
James Michael Yaworski, CFA

Senior Investment Strategist
507.206.2804
507.206.2811 (Fax)
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 two 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 May 15, 2019
 

Understanding how markets function is critical when making investment decisions. This is why Hendrick Bessembinder’s 2018 study of historical stock returns was so important; it revealed to investors that the vast majority of individual stocks underperform. This information is critical. It helps us better understand why active stock-picking managers underperform at such a high frequency, and it gives us a deeper understanding of the importance of portfolio diversification--not just to mitigate ... [Continue Reading]

Investment Insight: A Ten-Year Look Back

Gregory Carlson
Gregory Carlson, CFP®

CEO and Founder
507.645.8887
507.645.6408 (Fax)
Email Greg

  Clients don't just trust us with their money, they're trusting us with their financial lives, they're trusting us with their future...and they're trusting us with some of their dreams.  

Professional Biography
Gregory A. Carlson is a founding principal of Carlson Capital Management. As CEO his primary responsibilities include developing and setting the vision for the firm. In addition, Greg is actively involved in managing client relationships. Greg is a 1982 graduate of St. Olaf College, where he earned his Bachelor of Arts degree in Economics. Greg went on to earn his designation as a Certified Financial Planner™. He worked for four years with IDS/American Express as a financial planner and manager, then established Carlson Capital Management in 1987. Greg has provided investment counsel and advice to clients for three decades and is a speaker and writer on the topics of financial, estate and philanthropic planning.

Greg is an active community member and has served in leadership roles on numerous boards and committees of civic, professional and religious organizations including the Northfield Rotary Club, American Center for Philanthropy, Northfield Area Foundation, Bethel Lutheran Church, Mt. Carmel Ministries, St. Olaf College, and TIAA-CREF Institute. Greg is also the co-founder of 5th Bridge, which is now a part of Northfield Shares, an organization founded to advance philanthropy, inspire volunteerism and promote collective leadership. Greg and his wife, Nancy, live in Northfield, where they have raised their three daughters.

Personal Thoughts
I have learned that wisdom comes from experience and experience is gathered over time. Over the past 30 years, I have seen and worked with most of the technical issues people face in developing financial plans. But more importantly, I have been a part of our clients’ lives. I have seen the joys and challenges of wealth. I have experienced births and deaths, nursing homes, divorces, retirements and layoffs. I have witnessed the best and worst of families, the ups and downs of the stock markets, the comings and goings of trends and fads. I have seen goals set and achieved and opportunities created that no one thought existed. I have seen good and bad investments (and even invested in a few bad ones myself in the earlier years). Through all of this, I have learned the importance of being technically strong, disciplined and trustworthy and to be of uncompromising integrity. I am proud to have formed, and to be a part of a firm, which has these principles at its core.

Much of who we are as adults is steeped in our formative years as children and young people. I grew up on the prairies of western Minnesota where I was exposed to hard work, discipline and honesty. As one of five children of a school teacher and mother who stayed at home during the child-rearing years, my life revolved around family, church and sports. I was expected to do well (which meant only my best) in my education, sports and work, but always with a respect and concern for those around me.

When I was 12, and in the sixth grade, one afternoon my teachers gathered the entire class together to review a math test that we had all taken. Before beginning the review, Mrs. Halvorson wanted to draw attention to two students who had done exceptionally well–I was one of them. As she proceeded to go through the correct answer and method to each question, it became clear to me that she had not corrected my paper accurately. As I watched my “A” slip to a “C”, I began erasing the wrong answers for which I had received credit and replaced them with the new correct answers. At the conclusion of the review I stared at my paper now 100% correct. It took me only moments to re-erase the correct answers and replace them with the wrong answers and trudge to the front of the class to inform Mrs. Halvorson that I wasn’t the bright shining student on that exam.

Honesty is a value I hold sacred. Honesty means always telling the truth, even when it hurts. Honesty means being transparent in how I conduct business and in all aspects of my life. Most importantly, honesty means being authentic even when it shows my flaws.

It is the foundation of the first 22 years of my life, with the experiences of the following 35 years, that have guided me in working with the clients of Carlson Capital Management and developing our firm into a successful wealth management firm. I have a strong desire to excel at both the client and company level, but only by earning it. It is my philosophy that we need to always excel at taking care of our clients first and that in turn will shape who we are as a firm--our success will follow.

Gregory Carlson
Gregory Carlson, CFP®
CEO and Founder

March 9, 2009, is an important day in our shared history. We didn’t necessarily know it at the time as it took a few months for the significance of the day to reveal itself, but it was on this date when the financial markets hit rock bottom during the Global Financial Crisis (GFC). From that day forward the markets stopped their painful retreat and began to recover. That was ten years ago now, and as we reflect on those ten years, of course there are countless learnings and insights that could ... [Continue Reading]

Published May 2, 2019 Topics: Discipline, Diversification, Financial Advisors, Financial Planning, Investment Insight, Market Volatility

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