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Those that follow Elon Musk on Twitter might be familiar with the above tweet that garnered the attention of the SEC (Securities and Exchange Commission) in August of 2018. Fortunately for Musk, he would only need to wait a year until Telsa's share price hit his $420 target on December 23rd of last year. While the Tesla CEO may have had his own issues securing funding, those in Washington have had no such problem as Congress moves to pass a bipartisan appropriations bill which would avert another government shutdown.

Attached to the bill itself, is a piece of bipartisan legislation called the Setting Every Community Up for Retirement Enhancement, or SECURE, act. The bill passed by Congress and signed by President Trump in December as part of a larger spending bill, has managed to stay off the radar of most major news outlets.

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There are bull markets, there are bear markets and there are smiling mules. However, since the current U.S. bull market set a longevity record when it turned 10 years old this past March, equities have moved back and forth, sticking stubbornly to a narrow range. Rather than a bull or a bear, we think this market is more accurately described as a mule with a mind of its own.

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Slowing global growth, an escalating trade war, emerging-market political risk and a less-accommodative-than-anticipated Federal Reserve (Fed) have conspired to generate a sharp pullback in the price of riskier investments. This has led to an unprecedented global bond rally as investors have sold out of stocks and searched for safety.

Recently, SEI Private Trust released a Research Commentary entitled, “Hawks, Doves and Greater Fools,” which we thought would be of interest. A summary of the conclusions is provided below:

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What’s the value of tax-managed investing?

It’s funny, because it’s something we adopted and have been doing for our clients since 2002, but we still get this question a lot. The answer is simple: Tax-managed investing can be of immense value to high-profile clients in arts, entertainment and professional sports. In fact, thanks to relatively high capital gain rates, investment taxes can represent a larger drag on investment returns than fees or trading costs. The timing of cash flows and the gains or losses embedded in the portfolio can also affect the amount in taxes investors owe.

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