Dave
Westhouse is responsible for the execution
of retail securities transactions on behalf
of PTI Securities’ individual and organizational
clients. This includes ensuring that clients’
transactions are executed and completed in
a fast, seamless and professional manner,
and with clear ongoing communications between
the investor and securities providers. Dave
joined PTI Securities in 1992, and has more
than 30 years of experience in securities
and financial services.
Can
be streamed LIVE or heard online anytime
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Big
Ben climbed the steps of Capitol Hill this week to
deliver his semiannual report on monetary policy to
Congress. The Federal Reserve Chief provided few surprises,
as his comments generally echoed the sentiments conveyed
in the minutes of the latest policy-setting meeting,
held on June 22-23. that were released last week.
Still, like the old E. F. Hutton commercial, when
the head of the central bank speaks, everyone listens.
So it comes as no surprise that the testimony garnered
most of the headlines this week, and had ripple effects
in the financial markets.
As
expected, Bernanke reiterated the notion that the
downside risks to the outlook have increased in recent
months, but that the recovery should stay on a moderate
growth track. Perhaps the most interesting part of
the testimony had to do with what measures the policy
makers would take if economic conditions deteriorated
by more than expected. For those waiting for him to
say something about a possible double-dip recession,
the chairman refused to go there in his prepared remarks.
Instead, Bernanke offered the usual blanket statement
that the Fed is "prepared to take further policy
actions if necessary." But in the question and
answer period after the prepared script was read,
he did offer a few specifics that had been mentioned
at various times in the past.
Good
morning. It was a very strong week for the market
last week, despite a sell-off on Wednesday attributed
to Federal Reserve Chairman Ben Bernanke’s testimony
before Congress. In that testimony before the Senate
Banking Committee the Fed Chairman referred to the
economic outlook as “unusually uncertain,”
and the market responded with a two percent sell-off
into the close on Wednesday...More
Since 1992, Aron Lenkowsky has managed his own portfolio
in both the US equities and options markets. In
1999, he began trading full time and quickly became
aware of the ebbs and flows of Indices, sectors
and intra-market analysis on multiple timeframes...MORE Aron
is a weekly guest on
"Stocks
And Jocks"
PIP
Performance indicates gains cumulative since
inception of March 1998, YTD, 1-month, 1, 3,
5, and 10-year records ending June
30, 2010, that the PIP
produced consistent returns in a hedged portfolio.
Supporting documentation for the performance
of the PIP program can be obtained from Dan
Haugh and can be requested by calling 800.821.4968
or by email at Dan@PTISecurities.com.
Performance
History:
From
inception of the Program in March 1998 to mid-
2000 the market had a relatively strong advance,
topping out in August of 2000 with the S&P
up 41% since the March 1998 start. The PIP lagged
the market during this period, with a total
return of 31% from March 1998 to August 2000.
From that August 2000 market top the S&P
sold off rather steadily and steeply to a low
in July of 2002 of minus 15.8% in the S&P,
meaning the S&P gave back the 41% it had
been up and was down an additional 15.8%. The
PIP Program lost as well, but went from a positive
31% to a positive 9%. From that low point the
S&P rallied to a high of positive 58% in
October of 2007, while the PIP was up 62% from
March 1998 to the same point. Again, as expected,
the PIP lagged the S&P at a time of an extended
market advance. From that October 2007 high
in the S&P, the market had a severe sell-off
to the March of 2009 lows of minus 13%, while
the PIP gave up only 13% to still be up 49%
since March of 1998. Since that low in March
2009 the S&P has staged another dramatic
rally to go from down 13% to up 23% from March
1998 to March 2010. In that same period the
PIP has actually had a negative return, now
up 52% since March 1998. What the graph shows
is as predicted, the Program under performs
in periods of rapid market advance and over
performs in periods of market declines. It also
shows that there can be and has been some extenuating
market conditions (such as extreme movements
in implied volatility) that can influence the
predicted performance of the PIP vs. the S&P
500. This
track record is derived from the actual returns
of the largest accounts using the S&P 500
(SPY) and reflects the return of over 30% of
the assets invested in the Protected Index Program
(PIP) using the SPY. Multiple accounts are included
in the track record to reflect the fact that
any one account may have a slightly different
put or call strike (or both) on any given month
due to market conditions when the accounts were
invested. PIP returns are inclusive of all costs.
This return represents the average return achieved
by amounts invested in the S&P 500 Protected
Index Program over the time frame indicated.
The return is based on cash invested and uses
no leverage or borrowed funds. For the first
several years of the track record, accounts
were advised on both a discretionary and a non-discretionary
basis. Although PTI was responsible for making
investment recommendations to non-discretionary
accounts, they were free to accept, reject or
modify those recommendations and had ultimate
decision-making authority. Such decisions by
the client could have impacted the performance.
Currently all accounts included in this track
record are managed by PTI. Returns in the composite
do not include the reinvestment of dividends,
interest and cash generated from covered calls
writing, and if all accounts did include reinvestments,
this would slightly increase the performance.
The investment performance of any individual
portfolio may have been better or worse over
this period than the results shown herein. By
presenting the composite performance, no representation
is made that any particular portfolio or group
of portfolios had precisely this performance.
Past performance is no guarantee of future results.
PIP returns are inclusive of all costs. PTI
does not charge any management fees for PIP
accounts, however, all trades made in this program
will be charged our broker assisted commission
for that trade and all of these commissions
have been included in the calculation of the
track record. Click
for PIP commission rates.
For
a detailed explanation and outline of this managed
money program, click here.
PIP
Track Record and Performance
Chart (PIP vs. IWM)
IWM
PIP
Cumulative
since inception July 2005
-
4.33%
+
22.55%
Year-To-Date
-
1.85%
-
0.10%
1
Month
-
7.33%
-
3.01%
1
Year
+
21.53%
+
1.67%
3
Year
-
23.65%
+
1.96%
PIP
Performance indicates gains cumulative since
inception of July 2005, YTD, 1-month, 1, and
3-year records ending June
30, 2010, that the PIP
produced consistent returns in a hedged portfolio.
Supporting documentation for the performance
of the PIP program can be obtained from Dan
Haugh and can be requested by calling 800.821.4968
or by email at Dan@PTISecurities.com.
Performance
History:
From the inception of the Russell Index Program
(IWM) in July 2005 to August 2007 the IWM had
a steady advance, with the Russell advancing
27% and the IWM PIP advancing 24%. From that
date until March 2009 the Russell had a sharp
sell-off, taking the IWM from a positive 27%
to a negative 39% since July 2005. The IWM PIP
also lost ground, but remained positive 10%
at it low point in March 2009. Since that date
the IWM has rallied back strongly to be only
down 1% as of February of 2010, while the IWM
PIP has rallied less strongly from the low of
March 2009 to be up 22% at the end of February
2010. Again, the program has reformed as predicted,
under performing in periods of strong market
advances and over performing in periods of market
declines. This
track record is derived from the actual returns
of the largest accounts using the Russell 2000
(IWM) and reflects the return of over 25% of
the assets invested in the Protected Index Program
(PIP) using the IWM. Multiple accounts are included
in the track record to reflect the fact that
any one account may have a slightly different
put or call strike (or both) on any given month
due to market conditions when the accounts were
invested. PIP returns are inclusive of all costs.
This return represents the average return achieved
by amounts invested in the Russell 2000 Protected
Index Program over the time frame indicated.
The return is based on cash invested and uses
no leverage or borrowed funds. All accounts
included in this track record are managed by
PTI. Returns in the composite do not include
the reinvestment of dividends, interest and
cash generated from covered calls writing, and
if all accounts did include reinvestments, this
would slightly increase the performance. The
investment performance of any individual portfolio
may have been better or worse over this period
than the results shown herein. By presenting
the composite performance, no representation
is made that any particular portfolio or group
of portfolios had precisely this performance.
Past performance is no guarantee of future results.
PIP
returns are inclusive of all costs. PTI does
not charge any management fees for PIP accounts,
however, all trades made in this program will
be charged our broker assisted commission for
that trade and all of these commissions have
been included in the calculation of the track
record. Click
for PIP commission rates.
800.821.4968
