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We recently read how former Microsoft CEO and current owner of the Los Angeles Clippers Steve Balmer made the news for potentially violating IRS guidelines on how investment losses and gains are taxed. Balmer, with a net worth of roughly $81 billion, outsourced the management of his sizable investment portfolio to a large Wall Street bank. Unfortunately, trades executed by his investment manager in 2015 ran afoul of the ambiguous IRS guidelines covering wash sales.

The US economy has been surprisingly resilient, largely due to strong consumer spending driving economic growth despite persistent price increases for both goods and services. Rabid consumer demand has thus far kept US economic growth positive, and it appears we may avoid negative GDP growth in the first quarter, contrary to the projections of most major Wall Street banks.

IMPORTANT – 2022 Tax Information Regarding your Pershing Taxable Accounts

By Dr. George Calhoun
Hanlon Investment Management Advisory Board Member
Executive Director of the Hanlon Financial Systems Center

We are in the midst of fourth quarter 2022 earnings reporting season, with big banks having already reported and big tech results imminent. The consensus opinion of the market is that we are in for some underwhelming results, in both Q4 of 2022 and for at least the first quarter of 2023. This has been the theme for much of the year-long bear market – earnings expectations are too high and need to be adjusted.

2022 should have been a year in which global investors breathed a collective sigh of relief, as we put the worst of the COVID-19 pandemic behind us and navigated the lingering variants with significantly lower hospitalization and mortality rates.

By Dr. George Calhoun
Hanlon Investment Management Advisory Board Member
Executive Director of the Hanlon Financial Systems Center

On December 23, 2022, the US House of Representatives passed the omnibus Consolidated Appropriations Act of 2023 that included a retirement bill titled SECURE Act 2.0.

“Inflation remains far too high. ” — Jerome Powell, Chair of The Federal Reserve (Nov 30)

As we wind down 2022, the collective attention of the financial industry shifts towards 2023, with most major Wall Street firms issuing insights and projections to aid investors in making any adjustments to their asset allocation for the coming year.