Investment Committee Meeting Summary – November 2023

Investment Committee Meeting Summary – November 2023

Investment Committee Meeting Summary:

Our advisors review fund performance by day, week, and month. And the Investment Committee meets at least quarterly to evaluate the portfolio construction of advisory accounts, proactively rebalance portfolio construction, watch for red flags and perform stress tests to gauge performance in various market environments.

Market Insights and Strategies

With the end of 2023 swiftly approaching, it’s a pivotal time to stay up to date on new developments. We’ve witnessed a year with its fair share of economic and market twists and turns. The journey from a rather challenging 2022 to the present has been a roller coaster ride, marked by recession fears, inflation concerns, rising interest Rates, global unrest, and the ever-looming possibility of a federal government shutdown.

In reflecting on 2022, we remember it was a tough year for equities, with major market indexes like the S&P 500 ending in the red. However, stepping into 2023, we’ve observed a different story unfold. As of late September, equity markets have delivered positive returns. It’s a testament to the resilience of the market and the dynamism of investors.

Constantly Adapting

In response to the ongoing challenges, we’ve proactively adjusted our investment approach to better suit the changing landscape. During our investment committee meeting, we utilized our relationships with T. Rowe Price, as we carefully reviewed our investment strategies together to help ensure they are in sync with the present market conditions. One of our key observations was our favoritism of large-cap growth funds to small-cap positions. This strategic shift reflects our anticipation of potential rate hikes by the Federal Reserve and the subsequent impact on the market. Typically, larger companies are better equipped to weather the effects of such rate hikes.

Certain of Uncertainty

Inflation has seen a slight easing since its peak in January 2022 but continues to remain above the Federal Reserve’s targeted 2%. This lingering level below the threshold underscores the challenge of curbing spending, with the final leg of this journey proving to be the most difficult. Meanwhile, the Federal Reserve has recently hit the pause button on rate hikes, although the specter of future increases looms on the horizon with market expectations suggest a potential rate hike in December. It is worth noting that historical data indicates positive market performance after the conclusion of a hiking cycle. Conversations about a possible recession continue, reminding us that economic downturns are inherent phases of the business cycle. In the realm of global geopolitics, tensions such as the Russia-Ukraine conflict cast shadows of uncertainty over the market, prompting us to stay vigilant of potential international market volatility. While forecasting the future remains elusive, our preparation for various scenarios is unwavering.

Our Committment to Your Financial Success

We are remaining focused on an informed, long-term planning and a diversified approach. The decisions we make are grounded in our commitment to our clients’ financial well-being. We anticipate further market volatility and continue to adapt our strategies accordingly.

As we look ahead, we’ll keep a vigilant eye on market movements and remain steadfast in our dedication to your financial success. We appreciate your trust in our team and are here to navigate the ever-changing financial landscape together.

As always, we’re here for you. Please feel free to reach out if you have any questions or need assistance with your financial planning. Thank you for your continued trust in our team.

Market corrections – even recessions – are part of normal market cycles so it’s important you work with a financial advisor who understands your risk tolerance and wants to help you protect and preserve wealth. We’re with you every step of the way, so you can focus on what matters most to you.

Are you confident your assets are invested and managed appropriately? 

Get #CornerstoneConfident – book a financial planning strategy appointment today by

calling 605-357-8553 or emailing

Any opinions are those of the author and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herin will prove to be correct. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Past performance is no guarantee of future results. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. To determine what is appropriate for you, consult a qualified professional. Raymond James is not affiliated and does not endorse T. Rowe Price. CSP #339165 11/26/23

Ulvestad Family Welcomes Baby Theo!

"I know you are scared."

Thankful to work with the best professionals in the area and introduce baby Theo! 

Your unique aspirations are the heart of the Cornerstone Experience®, a personalized journey to craft a clear vision and help you tailor a strategic financial plan to dream, build, and lead your life. As your trusted partner we are dedicated to cultivating an extraordinary relationship with you. Transparency, trust, mutual respect, and open communication helps ensure you understand the value you’re receiving every step of the way.

As I approach my five-year work anniversary, my work family and our team’s dedication to delivering lasting value means more than ever. Our diverse and talented team continues to advance our comprehensive systems and processes, leaving nothing to chance as we help you navigate complex financial situations and pursue your financial goals. Our internal Investment Committee, backed by data and meticulous planning, helps ensure a high level of conviction in our strategies.

Cornerstone requires wealth advisors to hold the CFP® (Certified Financial Planner) designation or to be working to complete the rigorous certification process. The CFP® designation is considered the standard of excellence in financial planning. Gordon (Wollman) earned his CFP® certification in 2000, Jill (Mollner) in 2006, and I am currently working to complete the CFP® testing, a process that typically takes 18-24 months.

Forbes recognized our team on their Best in State Wealth Management Teams list earlier this year, a testament to our exceptional service and commitment to you. Gordon has been recognized in prestigious publications such as the Barron’s Top 1200 Advisor list and Forbes Best in State Wealth Advisor list, underscoring his expertise and leadership in the wealth management industry. You can find details of these and other recognitions here.

My wife, Tara, and I have reflected on a few of these principles since her 20-week ultrasound for our baby a few months ago. At that appointment we learned the baby was healthy, but Tara was battling a serious condition that could cause premature labor. Forgive me for not going into detail, the talk of anything medical makes me queasy!

The doctor, knowing how worried we were, put her hand on Tara’s and said “I know you are scared. I want you to know that I am one of the few doctors in the state who specializes in these cases.” That single sentence gave us confidence we were working with the right person.

On September 2nd, during Tara’s second extended stay in the hospital, the doctor told us waiting to deliver was simply too high-risk. So, despite Tara being only 32 weeks along, things were set in motion for us to have a baby the following day. We met with specialists from multiple departments and learned that Tara would be put to sleep to have the baby via C-section, immediately followed by a major surgery. I’m somewhat embarrassed to say I passed out during this discussion. Did I say medical talk makes me queasy? Hospital staff had to bring me water and a cold wet towel. Thankfully, my wife is stronger than I am!

We met again with the doctor from Tara’s ultrasound. She told us they’d lined up the very best people in each department and assured us we’d be getting the best care possible. Everything would be focused on Tara since no other major surgeries were planned.

At 6:30am the next morning I walked with Tara to the testing required before surgery. When she and I hugged goodbye, we didn’t know if we’d ever see each other again. I wasn’t allowed in the operating room because of the number of people involved in the surgery, so staff walked me to a waiting room and explained I’d get updates via text message. I didn’t know what to expect over the next couple of hours.

At 7:32am I got the first text message – the operation had begun. At that point, I had already covered a mile, anxiously pacing the waiting room. Being early Sunday morning, it was just me and a staff member working at a computer.

About 5 minutes later I received another text that the operation was going well. Then, no news for over an hour. What had happened? I hadn’t asked what text updates I would get if things didn’t go well! The staff member at the computer hadn’t heard anything either and went to find someone in the operating room. They came back to announce we had a healthy baby boy at 7:46am (September 3rd). I was able to see a sleeping Baby Theo in the NICU. Wow, I was one proud dad! It was another six hours before I was finally able to talk with Tara, who also ended up doing amazing. 

Theo and Tara are both doing awesome. All of your thoughts and prayers are so appreciated!

In sharing the full story I’m being a little more vulnerable than normal. But, I felt it was important. If you’ve seen my commercial online or on TV, I talk about how important it is to work with a professional in all aspects of life, including financial planning. I’m thankful that my family and I were able to work with the best professionals in the area when it came to Theo’s birth and Tara’s surgery.

The awards and education I mentioned earlier don’t define the Cornerstone Team of professionals, but I’m thankful to be part of a company that expects each team member to continue to grow in knowledge and seek excellence. Just like the doctors who helped us at the hospital, we too can sit down with you, put our hand on yours and say “We’ve done this before. And we are one of the experts in this subject matter.” Our desire is to take care of you the best we possibly can.

At the hospital, I was amazed how multiple departments and specialists worked together to take care of us and our baby. On the day of the surgery, we were comforted when our doctor said, “You are our number one priority. Each department, from anesthesiologists to nurses, urologists to the NICU staff and more, will all be focused on you.” The same is true at Cornerstone. We have a big team and our number one priority is YOU. If your primary advisor is out like I have been, another advisor is there
to help and give the same guidance and advice.

We meet with you during regularly scheduled review appointments, host events, provide weekly updates via email, and check-in regularly through phone calls. But, between updates you may be a little like me in that waiting room – concerned and pacing anxiously. The market can make us all feel a little anxious sometimes. In the waiting room I trusted and relied on the doctors in the operating room. I trusted their expertise and desire to do what was best for my family.

We at Cornerstone don’t take YOUR trust for granted. I hope you understand how much we care and want to do what is best for you. Thank you for your continued trust.


Call 605.357.8553 or email today to schedule a complimentary, no-obligation appointment with one of our wealth advisors.

Any opinions are those of Andrew Ulvestad and not necessarily those of Raymond James. This content is for general information only and is not intended to provide specific advice, an endorsement, or recommendations for any individual. Raymond James Financial Advisors do not render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.Past performance is no guarantee of future results. Investing involves risk, including possible loss of principal. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Holding stocks for the long-term does not insure a profitable outcome. Investing in stocks always involves risk, including the possibility of losing one’s entire investment. No strategy assures success or protects against loss. To determine what is appropriate for you, consult a qualified professional. Excerpted from Newsletter_Insights October Issue 4 2023.10.27 #313959

Subscribe to our Weekly Market Update

* Please complete all fields to submit the form.
Thanks for signing up for our Weekly Market Update Email! We're committed to providing you with valuable information and insights.