Some of you may or may not know a lot about Dave’s wife Cathy. Cathy has a big heart and is willing to go the extra mile to make sure a job gets done right. Together, they have five children and eight grandchildren.
Ten years ago, their son in law, Byron Edwards passed away unexpectedly. In his memory, Cathy decided to decorate and donate a Christmas tree to the Festival of Trees in Salt Lake.
Then, three years later, their oldest grandson Jack was born with some major medical complications. The doctors only gave him a 10% chance of survival. He was in the intensive care unit at Primary Children’s Hospital for almost four months. The nurses and doctors at Primary Children’s did an excellent job and saved his life. He is now fully recovered and a healthy, happy, seven year old boy.
In memory of Byron and as an expression of their gratitude for what Primary Children’s Hospital did for Jack, every year Cathy teams up with a couple of close friends and decorates a tree. The tree is then donated to the Festival of Trees which raises money for the Primary Children’s Hospital in Salt Lake City. She has found great pleasure in doing this as a way to pay it forward to other families who use the services of Primary Children’s Hospital.
This year, Cathy and her team decorated the tree with snowmen along with a lot of beautiful and fun ornaments. The tree was auctioned off and sold for $5,000.00. She was very happy that she and her team could raise that much for the Primary Children’s Hospital.
Enjoy scrolling through the pictures of the tree! The tree is beautiful!!!!
Disclaimer Paragon Wealth Management is a provider of managed portfolios for individuals and institutions. Although the information included in this report has been obtained from sources Paragon believes to be reliable, we do not guarantee its accuracy. All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future results.
On Saturday, May 9th the Paragon team attended the Best of State Awards Gala to recieve their 6th Best Of State Medal. Paragon received the Best of State Award for “Investment Advisory Services.” Utah’s Best of State presented awards in 10 main categories. ParagonWealthManagement was recognized in the Business Services category.
According to Best of State Chief Executive Officer Dana Layton, winners of the Best of State Awards have been rated and judged on their impact on the community, excellence and achievement, and innovation and originality.
An independent judging process, featuring judges with category specific credentials, has resulted in a confidential tabulation of results by the Gilbert & Steward accounting firm.
Click here for details about Best of State Criteria and Process.
Money management has been our primary focus since we began in 1986.
Our approach is disciplined yet flexible and evolving.
We don’t rely on market forecasts.
We use quantitative models to determine which areas of the market are working, where investors are putting money and which areas have the most potential. These models also tell us which areas to avoid.
We do not believe in a “buy and hold” approach.
We focus on what each market sector is doing now, not what it has done over the past three to five years.
We manage-actively, adjust, move, and change our clients’ portfolios, depending on market conditions.
Paragon’s principals and employees invest their personal funds in Paragon’s portfolios.
We have Fiduciary Responsibility, which means that legally our clients’ needs always come first.
We don’t sell financial products or receive commissions.
Clients are free to withdraw their money at any time, there are no surrender charges.
Written by Shannon Golladay, Paragon’s Public Relations Director
On Saturday, May 15, Paragon Wealth Management is hosting its first annual 5K Run/Walk at Exchange Park in Provo, Utah at 9:00 a.m.
We are excited about this event! We hope everyone who lives near Provo can come with their families. We will also have food, volleyball, prizes and a playground there.
All proceeds from the race, in addition to what Paragon is contributing, will go toward a scholarship for single mothers.
The scholarship was inspired by Dave Young’s daughter, Katie. Her husband passed away in 2005 when she was 23-years-old. She wanted to provide for herself and three-month-old daughter by going to college and getting her bachelor’s degree. Paragon wants to give women in similar situations, whether they are divorced or widowed, an opportunity to attend college.
You can also come to enjoy the park, playground, food and volleyball without participating in the race. We hope to see you there!
Management is a provider of managed portfolios for
individuals and institutions. Although the information included in this
report has been obtained from sources Paragon believes to be reliable,
we do not guarantee its accuracy. All opinions and estimates included
in this report constitute the judgment as of the dates indicated and are
subject to change without notice. This report is for informational
purposes only and is not intended as an offer or solicitation with
respect to the purchase or sale of any security. Past performance is
not a guarantee of future results.
A couple weeks ago we gave Congressman Jason Chaffetz a copy of a blog post that Dave Young wrote for Utah Business Magazine’s blog titled, “Stimulus for Utah?” This was his reply. We thought you might find it interesting. It is also written below to make it easier to read.
I agree with the points made in your blog post entitled “Stimulus for Utah? Thank you for giving a copy of the article to my staff during our recent ribbon-cutting ceremony at our Provo office. It is heartening to see citizens with an acute awareness of our current economic problems and dedication to solving those problems.
I assure you that no one is more dedicated than I to getting America back on the right track, economically and otherwise. In order to do that something needed to be done, but I have maintained since its inception that the American Recovery and Reinvestment Act of 2009 was not what we needed. This pork-laden bill may end up only putting us in the worse situation.
Your point about the return on investment for Utahans is particularly adept, as is your observation that this bill is hardly a bipartisan one. Our hope now lies in the American people; we have risen from difficulty in the past despite the oft-obstructing attempts of our too-big government to solve our problems from us. Now that the bill is passed it is my hope that Americans like you and me, can collectively solve our current difficulties and usher America into a more stable, prosperous, and responsible economic future.
In simple terms, a Fiduciary Advisor has a legal responsibility to put the client’s needs ahead of his or her own. There are a number of important differences that separate advisors who have fiduciary responsibilities from those that don’t.
It has been estimated that 90% of the people who fall into the category of financial advisors do not have any sort of fiduciary responsibility. They are also known as stockbrokers, insurance agents, or sales Representatives. They may hold various licenses, but since they are not fiduciaries they are often more interested in selling insurance and investment products than managing your portfolio.
Non-fiduciary advisors are compensated by commissions which are often the equivalent of years worth of management fees. And in the end, if you’re dissatisfied with your service, the only way to get out of the product is to pay a large surrender fee.
Titles for non-fiduciary advisors are unregulated, which means that these advisors don’t need to call themselves brokers or insurance agents, but can adopt titles like: Advisors, Financial Consultants, or Financial Planners. They are not required to put investor interests head of their own, and as such as more interested in making “suitable” recommendations that involve selling a number of products.
These sales reps have limited disclosure requirements and are not allowed to have account discretion. And most of them receive a large commission upfront on the initial sale, which means they have very little incentive to continue helping the client.
It has been estimated that only 15-20% of advisors have fiduciary responsibility, and are usually Registered Investment Advisors (RIA’s) or Investment Advisor Representatives. These advisors are registered with the SEC or the state security division (depending on their size).
These are acknowledged fiduciaries who provide ongoing financial advice and services. Compensation is on a quarter by quarter basis for continued services, and ends if the investor is dissatisfied and chooses to leave.
An advisor with fiduciary responsibilities is held to a higher ethical standard and should have the knowledge to provide sophisticated wealth management services and advice. RIA’s are licensed to provide ongoing financial advice, and fiduciary advisors are required to provide disclosure in their ADV’s.
The investor must always come first. At Paragon Wealth Management, we have a fiduciary responsibility to always put your needs ahead of our own, and live up to all of our responsibilities.
Market professionals are not alone in their inability to forecast market behavior. Economists do just as poorly. Every six months the Wall Street Journal prints the results of a survey of leading economists who predict the level and direction of interest rates for the coming six months. 55 high profile economists currently participate in this semiannual forecast. You’d think such prestigious economists in such a high profile newspaper would know what they’re talking about , right? Nope.
The record shows that from 1982 through the beginning of 2003 (43 periods), 71% of the time the consensus of economists could not even forecast the direction of rates, either up or down, for six months forward. If they’d just blindly guessed they’d have a 50/50 chance, but their actual educated predictions turn out to be much worse. And these are the best the industry has to offer!
So if forecasts are a waste of time then what does work? After 20 years of managing money, I am convinced that investors will only succeed when they are able to remove emotion from the investment process. Gut feelings are not a reliable investment strategy-even the gut feelings of so-called experts.
Oftentimes, successful investing requires you to act in a way that is contrary to what you “feel” is right. For example, several of our models measure the overall optimism or pessimism in the investing public. When optimism is high we know that there’s a lot of risk in the market and it’s likely that the market will decline. Likewise, when optimism is low and most investors think that things are really bad, that is usually a great time to invest. This pattern has repeated itself for years.
We take great care to ensure that all of our investment decisions are based on solid, proven models, not hunches. Our portfolio allocation models tell us how much we should be invested based on measured risk in the market. We run the models daily to determine the most effective percentages of investments and cash holdings.
Once we’re in the market, our portfolio focus models tell us where we should be invested. We constantly track all areas of the equity markets on both a macro scale (small cap, mild cap, large cap, value, growth, international and emerging markets) and a micro scale (individual industries, sectors and countries).
The bottom line for Paragon Wealth Management’s clients is that they can be confident that their portfolio isn’t being managed by some celebrity market fortuneteller. Our quantitative models enable us to impartially measure what is actually happening in the market and how much risk there is at any point in time. We constantly evaluate the models to determine how effectively they are working. In my opinion, this is one of the best ways to invest for long term success.
Clients who have been with us for years know we aren’t big fans of market forecasts, whether they are made by us or anyone else. Let me tell you why I believe so strongly.
There’s no shortage of self-proclaimed market prophets. You can find them in the investment magazines, newspapers or CNBC. Although they can be entertaining, they provide no real investment value. They do not help anyone make money. In fact, investors who follow them are more likely to lose money than to gain it.
The way the forecasting game works is that the market guru, seer, pundit or executive continually makes forecasts in an attempt to gain public attention. By sheer luck maybe half of these predictions are proven right-meaning that at least half of them are wrong. On the occasions when the forecast turns out to be correct, the forecaster plays it up. Those many forecasts that don’t pan out (and those many investors who are financially hurt by them) are never spoken of again. In truth, you’re much more likely to get an accurate prediction of the future by listening to the weather forecasters. At least they inflict less damage when they’re wrong.
Ned Davis Research and InvestTech recently collaborated to analyze the forecasts of some of the most highly paid and highly regarded market forecasters in the financial industry. This is a small sampling of the findings:
* Out of the 22 high profile panelists on Louis Rukeyser’s Wall Street program for 2001, none predicted the market to close as low as it did that year.
* Out of the 22 high profile panelists on the same program for 2002, none expected the low close at the end of that year either.
* In 2000, at the prestigious Barron’s Roundtable, one of the 11 Wall Street strategists had a forecast that was close to being accurate.
* At the 2001 Barron’s Roundtable, two of the 12 forecasters were close to the actual market year end close.
* In 2002, two of the 11 Barron’s Roundtable participants were close.
* In the 2000 issue of Business Week, 52 of the 55 experts (95%) who forecast the year-end level of the S&P 500 were wrong.
* At the beginning of 2002, Business Week again held their survey of “the smartest players on Wall Street.” The consensus forecast of the 54 participants for the S&P 500 was 1292. The actual close was 32% lower at 880. Not a single esteemed participant came close to the actual close.
These findings may seem shocking to someone encountering them for the first time, but they are far from atypical. This is just a small snapshot of how bad the market forecasting business really is. Yet despite mountains of data that show how ineffective the celebrity market forecasters are, they continue to make their predictions and many unfortunate people continue to base their financial decisions on shoddy, unproven advice.