Beaumont Capital Management (BCM)
Articles by Beaumont Capital Management (BCM)
BCM 3Q21 Market Commentary: A Feedback Loop — What could cause the economy to stray from the pre-pandemic status quo?
By BCM Investment Team Nearly a year has passed since Pfizer and BioNTech announced successful Phase 3 trial results for…
David HavilandManaging Partner and Portfolio Manager
Dave is a Managing Partner of the firm and Portfolio Manager of Beaumont Capital Management (BCM). In addition to managing the BCM strategies, his responsibilities include chairing the BCM Investment Committee, strategy creation, thought leadership and ongoing business development.
With three decades of experience, Dave has worked in the financial industry since 1986 and has spent most of his career as an investment advisor. His advisory background has provided him with a unique perspective on managing the BCM Strategies. In 1993, Dave joined his father at H & Co. Financial Services and in October 2000, Dave merged H & Co. into Beaumont Financial Partners (BFP). In 2009, Dave created the BCM division and has been the steward of BCM’s rapid yet purposeful growth. On December 31, 2019, Beaumont Capital Management (BCM) spun off from BFP to become a standalone Registered Investment Advisor under Dave’s leadership.
Outside of the office, Dave has always been active in his community. He has served as Treasurer for several organizations, volunteered six years on the Dover School Committee, including multiple chairmanships, and currently serves as Dover’s Assistant Town Moderator. Dave enjoyed coaching his three boys in just about every sport; he and his wife Kate, along with their sons, are active trap and skeet enthusiasts and registered Therapy Dog handlers. Dave is a graduate of Deerfield Academy and an honors graduate of the University of Vermont.
Brendan Ryan, CFAAssistant Portfolio Manager
Brendan’s primary role is Assistant Portfolio Manager for BCM strategies with a focus on fundamental analysis. He serves on the BCM investment committee and is additionally responsible for assisting with trading of the BCM strategies, operational support and special projects as needed. He currently holds the Series 65 securities license and is a CFA® Charterholder.
Prior to joining BCM full-time, Brendan also worked in the firm’s wealth management division, where he focused primarily on fundamental equity research. Prior to joining the firm, Brendan had spent time working for Brown Brothers Harriman & Co. after receiving his B.A. in Economics from Boston College.
Denis Rezendes, CFAAssistant Portfolio Manager
Denis’ primary role is Assistant Portfolio Manager for BCM with a focus on quantitative analysis. He serves on the BCM investment committee and is additionally responsible for assisting with trading of the BCM strategies, operational support and special projects as needed. He currently holds the Series 65 securities license and is a CFA® Charterholder. Prior to joining Beaumont, Denis worked for P-Solve and Boston Trust and Investment Management Company. He is a graduate of Babson College with a B.S. in Business Administration, with a concentration in Finance.
More Articles
Inflation Cools Slightly Despite Lingering Pressures, Consumer Credit Growth, and a Look at China’s Housing Market
By: BCM Investment Team Supply chain issues are pushing up producer prices and driving inflationary pressures; though CPI came in…
Manufacturing Slows in the U.S. and Abroad, Supply-Chain Bottlenecks, and a Look at Consumer Confidence
By: BCM Investment Team Manufacturing activity is slowing across the U.S. as the nation grapples with the Delta variant and…
NBER Marks Recession at 2 Months, Hiring Struggles Continue Despite Millions Out of Work, Covid Factor Might Affect 10-Year Yield Recovery
By BCM Investment Team The National Bureau of Economic Research’s decision to set the COVID recession at two months was…
A Game of Tug of War: Demand-Driven Economics May Lead to a New Economic Regime
By: BCM Investment Team In the first quarter we reflected on the amazing dichotomy between Q1 2020 and Q1 2021,…
Approaching Normalization, JP Morgan Looks Ahead at Equity Returns, and Energy Extends the Commodities Rally
By: BCM Investment Team The U.S. economy continues its pursuit of “normal” as both the manufacturing and services PMIs ease…
Climbing Prices, Generational Shifts, and Some Perspective on Fixed Income
By: BCM Investment Team Producer price increases have paused to catch their breath in Richmond, and though existing home sales…
New Records from the Labor Market, Climbing Consumer Prices, and a Big Week for Bitcoin
The labor market is setting new—and concerning—records in the U.S. as Covid restrictions ease, life gets a little more normal,…
Pricing Pressures, Inflation Indicators, and Crypto Concerns
By: BCM Investment Team Pricing pressures continue to plague manufacturers as supply chain issues persist and activity eases off highs, though the Richmond Fed…
Inflation Review: Manufacturers Push Through Costs, Mentions on Earnings Calls Triple, and Maintaining Perspective
By: BCM Investment Team Let’s talk inflation. As producer price inflation climbs—PPI saw a decade-high year-over-year increase in March—manufacturers are…
BCM 1Q21 Market Commentary: A Fundamentally Different Market Environment
By: BCM Investment Team From time to time, we find it useful to go back and read our past quarterly…
The Pricing Divergence in Manufacturing, the Red-Hot Housing Sector, and Extremes from Equity Valuations & Margin Debt
By: BCM Investment Team Manufacturing remains strong in the U.S. and saw more gains in February—even in the frozen Lonestar…
Retail and Manufacturing Losses, a Dwindling Housing Supply, and the 10-Year UST Yield Hits 1.67%
By: BCM Investment Team February’s retail sales losses were more severe than expected—with sectors following a familiar pattern—but have still…
Manufacturing Hits 15-Year High, the Aftermath of Near-Zero Interest Rates, and Checking in on China’s Recovery
By BCM Investment Team The manufacturing resurgence continued in February as the sector climbed to a 15-year high, and phenomenon…
BCM 4Q20 Market Commentary: Looking Back to Move Forward—Seeking Higher Ground in an Imperfect World
By The BCM Investment Team Much will be written about the challenges, difficulties, pain and suffering endured by humanity in…
The Housing Boom Continues, Historic Patterns from Equities, and Why ‘Investment-Grade’ Doesn’t Mean What It Used To…
Written by BCM Investment Team The housing market is still booming and contractors are racing to meet demand, bringing single…
Inflation Remains Tepid, Credit Risk (and Others) Climb, and When Will Bankruptcies Hit Their Peak?
By Beaumont Capital Management U.S. CPI grew 0.2% in September—its slowest pace in four months—to 1.4%, directly in line with…
BCM 3Q20 Market Commentary: Damn the Pandemic! Batten Down the Economy and Full Steam Ahead!
By The BCM Investment Team With apologies to Admiral Farragut… The S&P 500® Index’s 8.5% third-quarter gain was a welcome…
Debunking Some Bunk: Is September Really That Bad a Month?
This post was originally published on 9/10/19 and updated on 9/17/20 By Dave Haviland, Beaumont Capital Management Sometimes our industry grabs…
How Should Investors Think About the Upcoming Election’s Impact on the Stock Market?
By: Brendan Ryan, CFA The top question we are being asked from advisors right now: “Is there data that can…
Perspective on GDP, Record Earnings Beats, and Real Rates Continue to Sink
By Beaumont Capital The 32.9% annualized hit to U.S. GDP may have cast a shadow over the end of last…
The Record-Setting GDP Hit, Shaky Earnings Estimates, and Big Tech Gets Bigger
Stocks closed lower on Thursday after a record-setting blow to U.S. GDP revealed the extent of the virus’s economic impact,…
BCM 2Q20 Market Commentary: “The Best of Times, and the Worst of Times…”
By: BCM Investment Team “It was the best of times, it was the worst of times, it was the age of wisdom,…
Bond ETF’s Price Divergence From NAV: How Do We Tell Which Was “Right”?
By Denis Rezendes, CFA “What happened to fixed income ETFs in the March sell-off?” So far, we’ve kept quiet on…
A Caution From 2007: Beware of the Dividend in Your High Dividend ETFs & Funds
By Dave Haviland, Beaumont Capital Management Remember this? It’s late in 2007 and the banks have already started their downward…
To V or not to V, that is the question… with apologies to Mr. Shakespeare
By: BCM Investment Team The Covid-19 pandemic has set upon the globe with lightning speed and is unlikely to leave…
A Word of Caution on Fixed Income in the Current Market Environment
By Brendan Ryan, Beaumont Capital Investors of balanced strategic portfolios as well as effective tactical portfolios are now well aware…
Will the Next Decade Look Anything Like the Last Two?
BCM 4Q19 Market Commentary By BCM Investment Team The fourth quarter of 2019 brought the decade to a close in…
BCM 3Q19 Market Commentary: Blinking Yellow Lights
The Inverted Yield Curve and Other Recession Indicators By BCM Investment Team The third quarter of 2019 was full of noise…
Debunking Some Bunk: Is September Really That Bad a Month?
By: Dave Haviland, Portfolio Manager and Managing Partner, Beaumont Capital Sometimes our industry grabs on to a concept and cannot let…
Finding Total Return in an Ultra-low Interest Rate Environment:
Your clients need to withdraw 4-5% a year, but interest rates are setting record lows. Here’s what you can do…
BCM 2Q19 Mid-Year Review: Odd, Odds, and Tods
By Beaumont Capital team Which index has realized the highest 1-year return through June 30th, 2019? a) S&P 500® Index b) MSCI…
Our take on Volatility: When You Are More Likely to Realize Good Investment Outcomes
By Denis Rezendes, CFA What is volatility? From a purely technical standpoint, volatility, otherwise known as standard deviation, is a…
Beaumont Capital Management 1Q 19 Market Commentary
By Dave Haviland, Beaumont Capital At the end of 2018, interest rates were heading higher due to a hawkish Federal Reserve…
The Stock Markets are Ripping Up. What Could Ultimately Be Wrong?
By Dave Haviland, Beaumont Capital The 2019 recovery of U.S. and international equity markets continues to claw back at the losses from late…
Buying the Dips: When Does this Approach Run the Most Risk?
By Dave Haviland, Beaumont Capital Fidelity, in their 1Q19 Market Update, has suggested that the U.S. is following many other global economic powerhouses into the…
An Open Letter to Jerome Powell
By Dave Haviland, Beaumont Capital I write this letter with the utmost gratitude and respect. You see, unlike your predecessors, this…
The Probability of Another 20%+ Drawdown is Higher Than You Might Expect
By Denis Rezendes, Assistant Portfolio Manager and Dave Haviland, Portfolio Manager and Managing Partner, Beaumont Capital Management At BCM, we believe mitigating large…
3 Rules-Based Systems to Make Better Investment Decisions
By David M. Haviland, Beaumont Capital Management During the holiday-shortened last week of 2018, the S&P 500 Index gained ~6.7%. Normally…
Anatomy of a Bear Market
By David M. Haviland, Beaumont Capital Management What does a typical Bear market look like? How long do they last? When…
Beaumont Capital Management 3Q 18 Market Commentary
By David M. Haviland, Beaumont Capital Management “These rose colored glasses That I’m looking through Show only the beauty ‘Cause…
A Final Call Before the Fall
By Dave Haviland, Beaumont Capital We have enjoyed the current bull market which recently surpassed the 1990-2000 technology-led bull as the…
Caveat Emptor (Buyer Beware)
By Denis Rezendes, Beaumont Capital As a Tactical ETF Strategist, we consider ourselves fairly qualified to navigate the exchange traded…
Setting Return Expectations
By Denis Rezendes, Beaumont Capital For the past two years I’ve attended the Berkshire Hathaway shareholder meeting in Omaha, Nebraska,…
The Impending Sector Reconfiguration to S&P 500 Index
By Dave Haviland, Portfolio Manager and Managing Partner I have spent the last several weeks travelling around the country visiting…
Tech Sector Dominance: Is there an End in Sight?
By David M. Haviland, Beaumont Capital Management I am sitting here at my desk on another nice sunny July day. With…
BCM 2Q 18 Market Commentary
By David M. Haviland, Beaumont Capital Management My son Jamie was recently hiking in New Hampshire’s Presidential Range. Upon return, he…
Learning to Fly: The Difference Between Knowledge and Wisdom
By David M. Haviland, Beaumont Capital Management These days I do a lot of travel. I’m writing this at 36,000 feet…
Is Your Investment Manager Only Doing Half the Job?
Do you own or use mutual funds, passive ETFs or strategic SMA managers? If so, in all likelihood, you are…
Trade, Tariffs & Tirades: A Primer on What Has the Markets in a Dither
By David M. Haviland, Beaumont Capital Management The following is an excerpt from our 1Q18 quarterly market commentary: “Another contributing factor to…
BCM 1Q 18 Market Commentary
By David M. Haviland, Beaumont Capital Management We have said it before, and we will say it again. 2017 was an…