Beaumont Capital Management (BCM)
Articles by Beaumont Capital Management (BCM)
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…
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
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…
How to Properly Select and Evaluate an Investment Manager
By David M. Haviland, Beaumont Capital Management Like clients, every advisor has a different level of knowledge of the due diligence…
Are You Walking Into a TDF Trap?
By David M. Haviland, Beaumont Capital Management Few investment products currently garner more attention than target date funds. Launched 30 years…
Isn’t the Consumer Staples Sector Defensive?
By Denis Rezendes, Beaumont Capital Management In the past, the Consumer Staples sector has had a reputation for providing investors…
Policy Mistakes and their Economic Consequences
Now the Fed is Tapering QE… What Could Possibly Go Wrong? By David Haviland, Beaumont Capital Management The U.S. Federal Reserve…
Does Risk Outweigh Reward? A Closer Look at Emerging Market, High Yield Debt
By Beaumont Capital Management For those who have owned high yield bonds and/or emerging market bonds in their portfolios over the…
Federal Debt Ceiling Looms Large… What it Means for Washington, Wall Street, Main Street
By David Haviland, Beaumont Capital Management Regardless of your political views, Washington is spending money at a pace usually “reserved” for…
Perhaps Smart Beta, By Itself, Is Not So Smart
By David Haviland, Beaumont Capital Management This is a great chart from State Street Global Advisors showing how the 6 most…
4 Simple Charts on Why You Should Consider International Exposure
By David Haviland, Beaumont Capital Management Today, our world shares a global economy. While the United States still has the largest…
International Equities: Is It Time?
By David Haviland, Beaumont Capital Management Russia invades Crimea. China builds island bases in the South China Sea. North Korea launches…
Back to the Future: Fed Normalization & What it Means for You
By David Haviland, Beaumont Capital Management On March 10,, we wrote about the size and makeup of the Fed’s balance sheet…
2017: State of the Bond Markets
By David Haviland, Beaumont Capital Management Since 2009, bond purchases by the Fed have driven rates to historic lows. The money…
Emotions Should Have No Place in Investing…
…But they do! The investment industry often fails to remember that people invest their money to grow and that their…
Questions a Fiduciary Must Be Able to Answer About Their Target Date Funds
In February of 2013 the U.S. Department of Labor (DOL) issued a Fact Sheet titled Target Date Retirement Funds –…
This Time It’s Different When Looking for Investments
Whenever this phrase is uttered by the financial services industry, the markets always prove us wrong. Always. As a student…
The Greatest Misconceptions About Active Management
Most Americans invest in mutual funds because they are seeking to grow their money. However, most investors also believe that…
ETF Factor Investing: Smart Beta Pursuing Alpha
By Beaumont Capital Management In the spectrum of investing from passive (index based) to active management there are no shortage…
Deworsification…Caveat Emptor If You Seek to Minimize Losses Through Diversifiers Alone
Note: This article appears on the ETFtrends.com Strategist Channel By David Haviland One of the key tenets of Modern Portfolio Theory…
Bonds Have Bear Markets Too, Remember?
Note: This article is part of the ETF Trends Strategist Channel Written by Beaumont Capital Management When looking back to examine…
Using Total Return to Meet Your Clients’ Income Needs
Throughout the 1980s, 1990s and 2000s, many financial plans were constructed with the assumption that the portfolio could produce enough…