The Independent Market Observer

About

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Brad McMillan is the chief investment officer and a managing principal at Commonwealth, Member FINRA/SIPC, a Registered Investment Adviser–broker/dealer based in Waltham, Mass., and San Diego, Calif. He is the primary spokesperson for Commonwealth’s investment divisions.

Brad earned degrees from Dartmouth College (BA), MIT (MS in real estate development), and Boston College (MS in finance), and he holds the CFA®, CFP®, CAIA, and MAI professional certifications.

Brad is a frequent commentator on the financial markets, U.S. economic policy, and the global economy for a range of media, including the Wall Street Journal, CNBC, CNN International, Barron’s, and Bloomberg News. He is the author of Crash-Test Investing, a must-read primer for Main Street investors seeking to help insulate their portfolios against a market crash. And he writes regularly on his blog, The Independent Market Observer.

Brad has worked as a real estate developer, consultant, and lender; as an investment analyst, manager, and consultant; and as a start-up executive. He has started and run several companies and has traveled around the world. In his free time, Brad reads extensively in history, math, and science and plays very bad golf.

E-mail Brad at bmcmillan@commonwealth.com, or message him at @BradMcMillanCFA.

A note from Brad
As Commonwealth’s chief investment officer, I am the primary author of the posts here. Although I will bring in content from other members of the Commonwealth team where it makes sense—we have a wealth of talent here, and I want to share that—this is my soapbox from which to highlight what I think is important in the economy and markets.

This blog is aimed at the general investor, with a special focus on Commonwealth’s financial advisors and their clients. On occasion, there may be mathematical or deeply analytical pieces, but the vast majority of content will be based on current economic, market, and political events; publicly available information; and investment strategies that are used or looked at by our advisors and their clients. I would ask you to comment as much as you please; I will respond to as many comments as I can. Your feedback and comments provide inspiration for pieces in the blog itself.

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The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.

Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index.

The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.

One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent.

The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options.

The forward price-to-earnings (P/E) ratio divides the current share price of the index by its estimated future earnings.

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