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  • Important Disclosures
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  • Home
  • About us
  • Expertise
  • Team
  • Philosophy
  • Commentary
  • Contact
  • Important Disclosures
    • Striking the Right Balance

    • An Integrative Approach

      Combining quantitative analysis with common sense investment experience

    • Our Ultimate Goal is to Exceed our Clients’ Expectations

      We Set High Personal and Company Standards and Aspire to be The Best at What We Do

  • About us

  • KCM is an independent Registered Investment Advisor with the Securities and Exchange Commission (SEC) under Section 203(c) of the Investment Advisors Act of 1940. However, such registration does not imply any level of skill or training. KCM is unwavering in its commitment to adhering to our core competency, offering Equity and Fixed Income investment management for families, trusts, endowments and institutions. KCM Portfolio Managers have eighteen to thirty plus years of experience.

    KCM utilizes a customized approach to establish proper asset allocation to meet the specific needs and risk tolerance of each client.

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  • Expertise

    • Common Stock

      Our objective is to maximize total return while concentrating on quality securities with proper diversification.

    • Fixed Income

      Select Fixed Income securities with an eye to generate a tax efficient income stream that is tailored to a client’s specific needs.

    • Balanced Account

      Our objective is to maximize total return while adhering to a portfolio balanced between quality stocks and bonds.

    • Preferred Stock

      Our objective is to provide a high level of current income by constructing a highly diversified portfolio of Preferred Stocks.

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  • Meet our team

    • Jay A.
      Jay A. Kellett
      Founder, CEO & CIO
    • John C.
      John C. Pogue
      President and Senior Portfolio Manager
    • John A.
      John A. Lundin
      Partner and Senior Portfolio Manager

  • View all the team members
    • 230

      Years of Combined Experience

    • $
      5

      Billion Under Management

    • 26

      Years as Investment Advisors

  • Philosophy

    KCM believes in the long-term potential of the stock and bond markets to achieve financial wealth. KCM’s investment philosophy focuses on the importance of compounding growth. Our fundamental investment philosophy is supported by exclusive analytical tools and our portfolio managers’ cumulative years of industry experience. The needs and goals of high net worth individuals can be complex, KCM builds custom portfolios that address those needs and goals.

  • Commentary

    April 2023 KCM Commentary

    Posted in , on Apr 14th, 2023

    Every Fed Tightening Cycle Ends In a Crisis

    Every Federal Reserve tightening cycle has created a financial crisis. The current deposit run on regional banks probably fits this cycle’s financial crisis definition. Legendary economist Ed Hyman points out that after each of the financial crises since 1984, the Fed either eased or paused to try to control the situation (see chart below). Fed Chairman Jay Powell has noted, “History shows that isolated banking problems, if left unaddressed, can undermine confidence in healthy banks and threaten the ability of the banking system as a whole”.

    Every Federal Reserve tightening cycle has created a financial crisis. The current deposit run on regional banks probably fits this cycle’s financial crisis definition. Legendary economist Ed Hyman points out that after each of the financial crises since 1984, the Fed either eased or paused to try to control the situation (see chart below). Fed Chairman Jay Powell has noted,”History shows that isolated banking problems, if left unaddressed, can undermine confidence in healthy banks and threaten the ability of the banking system as a whole”.

    Nonetheless, on March 22, the Federal Reserve implemented an unprecedented rate hike despite many signs that the current crisis is not over, as well as history’s lesson that crises don’t end until the Fed at least pauses. The main reason for this hike seems to be that inflation is still not under control, as evidenced by the latest Consumer Price Index gain of 6% year over year. However, it should be noted that the CPI is backward-looking, and the forward path for inflation is clearly down, given that oil prices have plummeted, import prices for fuel and food are flat year over year, and the Core PCE slowed to 0.3% month over month (3.6% annualized)and service worker wages and benefits, a key contributor to inflation, slowed dramatically in the Philadelphia Fed’s latest survey. Commodity prices have also declined substantially.

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  • Contact Us

  • If you would like to contact KCM Investment Advisors about our services, please fill out the following online form and a KCM Partner will contact you shortly. Alternatively, please call Raymond Randolph at the number below.

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  • To learn more about KCM please contact Raymond Randolph.

    • Greenbrae Office

      KCM Investment Advisors
      300 Drakes Landing Road, Suite 210
      Greenbrae, CA 94904
      Click to View Map

    • Phone No:

      (415) 461-7788
      (888) 287-5555

    • For all other Inquiries Contact

      Loni Tankoos, Manager of Client Services
      Email : clientservice@kcmadvisors.com

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