Chairman and CIO, Cumberland Advisors
Contributor's Links: Cumberland Advisors

David R. Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts ... more

ALL CONTRIBUTIONS

Bursting Bitcoin Bubble?
Some have argued that Bitcoin’s rise was tied to stock market success and that the cryptocurrency’s subsequent decline portends a stock market crash.
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Tactical Trend, Q2 2018: "Embrace The Grind"
Sideways consolidating markets can test traders’ emotions. It is always a challenge to avoid overreacting to headline news and daily market gyrations.
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SCOTUS – Two Major Rulings With Positive Implications For Municipal Bond Credit Quality
The Supreme Court of the United States on June 27th ruled in a 5–4 vote that government workers who choose not to join unions may not be required to help pay for collective bargaining and other union endeavors.
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Difficult Quarter For Eurozone Stocks
Eurozone equity markets have encountered significant headwinds in the second quarter of this year despite continued robust economic growth above estimated potential for most Eurozone economies.
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Second Quarter 2018 Taxable Bond Market
The second quarter of 2018 saw a continuation of themes apparent in the first quarter. In June the Federal Reserve continued raising rates to a federal funds rate target that now stands at 1.75%–2.00%.
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Tax Free Munis Continue To Perform
The tax-free bond market has continued to benefit from the drop in supply so far in 2018.
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STOCKS I FOLLOW

ACUC AMERICAN URANIUM CP
BSYN BIOSYNERGY INC
CPP Preferredplus Trust
CUYTY COLRUYT SA UNSP ADR
DYSOY DYESOL LTD ADR
EPRJF
FGTIX Franklin Templeton Growth Target Fund Class A
HRID HYBRID FUELS INC
MMRBX Mainstay Moderate Allocation Fund Class B
MOSYX Massmutual Select Overseas Fd Cl Y
OPAY
PTTWF POLISH TELECOM TPSA
VCTDIX Van Kampen Focus Portfolios
WAOCX Western Asset Fds Shs -C- Non-US Opportunity Bond Fund
WNMLA WINMILL
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PERSONAL BLOG

Latest Posts
Is The U.S. Headed For Recession?
Just about all economists agree there is one thing that could eventually drive the economy into recession: a trade war.
Gold And Defense Stocks Rise As Donald Trump Cancels North Korea Summit
Following President Donald Trump’s letter on Thursday canceling the summit with North Korean leader Kim Jong Un next month, investors appear to be bracing for more rockiness ahead.

Work Experience

Chairman and Chief Investment Officer
Cumberland Advisors
March 1973 - Present (46 years)

Since 1973, Cumberland Advisors has been a trusted source for market expertise, personal service, and individual and institutional money management. Cumberland Advisors is an independent, fee-for-service money management firm managing over $2.5 billion in assets.

Education

University of Pennsylvania - The Wharton School
Bachelor’s Degree
Economics
University of Pennsylvania
Master’s Degree
Organizational Dynamics
University of Pennsylvania
Master’s Degree
Philosophy

Publications

Adventures in Muniland: A Guide to Municipal Bond Investing in the Post-Crisis Era
David Kotok
Cumberland Advisors
08/03/2015

With a perspective that only decades of experience can bring, Adventures in Muniland captures the municipal bond market's transformation from stodgy to dynamic. This concise, yet comprehensive stroll offers an insider's view, brings the reader right up to today's discussions, and carries the added benefit of providing a clear understanding of what can at times appear to be an opaque marketplace. The Cumberland team has produced an insightful review for the seasoned professional and a must read for newcomers and investors.

From Bear to Bull with ETFs
David Kotok
Cumberland Advisors Publishing
07/09/2014

This revised second edition focuses on certain U.S.-registered ETFs and their performance during the recent bear market and subsequent bull market up to March 2014. It concentrates on those ETFs that refer to, are part of, are linked in some way to, or are references for the Standard and Poor's 500 Index and its sector components. It also includes some ETFs that capture performance results outside of the S&P 500. There are three sections and a new appendix. The first section focuses on actual trading and events that occurred in the market from October 2007 until March 2014. The second is a brand-new section written by Talley Léger on the performance of the cyclical vs. the defensive sectors of the U.S. equity market. The third section focuses on commentaries that discuss the events during the period of October 2007 through March 2014, written and published during this bear market and ensuing bull-market phase.