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

EC The VIX And The S&P 500 - An Equity Market Duet
Does a rising VIX signal lower equity returns? This may be a misconception among many investors.
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Trump, Trade, T, T, T
Markets seem to have calmed down a little following Trump’s Timely if Truculent Trade Tirade (Alliteration, anyone?). Of course, calm is short-lived when missiles are flying in the Middle East.
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Q1 2018 Municipal Credit
As governments are challenged by the decline in the ratio of current employees to retirees, as well as by competing demands for resources, the greater transparency required by GASB is welcome to analysts and stakeholders alike.
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Asia Equity Markets: Solid Economic Growth Versus Political Risk
Asian economies have begun the year with continued solid – and in some cases robust –performance. Yet the major Asian stock markets have diverged, with some significantly outperforming and others underperforming.
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SPIVA And Active Bond Management
Over the last year, core inflation has remained muted – under 2% – while the 2-year Treasury note has broken out from 1.35% to 2.34% during the same time period – meaning that the real rate of interest has increased while inflation has held steady.
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Dovish Or Hawkish?
Although the FOMC rate hike was widely anticipated, pundits and markets had a range of reactions to the hike and the message delivered.
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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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Work Experience

Chairman and Chief Investment Officer
Cumberland Advisors
March 1973 - Present (45 years 9 months)

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.