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

Federal Reserve Independence – Under Attack Again?
The last few days, President Trump has made inflammatory and in some instances misguided remarks as to the nature of current Fed policy, its impact on the stock market and potentially on the economy.
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VIX Inversion
VIX inversion might appear to be a non-bullish sign, but we have found a bullish silver lining in the pattern. The inversion per se suggests that the market perceives the 3-month and 6-month trends to be positive.
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Another Italian Drama – Why It Matters
Government deficit out of control, irresponsible government policies, tumbling bond prices and bank share prices, threat of rating-agency downgrades, political instability – we have seen similar Italian dramas in the past.
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Puerto Rico – Third Quarter 2018 Review
As the third quarter comes to a close, a fragile sense of optimism for the future of the Commonwealth of Puerto Rico has blossomed.
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Taxable Total Return 3rd Quarter Review
Treasury yields went up across the curve throughout the third quarter of 2018.
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FOMC Closes Out Q3 2018
As Treasury markets predicted, the FOMC raised its target range for federal funds by 25 basis points to 2.0%–2.25% at its meeting on Wednesday, Sept. 26. Perhaps more importantly, it also deleted the observation that policy remains accommodative
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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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TWEETS

PERSONAL BLOG

Latest Posts
Trump Asks: Should Corporate America Reveal Its Results Less Often?
President Donald Trump has asked Wall Street’s top regulator to look into whether U.S. companies should report their financial results less often, a move that could upend long-standing rules.
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 3 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.