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Wealth Management
Opportunities in Uncertain Times
A depressed stock market holds profits for investors who can overcome their fears.
We believe in being passive investors, but we don’t believe in necessarily being indexers. 
Michael H. Davis
Resource Consulting Group
Founder and CEO, Orlando
Assets under management: $1 billion
Minimum investment: Typically $1 million
Investing style: Davis sets the rules for portfolio rebalancing and uses sophisticated software to tell him when, for example, a certain sector is weighted too heavily because of gains or if it is time to buy a sector that has seen heavy losses. Davis also says that the silver lining of a down stock market is the opportunity to move assets to children or fix prior mistakes, such as moving assets from taxable to tax-deferred accounts or the other way around.
What he is buying: U.S. and international large-cap value stocks. Davis emphasizes low-cost investments, including Vanguard mutual funds and institutional funds from Dimensional Funds Advisors. On the fixed-income side, he likes short-term (one to two-years), high-quality bonds right now.
What he is selling: Early this year, he began trimming emerging market funds
Tax strategy: Davis, who says paying taxes on an investment later — or never — makes more sense in most cases. He emphasizes estate planning and charitable giving of highly appreciated investments.
