500 7th Ave, 9th Floor
New York, NY 10018
Astoria Portfolio Advisors
- Office: +1 (212) 381-1605
- Mobile: +1 (917) 862-1995
500 7th Ave, 9th Floor
New York, NY 10018
Despite rising global yields and renewed inflation concerns, equities moved higher in May on the...
Astoria’s founder, John Davi, is an award-winning research strategist and has over 20 years of experience spanning across Macro ETF Strategy, Quantitative Research, and Portfolio Construction. Before starting Astoria, he was the head of Morgan Stanley’s Institutional ETF Content and advised many of the world’s largest hedge funds and asset managers on ETF portfolio construction. John published hundreds of reports in his research career across a variety of topics from ETFs, indices, futures, and structured products.
John began his career in 2000 doing research on ETFs in Merrill Lynch’s Global Equity Derivatives Research group. John structured ETF portfolio solutions as early as 2002 for Merrill Lynch’s client base where several billion in assets were raised and executed. John’s research has been recognized and featured on ETF.com, ETFTrends.com, InsideETFs, Institutional Investor Magazine, and he is a regular contributor to CNBC, Bloomberg, and other media outlets. He was recognized by Bloomberg as an “ETF Master Chef.”
Bruce Lavine is the Head of ETFs and COO for Astoria Portfolio Advisors LLC. Bruce has a long history in the ETF and asset management business, beginning with Barclays Global Investors over 20 years ago. He was one of the earliest employees at iShares and had roles including CFO, Head of Product Development and CEO of iShares Europe. In 2006, Bruce joined WisdomTree as President and Chief Operating Officer. He was there for 15 years as an employee and member of the Board of Directors. Most recently, Bruce was the CEO of an ETF startup called NightShares. Bruce has an MBA and BS both from the University of Virginia and he is a Chartered Financial Analyst.
Michael Stulic is the Director of Investments for Astoria Portfolio Advisors. Within this capacity, he is responsible for client account management and investments. Michael brings over 20 years of experience within the financial industry and sell-side banking. His banking experience, largely within bulge bracket firms, consists of JPMorgan, Deutsche Bank, Credit Suisse, and Barclays. Having worked within Credit Derivatives, Emerging Markets, and Correlation trading along with more recent risk management experience within the liquidity, capital, and contingent liability risk stripes, Michael brings a diversified background and unique perspective to the firm.
Michael has achieved several notable designations over his career, consisting of the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), and Professional Risk Manager (PRM) designations. He is a graduate of Binghamton University with Bachelor of Science degrees in both Economics and Chemistry.
Nicholas Cerbone serves as a Vice President and Quantitative Strategist for Astoria Portfolio Advisors LLC. In this capacity, Nicholas assists in all aspects of portfolio construction and optimization of Astoria’s quantitative stock portfolios and cross-asset ETF models. Nicholas is a Summa Cum Laude graduate of Hofstra University with a Bachelor of Science degree in Mathematical Finance. He also achieved the Chartered Financial Analyst (CFA) designation in October of 2022.
Frank Tedesco is an ETF Portfolio Specialist and works in the Advisor Solutions Group at Astoria. Frank specializes in portfolio construction analytics, ETF selection, and tax management strategies.
He works intimately with both the firm’s investment committee and portfolio management teams to deliver solutions that best meet advisors’ objectives. Frank holds a BS in Finance from Fordham University’s Gabelli School of Business, where he graduated magna cum laude.
Pankaj Patel is the Head of Quantitative Analytics and Data Science at Astoria. He has over 20 years of experience in Quantitative Research, having worked at firms such as Credit Suisse, Evercore ISI, Cirrus Research, and Vedanta Analytics. Throughout his 20+ year career in finance, he has led the development and implementation of advanced quantitative products for major institutional and hedge fund clients. Notably, at Credit Suisse, he collaborated with the MIT Sloan School of Management to pioneer the first 130/30 index. Pankaj began his finance career as a Quantitative Analyst/Portfolio Manager at Weiss Peck & Greer, where he assisted in managing $1.5 billion using quantitative models.
Despite geopolitical risks, tariff concerns, inflation pressures, a government shutdown, and...
Dear Clients,
I wanted to take a moment to wish you and your families a happy and healthy holiday...
Despite early volatility, the Fed’s tone turned more dovish, sentiment improved, and odds of a...
I read an article that bonds are having a “good year” as the AGG index is up 7% year to date (as...
In a recent report, J.P. Morgan (click here) made headlines by highlighting what it calls the “...
Despite inflation concerns and revealed weakness in the labor market, equities rallied in Q3 with...
Equities posted positive returns in August amid a healthy Q2 earnings season and renewed hopes...
I just got back from Sicily, where my family, my brother’s family, and my parents visited ...
US equities extended their rally into July amid resilient Q2 earnings, progress on trade...
Despite volatility, equities post gains in first half of 2025.
When the Fed increased the M2 money supply by over 40% during the COVID crisis, our instinct was...
Where Are We in the Cycle?
How Is Astoria Positioned?
Are We Overweight or Underweight Risk...
A recent Wall Street Journal piece highlights a major trend in wealth management: over 80% of...
Despite inflation worries, fiscal deficit concerns, and continued geopolitical conflict, equity...
There’s nothing I’d rather do to celebrate my 47th birthday than write about the yield curve.
...
The fiscal outlook continues to deteriorate, and we believe the implications for both fixed...
Recent market activity has reignited discussion among market observers about the existence of a...
As of Friday, April 4th, the S&P 500 Index (SPX) has declined approximately 17% from its...
The most important point we wanted to communicate is that tariffs were a known unknown. The...
The US large-cap equity risk premium is near 20-year lows, implying little premium for taking...
Astoria shares its high conviction views and ETF statistics at large in January’s ETF macro...
Despite still stubborn inflation, a brief growth scare, less than expected interest rate cuts,...
Source: Bloomberg Podcast. December 6, 2024
For more news, information, and analysis, visit the ...
Amid the results of the US presidential election and resilient economic data, equities were up in...
Amid underwhelming Big Tech earnings, concerns regarding the path for Fed interest rate cuts,...
Market participation broadened beyond technology stocks during the third quarter.
The Federal Reserve has only cut 50bps in a non-emergency situation once in the past 40 years.
Major Indices Up in August Despite Volatility
Despite pullbacks and elevated volatility in the...
Powell’s presser not acknowledging a potential for a 50bps cut + BOJ surprise hike + poor ISM +...
Don’t get myopic and lose sight of the big picture. We had a 10-year period where investor...
As you probably know, Astoria has been vocal about diversifying away from market cap-weighted...
As we have seen, there has been a sizable rotation out of growth and into value-centric assets...
Russell 2000 Posts Best July Since 2022
Despite still-elevated inflation and uncertainty around monetary policy, all three major equity...
The markets are experiencing a growth scare, which we believe is validated by tight monetary...
Despite weakness in the last week of the month, all three major stock market indices were up in...
Last December, we put out our year-ahead outlook; we provided a roadmap explaining why we were...
In the ever-evolving landscape of finance, understanding market dynamics is paramount. At...
Amid hotter inflation, hawkish Fed commentary, and geopolitical tensions, all three major stock...
Despite still-elevated inflation and rate cut uncertainty, all three major stock market indices...
Astoria has been constructive since the rate of inflation materially fell, and earnings troughed...
2024 has marked a pivot of economic conditions that investors should consider.
Over the past two...
Amid a resilient economy and strong AI-related earnings, equities shrugged off inflation worries...
Good morning,
Wow, what a day for economic data on Friday. Payrolls expanded by 353K, twice as...
Amid a resilient labor market, strong economy, and moderating inflation, major stock market...
Good morning,
The left chart, courtesy of JP Morgan, shows the stock concentration in the S&P...
Astoria has followed Bitcoin, doing research since 2018.
On January 9, 2018, when Bitcoin traded...
This week, John Davi went on Schwab Morning Trade Live to share Astoria’s outlook, 2024: A...
Major Indices Post Gains in 2023, with Many Erasing 2022 Losses
Amid a resilient economy,...
Investors’ love affair with past winners isinsatiable. The ‘conventional wisdom’ on Wall Street...
The biggest risk for 2024 is that the Fed lowers rates and demand inflation resurfaces, creating...
If you wait for all of your indicators to turn positive, you will miss the rally (as most did in...
Amid increasing hopes that the Fed is done raising rates, softer inflation data, lower yields,...
Although US economic growth was stronger than expected, equities were down in October amid...
Amid higher for longer messaging from the Federal Reserve, rising longer-term US bond yields, and...
Despite expected increases in the August headline YoY and MoM CPI (consumer price index) report,...
When looking at growth relative to value via their respective Russell 1000 indices, growth is...
As of July’s end, both the S&P 500 Index and Nasdaq Composite Index posted their fifth...
The S&P 500 is up nearly 20% in 2023 as the “impossible” market rally continues. Making sense...
Deglobalization in the current global climate is a hotly contested topic amongst politicians and...
Despite uncertainty around macro fundamentals raising recession risks, all three major equity...
Astoria’s current macroeconomic framework points towards a constructive view on international...
2023 has been an extraordinarily confusing year for portfolio managers. Investors have generally...
We believe it continues to make sense for investors to hedge inflation risk, despite headline...
Despite debt ceiling worries, weak market breadth, and stubborn inflation , the Nasdaq 100 Index...
Astoria Portfolio Advisor’s Founder and CIO, John Davi, was featured on CNBC to discuss 2023 ETF...
Astoria presents macro data from early last week detailing how consumer and AI optimism could...
Despite bank failures and uncertainty regarding monetary policy and interest rates, equities...
Click here for original publication
There has been enough written about SIVB and what led to the...
Daily, Astoria monitors and tracks largely followed macroeconomic indicators to help us gauge the...
Astoria has recently created a new tool that provides further insights into their various stock...
Amid soaring inflation, high interest rates, geopolitical tensions, and recession concerns,...
Click to navigate to original publication
Amid easing inflation and hopes of reduced interest rate increases, equities were up in November...
Amid hopes for a slowing pace of interest rate hikes, equities mainly were up in October as the...
Click here to read Astoria’s Q4 Investment Outlook
This past weekend, we expressed to our followers that one of the tell-tale signs of a market...
There is an old Wall Street saying: “the stock market STOPS panicking when central banks START to...
There are 3 pertinent portfolio construction topics as we head into the fall:
On June 9th, we distributed a piece (click here) arguing that if CPI surprised to the upside, the...
Amid rising recession fears, inflation & interest rate concerns, and slowing economic growth,...
Bearish sentiments and charts have been circulating the media. We thought we would share this...
The Fed would have been ‘all-in’ if they hiked 100bps yesterday, but they settled on 75bps. The...
Meet a Strategist is a weekly feature where Evan Harp talks to different strategists about how...
Today’s CPI print delivered worse than expected inflation. We are once again at a 40-year high.
By Nick Cerbone
Forward-Looking Views on Upcoming CPI/PPI
Despite negative returns in April and market turbulence throughout May, equities finished...
On Tuesday, May 31, 2022, Astoria Portfolio Advisors and AXS Investments rang the opening bell at...
Astoria’s key message now is this: long duration assets are experiencing a recession while there...
April was a challenging month for equities as stocks declined
We’ve had plenty of growth scares over the past decade. This one is being driven by rates which...
Diversification is always smart. However, sticking to the same allocations may not pay off in...
The S&P 500 Index returned -4.6% during Q1 2022, and the MSCI All Country World Index fell...
First and foremost, our thoughts are with the people of the nation of Ukraine. The below...
On Thursday, February 24th, Russian President Vladimir Putin launched its invasion of Ukraine...
January 2022 CPI data are scheduled to be released onThursday, February 10, 2022, at 8:30 A.M.
Fed Ready to Raise? At the FOMC meeting on Wednesday, January 26th, the Federal Reserve kept the...
What does yesterday’s FOMC meeting mean for investors? Risks remained skewed to the...
Over the weekend, Barron’s Roundtable released their widely read top stock & fund picks for...
Wednesday will see the release of CPI, and Thursday will get PPI. As we have argued in the past,...
On Monday, January 3, 2021, Astoria’s John Davi was featured on CNBC as an “ETF expert” along...
Astoria has been quite vocal about using cyclical and inflation sensitive assets to provide...
Astoria Portfolio Advisors would like to thank Bloomberg Quicktake, Eric Balchunas, and Joel...
Based on 2021 or 2022 forward estimates, the following asset classes offer a real attractive...
Throughout June and August, Astoria’s CIO, John Davi, was featured as a judge on ETF Battles...
We believe there is another leg up in the inflationary assets. Astoria likes playing this...
Astoria has recently created a new section of our website; this will allow you to download all of...
A recent article in Advisor Perspectives highlighted how high CAPE ratios have historically...
For some time, our view has been that the economy is accelerating, bonds will struggle, investors...
Q2 Investment Committee Outlook: Is the early cycle phase over? No, but headwinds are mounting.
For most of the past decade, inflationary pressures were suppressed. Hence, deflationary assets...
Before we get into Astoria’s ETF Valuation Matrix, we wanted to alert you that we have updated...
We have seen significant price volatility (on the way up & down) on a handful of individual...
In the past month, Astoria Portfolio Advisors has attracted considerable coverage from acclaimed...
In the past couple of weeks, Astoria’s founder and CIO, John Davi, has been featured on both...
I wanted to send a few portfolio construction thoughts as we finish 2020, as well as two recent...
Investors’ love affair with past winners is insatiable. The ‘conventional wisdom’ on Wall Street...
There are several reasons why stocks have significantly rallied in recent months.
YTD and historical performance of Astoria’s dynamic ETF managed portfolios. Historical...
Astoria was recently interviewed by CNBC TV and Yahoo Finance to discuss why we believe investors...
Astoria Portfolio Advisors has invested a significant amount of resources on our technology,...
Astoria has received a number of inquiries from financial advisors regarding the probability that...
We also discuss a few strategic shifts we have implemented in our portfolios. Lastly, we provide...
Astoria was interviewed by CNBC TV on June 22, 2020, to discuss how to position your portfolio...
Astoria Portfolio Advisors appeared on CNBC earlier this week to discuss: Inflection point in...
Astoria was interviewed by CNBC on April 24, 2020 to discuss a variety of portfolio construction...
Astoria was interviewed by CNBC on February 19, 2020 to discuss the potential impact of the...
Because capital is always allocated looking for the highest return per unit of risk (liquidity...
From our perspective, one of the biggest stories in 2019 was the U.S. Federal Reserve’s complete...
Investors’ love affair with past winners is insatiable. The ‘conventional wisdom’ on Wall Street...
Astoria was interviewed on “ETF Prime Podcast: The Year In ETFs & 2020 Predictions” on...
Astoria was interviewed by CNBC on December 18, 2019 to answer the following questions:Which ETF...
Investors’ love affair with past winners is insatiable. The ‘conventional wisdom’ on Wall Street...
Astoria Portfolio Advisors has produced hundreds of pages of content in the past 3 months. Why do...
Notable value managers such as Joel Greenblatt, Warren Buffet, Leon Cooperman, and Seth Klarman...
Astoria’s Founder and CIO, John Davi, appeared on CNBC TV on September 23, 2019 to discuss...
Has there been any changes in the economy or fundamentals that have resulted in the recent rise...
Liquidity is very poor in August so investors should keep in mind that the moves in both the...
Astoria Portfolio Advisors been vocal about sticking with high quality stocks and bonds,...
Astoria’s Founder and CIO, John Davi, appeared on CNBC TV to discuss recession fears,...
Astoria’s Founder and CIO, John Davi, was interviewed by FOX Business on July 19, 2019...
Astoria’s Founder and CIO, John Davi, presented at the annual Inside Smart Beta Conference...
Astoria’s Founder and CIO, John Davi, will be presenting at the annual Inside Smart Beta...
Is data the new alpha?What role does Artificial Intelligence, Big Data, and Machine Learning play...
This isn’t the time in the cycle to take excessive risk. The easy money has already been...
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5491895.4.1.AM.RTL
SPD004323
Expiration: 11/30/2026
A long-running debate in asset allocation circles is how much of a portfolio an investor should...
In a digital age where information moves in milliseconds and millions of participants can transact...
