The views and opinions expressed are those of Hollencrest Capital Management and are subject to change without notice. This material is provided for informational purposes only and does not constitute an offer or solicitation to purchase or sell any security or commodity or invest in any specific strategy. It is not intended as investment advice and does not take into account each investor’s unique circumstances. Information has been obtained from sources believed to be reliable, but its accuracy, completeness and interpretation cannot be guaranteed. Past performance is no guarantee of future results.

The Paved and Unpaved Road

May 4th, 2018|by Michael Ashley Schulman, Perspectives, The Big Picture|


  • Price volatility in stocks and bonds is normal and does not necessarily mean that market direction has changed
  • Interest rate increases by central banks and the selling of bonds they’ve acquired (i.e., the reversal of their policy over the […]

Economic Participation

February 13th, 2018|by Michael Ashley Schulman, The Big Picture|

The breadth of participation in this economic expansion has been deep and broad, expect it to continue. The US recovery continues, with the pick-up in corporate earnings auguring well for a re-acceleration in wages and higher core inflation. In the euro area, the expansion […]


December 29th, 2017|by Michael Ashley Schulman, Perspectives, Themes|

Sweeping Rock and Sky, Joshua Tree, by Michael Ashley

Overall, we are positive on 2018.  Nonetheless, I believe cash has finally found a home again.

  • Cash is once again a viable investment option – rather than just a safety […]

Outlook for stepping into the New Year

December 29th, 2017|by Michael Ashley Schulman, Perspectives, The Here and Now|

Tree on Balboa Peninsula, December 2017, by Michael Ashley

How stocks perform in January/February depends on whether an uncomfortable amount of volatility returns.  The forward multiple assigned to the market puts pressure on companies to generate good results, speak ebulliently about their outlook, […]

A Tale of Two Bonds

December 6th, 2017|by Michael Ashley Schulman, Perspectives, The Here and Now|

Graph 3: From 12/6/16 to 12/6/17, theIt was the highest of yields, it was the lowest of yields, it was the age of up up up, it was the age of down down down, “it was the epoch of belief, it was the epoch […]