WealthVest Macro: Navigate Uncertainty

Concise messaging about the macro-economic trends and topics influencing the markets, interest rates and the economy.

The goal isn’t more opinions—it’s clearer understanding

Meet Tim Pierotti, Chief Investment Strategist

Former Hedge Fund Analyst & Portfolio Manager | Equity Researcher at Deutsche Bank and BMO

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“I can join the chorus of people that are giving great feedback regarding Tim Pierotti presentation to my team. It’s refreshing to find an economist that can provide an economic update and subsequently translate that into how we can help our clients. It’s great knowing we have partners like Wealthvest that provide so much support to our program. Between economic updates, industry roundtables and sales support, Wealthvest has really turned into a key partner for our program. Thanks for your partnership. I look forward to even a better year in 2023.”

Andrew Hahn
Senior Executive, Program Manager
Northwest Investment Services
“We were fortunate to have Tim Pierotti as the featured speaker on a regional call. Tim has a unique ability to break down detailed economic information into an easily understandable and entertaining presentation. He is very engaging and his talk generated significant audience participation, questions and discussion as well as follow-up requests for copies of his materials. I hope we can have him back for additional events!”

David Kaluza
Growth Officer
Cetera Investment Services
“I found Tim to be a very Insightful, well educated resource that was able to deliver a very easy to understand Macro-Economic picture of the economy and the risk and opportunities to look for. Both myself and my colleagues with multiple years of Experience found Tim’s insight to be very direct and refreshing. It was nice to hear a common Man’s approach to a very complex subject. (the Economy) Tim’s presentation was very concise and informative. I would be comfortable putting Tim Pierotti in front of any Group of Advisors, Senior Executives or Clients.”

Bob Carroll
Vice President, Relationship Manager
Osaic Institutions
“We are always looking to provide our advisors valuable insights on Economic Outlook, Practice Management, Product Trends, and other strategies. Tim’s presentation was well paced, and provided a great deal of timely economic data alongside relevant and personalized analysis. We received great feedback from the audience, and we’ve even had the team request a copy of the presentation, or a copy of the recording for them to listen back. We would love the opportunity to partner with you on future calls like these. Thank you!”

Angelo Pietri
Vice President, Relationship Manager
Osaic Institutions

About Tim

A professional man with light skin, wearing a dark suit, white shirt, and pink tie, looking directly at the camera with a neutral expression.

Tim Pierotti is a distinguished equity researcher with over 25 years of experience in various aspects of the equities business. Prior to joining WealthVest in 2022, Tim spent seven years in Equity Research management roles at Deutsche Bank and most recently at BMO where he was a Managing Director and Head of US Product Management. Tim has 11 years of investment experience most notably as Head of Consumer Research and Portfolio Manager at The Galleon Group, a former NY based $8Bln Long/Short hedge fund. Tim is a graduate of Boston College and lives in Summit NJ.

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THE GROWTH OF PRIVATE EQUITY’S ROLE IN US ANNUITIES

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Bar chart showing U.S. fixed annuity sales from 2012 to 2022, with the total sales increasing from $72 billion in 2012 to $210 billion in 2022. The chart illustrates the rapid growth, with Athena's market share rising from 100% in 2012 to 91% in 2022. A red dashed line indicates an overall increasing trend in sales over the years.

Tim’s Weekly Blog Posts

Featured

Greenland, Tariffs, Context, Questions

The news upsetting markets this morning is the President’s announcement that he will impose punitive tariffs on European countries standing in opposition to the US acquisition of Greenland. S&P futures are looking down by about 1.5%. The dollar is weak as are Treasuries and the crypto complex. Risk off and sell US based assets is the trend of the morning. Gold is up and silver is parabolic. The world has come to take the President’s tariff threats seriously and seem to be anticipating that the Europeans are finally willing to take aggressive measures specifically against globally dominant US technology companies.

Pierotti For Fed Chair

Today, after much prayer and deliberation, I am launching my campaign to be the next Chairman of the Federal Reserve. Unlike the other candidates running for this office, I am running as a “Run it Cool” candidate. I know it’s a long shot given the President seems dead set on a candidate from the “Run it Hot” Party, but I think the President should hear me out, because the run-it-hotters might be good for markets near-term, but they sure aren’t going to help in the midterms.

‘Tis the Season of Forecasting Folly

“We see stocks rising 10% in 2026 to our new target of 7600 for the S&P (some will go to 8000 for the headline attention). We see earnings growing by 10-12% and we assume the earnings multiple to remain constant. We see the economy growing by 2-3% and for the US consumer to remain resilient. We do expect some volatility in markets, but we would be buyers on weakness. We expect the economic and inflationary impact of tariffs to fade next year and fiscal support from the “One Big Beautiful Bill” to support business investment. We believe that as inflation settles down, the Fed will cut two to three times. Our favorite sector remains mega-cap tech driven by the transformative and productivity-generating power of AI”

The Good and the Bad of a Third Fed Mandate

There is an old saying that I remember from my early days on Wall Street that “Only Fed Chairs who defeat inflation go to Heaven”. Given Chair Powell has allowed inflation to run above the 2% target for over four years, I’m not confident about his future ethereal direction of travel. In my experience over the years, at almost every FOMC press conference, Powell has sounded more dovish than I thought he would and has proven time and again to mistakenly underestimate the persistence of inflationary pressures.

Nothing but Bad Options for the Fed

Over the weekend, Renaissance Macro’s outstanding market economist Neil Dutta made a compelling argument that there is mounting evidence that a potential inflection in unemployment may be upon us.