![You Would Not Go to the Cardiologist for a Cavity](https://images.squarespace-cdn.com/content/v1/62c8c4dac05a5b460ef14c1e/1666987185310-C93TIW0RXX6AJ0NQXSYD/Copy+of+Professional+Dental+Clinic+Facebook+Post.png)
You Would Not Go to the Cardiologist for a Cavity
SCA was founded on a mutual conviction that the client should always come first. Being a small, independent advisor was appealing for the flexibility and customization it allows, but also the alleviation of many conflicts of interest. One of the largest conflicts of interest we sought to minimize was capturing the whole of someone’s wealth in products managed by only one manager. Asset managers have certain areas of the market, asset classes, and strategies they focus on and excel at investing in. We believe it is in our clients’ best interest to find the best solution in the area we are seeking to allocate capital. This led to our conscious decision not to have our own proprietary products.
![Quarterly CIO Letter: Third Quarter 2022](https://images.squarespace-cdn.com/content/v1/62c8c4dac05a5b460ef14c1e/1666144484010-6SRQ9CK5N0I6ICBJ3IWO/Minimalist+Style+Earn+Working+From+Home+Blog+Banner+%282%29.png)
Quarterly CIO Letter: Third Quarter 2022
The third quarter was quite a ride, adding to a painful year for investors. The market was strong in July and the beginning of August on a misreading of Federal Reserve Chairman Jerome Powell’s remarks. Investors were hoping for a Fed pivot, and were beginning to price it in. We saw it as a head fake and took advantage of the strength to take risk off the table. In mid-August the market started selling off as Powell confirmed at Jackson Hole that his stance remained decidedly hawkish and the Fed was committed to continuing to fight inflation.