Director of Investments
David Cowles joined Mosaic Financial Partners in 1997. He and his staff work with the firm's advisors to design and implement appropriate investment strategies for clients. Dave chairs the firm’s Investment Committee and oversees all investment research, trading activity and portfolio management.
Dave brings over 30 years of diversified financial management experience to Mosaic Financial Partners. After graduating from California State University at Chico, Dave joined Coopers & Lybrand where he became Senior Manager responsible for several of this international professional services firm's largest clients. Later, Dave spent nine years in private industry in senior financial management positions.
A Certified Financial Planner™ professional, Dave has also completed Level I of the Chartered Financial Analyst® program. He received a Master of Science degree in Personal Financial Planning from San Francisco's Golden Gate University. Dave is also a CPA-retired.
In fact, David Cowles, director of investment for the San Francisco-based asset manager Mosaic Financial Partners Inc., said he moved out of the ETN and into the fund as soon as the BIZD launched.
“This is a nice way for us to get a little bit of exposure to the venture capital world without running into the hedge fund and private equity kind of investments,” Cowles said. “It has very high historical returns, but also very high volatility.”
Ironically, alternatives actually have become more correlated to the stock and bond markets since the financial crisis, said David Cowles, a certified financial planner and director of investments at Mosaic Financial Partners. One reason for that may be the proliferation of alternative mutual and exchange-traded funds. The large number of liquid alternative products on the market has made it easier to trade in and out of various asset classes, but the funds are also vulnerable to broad market selloffs, said Cowles.
Mosaic allocates about 30 percent of client portfolios to alternatives, up from roughly 10 percent a decade ago. The firm uses passive, low-cost mutual and exchange traded funds to gain exposure to alternatives. Advisors who participated in Morningstar's recent survey allocated 5 percent to 15 percent to alternatives.
"You are still getting a benefit in terms of portfolio diversification with alternatives, but you are getting less of a benefit than you would have gotten before the financial crisis," Cowles said.
"We like passively managed funds," says David Cowles, director of investments for financial advisers Mosaic Financial Partners in San Francisco. "For example, if a fund decides to sell international stocks for 12 months, that's market timing, which we don't like."