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Pence Financial Group - San Jose, CA

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Pence Financial Group - San Jose, CA

Transform your hard-earned wealth into a purpose-driven legacy. At King Wealth Planning, we’re retirement guides. We’ll find out what’s most important to you.

Our financial advisors have 30+ years of industry experience and can help you with retirement planning, investment management, or wealth preservation. Our clients trust us to lead them through the maze of financial planning decisions and investment choices they need to make. That’s been our specialty for more than 20 years. We invented the WealthGUIDE process to provide an organized and systematic

approach to keep you on the retirement path. If you decide to work with us, we’ll become your personal partner. Then we’ll use our well tested set of tools and resources to take you where you want to go, so you can live life to the fullest. Paul King is a registered principal with, and Securities offered through LPL Financial, Member FINRA/SIPC. www.finra.org
www.sipc.org
Financial planning offered through King Wealth Planning, Inc. a registered investment advisor and separate entity from LPL Financial. For a list of states in which I am/we are registered to do business, please visit www.kingwealth.com

Third party posts found on this profile do not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness.

05/20/2026

Energy Shock Expected to Hit Prices Harder Than the Economy

Jeffrey Roach, PhD, Chief Economist, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/energy-shock-expected-to-hit-prices-harder-than-the-economy.html

Headlines surrounding the Middle East have dominated investor attention since late February. While uncertainty remains elevated, diplomatic negotiations have supported equities, even as fixed income and commodity markets continue to reflect potential risks. Recent economic data suggest the U.S. economy muddles on, though supply chain disruptions, higher shipping costs, and elevated energy prices are current headwinds. In our view, however, these pressures pose a greater risk to inflation than to economic growth. Below, we outline the implications for businesses and consumers.

05/07/2026

AI Wave Continues to Power Technology Earnings Boom

Jeffrey Buchbinder, CFA, Chief Equity Strategist, LPL Financial
Brian Booe, Associate Analyst, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/ai-wave-continues-to-power-technology-earnings-boom.html

In investing, the goal is to find assets that appreciate. That can be accomplished in different ways. One way is to find businesses that aren’t growing very fast but can be purchased at a low enough valuation that the investment can perform well. Another way to find potentially good investments is by identifying businesses (or groups of businesses that make up an index) that are growing rapidly but the market underestimates that growth. Some refer to this as “growth at a reasonable price” investing. Whatever style of growth an investor might pursue, it’s clear that finding growth that the market doesn’t expect may be a path to success. That’s what we see in the technology sector currently — a sector with very strong earnings growth that, in our view, is not being sufficiently rewarded in the marketplace due to ongoing AI skepticism.

04/24/2026

Rethinking Fixed Income Allocation in a Multi‑Polar World

Lawrence Gillum, CFA, Chief Fixed Income Strategist, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/rethinking-fixed-income-allocation-in-multi-polar-world.html
As we wrote in our recent Rate and Credit View, the case for global bonds has strengthened as the structure of fixed income markets — and the sources of risk within them — have become increasingly asymmetric. The U.S. bond market represents less than half of global fixed income outstanding, yet many portfolios remain overwhelmingly concentrated in U.S. Treasuries and credit, effectively tying outcomes to a single fiscal authority, a single central bank, and domestic yield curves. Expanding beyond U.S. borders meaningfully enlarges the opportunity set. Non‑U.S. developed markets and emerging economies operate under differentiated monetary regimes, demographic profiles, and business cycles, creating dispersion in yields, duration profiles, and policy paths that can be harnessed through active allocation. Emerging market debt and hedged non-U.S. developed market debt offer compelling income potential and diversification benefits, supported by lower correlations to both U.S. Treasuries and U.S. equities when constructed thoughtfully.

Recent geopolitical developments have further improved the value argument of global investing within fixed income markets. Escalating tensions surrounding Iran and broader instability in the Middle East have driven periodic spikes in energy prices and have put upward pressure on bond yields through inflation expectations and term premia. In many non-U.S. developed countries, bond yields — despite falling on Friday following the announcement that the Strait of Hormuz was open to commercial traffic — remain among the highest levels seen in decades, offering both income and potential price appreciation opportunities. Currency, credit, and liquidity risks are inherent in global fixed income and must be managed selectively, but they also represent sources of return for disciplined investors. While not for everyone, in our view, a modest 5–10% allocation to global bonds within higher-risk fixed income portfolios can enhance income, reduce concentration risk, and improve overall portfolio resilience in an increasingly complex macro and geopolitical environment.

04/15/2026

The Economy Takes Multiple Shocks in Stride

Jeffrey Roach, PhD, Chief Economist, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/the-economy-takes-multiple-shocks-in-stride.html
Outside of energy commodities, capital markets posted a downbeat March as cross-asset volatility spiked in response to the outbreak of hostilities in the Mideast, and kicked off April in similar, choppy fashion before posting a swift bounce following last Wednesday’s two-week ceasefire agreement. While a positive breakthrough, it may still be a little too early to sound the ‘all clear’ as the flow of oil through the Strait of Hormuz remains constrained. Don’t forget, behind today’s headlines, the economy is still dealing with negative trade and immigration shocks and a positive artificial intelligence (AI) shock.

As we discussed in the latest Economic Navigator, whether volatility becomes lasting is ultimately an economic question. Persistent market stress tends to follow when risks transmit into the real economy through slower growth, shifting inflation dynamics, weakening labor markets, or tighter financing conditions. If volatility remains contained — without a sustained tightening in financial conditions or a measurable deterioration in economic indicators — the macro impact is usually limited. The focus, therefore, should be on monitoring the transmission mechanism from risk to economic activity, not the catalyst itself.

04/01/2026

Earnings Likely to Grow Double-Digits Again; Will Markets Care?

Jeffrey Buchbinder, CFA, Chief Equity Strategist, LPL Financial
Adam Turnquist, CMT, Chief Technical Strategist, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/earnings-likely-to-grow-double-digits-again-will-markets-care.html

Earnings drive stock prices over time, but not all the time. Clearly, we’re in an environment where stocks are moving on developments in the Mideast and related moves in oil prices and interest rates. At the risk of writing about something that markets may not care much about right now, here we share some thoughts on the upcoming earnings season and the earnings outlook for the rest of the year.

Despite the sharp rise in oil prices and interest rates in March, our expectation is that the upcoming earnings season will be solid. While companies with business models sensitive to oil and rates may strike a more cautious tone in their outlooks, we expect to again be impressed by the resilience of corporate America, bolstered by our energy independence.

Our confidence in the earnings outlook for 2026 has not wavered, and future earnings are available to investors at a discounted price following the stock market pullback. While today may not mark the stock market low, and our technical analysis work points to heightened risk of some additional near-term downside, our belief that 2026 will be a good year for stocks on the back of solid economic growth and strong earnings has not changed. Once a path to ending the conflict becomes clear and oil and interest rates come back down, stocks should get a nice jolt to the upside as earnings recapture investor attention.

03/25/2026

PRIVATE CREDIT UNDER PRESSURE: LIQUIDITY MISMATCHES IN AI-DISRUPTED CYCLE

Lawrence Gillum, CFA, Chief Fixed Income Strategist, LPL Financial
Mike McClain, CFA, Alternative Investment Research Analyst and Due Diligence, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/private-credit-under-pressure-liquidity-mismatches-in-ai-disrupted-cycle.html

Corporate credit markets have become unsettled about the potential for advanced agentic AI tools from firms such as Anthropic and OpenAI to automate functions across legal, analytical, marketing, and sales workflows, effectively targeting the software as a service (SaaS)/enterprise software space. Those concerns are highest within the private credit market, and that market is confronting its most meaningful stress test since becoming a dominant source of non‑bank financing, with an emerging wave of redemption pressure providing the clearest early signal of underlying liquidity mismatches. The suspension of redemptions across several large non‑traded vehicles has exposed how appraisal‑based valuations, limited secondary‑market liquidity, and concentrated exposures in enterprise software can interact in a higher‑rate environment. These events are occurring against a macro backdrop defined by tighter financial conditions for some, weakening borrower fundamentals, and accelerating AI‑related disruption, all of which are challenging the optimistic underwriting assumptions embedded in loans originated mostly during the 2020–2021 cycle. As redemption requests rise and managers respond through asset sales, return‑of‑capital programs, or permanent gating, we continue to advocate for investing in managers who apply disciplined, conservative valuation methodologies, with portfolios composed of senior secured debt securities.

03/18/2026

WHY OIL PRICES MATTER LESS - BUT STILL MOVE HEADLINE INFLATION

Jeffrey Roach, PhD, Chief Economist, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/why-oil-prices-matter-less-but-still-move-headline-inflation.html

Lower oil “intensity” — less oil used per dollar of economic output — means energy shocks have a smaller impact on growth than in past decades. And from the supply side, the U.S. is now a net exporter of petroleum products. Because we produce more than we import, the economy is less affected by volatile oil prices than during the 1970s and ‘80s, for example.

Despite less reliance on oil, higher oil prices will add pressure to inflation. If energy costs stay elevated, inflation could rise again, potentially delaying interest rate cuts from the Federal Reserve (Fed). Geopolitical uncertainty remains a risk. Conflicts in the Middle East could disrupt supply chains and increase price volatility in key commodities like oil.

03/11/2026

MARKET TESTED AS IRAN CONFLICT CONTINUES

Jeffrey Buchbinder, CFA, Chief Equity Strategist, LPL Financial
Adam Turnquist, CMT, Chief Technical Strategist, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/markets-tested-as-iran-conflict-continues.html

In our 2026 Outlook: The Policy Engine, we listed several risks to stocks that could prevent the S&P 500 from achieving our forecast for high-single-digit returns in 2026 (to a fair value target range of 7,300–7,400). One was narrow stock market leadership. Well, as mega cap technology leadership faded in recent months, the cyclicals and defensives picked up the slack. The traditional market-cap-weighted S&P 500 Index is down 1.5% year to date as of March 6, 2026, but the average stock in the index is up 3.2%.

Another risk we cited was a potential artificial intelligence (AI) bubble. Although scrutiny on AI and fears of business model disruption have increased, we wouldn’t call AI a bubble with NVIDIA (NVDA) shares trading at a price-to-earnings ratio (P/E) of 21.6 based on the consensus earnings estimate over the next four quarters (by no means is this a recommendation, but NVDA grew revenue more than 70% and nearly doubled its net income last quarter). Rising interest rates and midterm elections, both largely non-factors so far, were also on our 2026 risk list.

What about geopolitical risk? Yes, it was there, too. Last week reminded us why geopolitical threats should always be on lists of risks from Wall Street strategists. It’s just a matter of time before it comes around again. Our key message for investors dealing with these unnerving headlines and market volatility is simple. Be patient. Stay diversified. Maintain balanced portfolios that include some investments well-positioned for volatility. Look for opportunities on the other side. Those who ride out the ups and downs, in time, will be grateful they did.

03/04/2026

HOW LPL RESEARCH THINKS ABOUT DIVIDENDS

Thomas Shipp, CFA, Head of Equity Research, LPL Financial
Adam Turnquist, CMT, Chief Technical Strategist, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/how-lpl-research-thinks-about-dividends.html

Dividend strategies, a.k.a. equity income strategies, have outperformed to start the year, owing to the value-led cyclical rotation we are seeing in domestic equity markets. Looking beyond current performance, this week, we ask and answer the question “How should I think about dividend stocks or building an equity income portfolio?”

02/25/2026

LPL RESEARCH'S 2026 STRATEGIC ASSET ALLOCATION

George Smith, CFA, CAIA, CIPM, Portfolio Strategist, LPL Financial
Craig Brown, Head of Quant Research, LPL Financial

https://www.lpl.com/research/weekly-market-commentary/lpl-research-2026-strategic-asset-allocation.html

LPL Research’s Strategic Asset Allocation (SAA) sits at the center of our portfolio construction process because it defines how we expect diversified portfolios to generate more stable long-term outcomes across shifting market environments. The SAA is the long-term plan for how major asset classes work together in a portfolio. It sets target weights for stocks, bonds, and diversifiers over a three-to-five-year horizon with the goal of improving risk-adjusted returns through balance, valuation discipline, and purposeful diversification. We review it annually to reflect meaningful shifts in long-run drivers like growth, inflation, interest rates, and asset class characteristics. The 2026 update seeks steady compounding by rightsizing equity risk, anchoring in high-quality fixed income, and preserving sleeves in real assets and select alternatives so portfolios remain resilient across a range of outcomes. In this edition of the Weekly Market Commentary, we highlight some key elements of the 2026 SAA update.

Address

51 E. Campbell Avenue
Campbell, CA
95008

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://pencefinancialgroup.com/

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