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Market Leadership Broadens as Rotation Continues

Monthly Market Summary The S&P 500 Index declined -0.8% in February, but the headline masked broad underlying strength. The equal-weighted S&P 500 gained +3.5%, Large Cap Value rose +2.6%, and the Russell 2000 added +0.8%, as the rotation toward smaller and more value-oriented companies continued. In contrast, Large Cap Growth…

02/28/26 | Monthly Letter

Stocks Trade Higher as Market Leadership Broadens

Monthly Market Summary The S&P 500 Index gained +1.5% in January, setting a new high as it traded above 7,000 for the first time. Large Cap Growth declined -1.5% as tech stocks traded lower, while Large Cap Value rose +4.6%. The Russell 2000 returned +5.4% and set new highs as…

02/17/26 | Chart of the Month

Why Two Identical Salaries Can Lead to Very Different Retirement Lifestyles

Many people spend their careers focused on reaching the next salary milestone or securing a promotion, but financial progress shouldn’t be measured by your paycheck alone. The decisions you make in your peak earning years are just as important as the size of your paycheck. One of the most significant…

01/17/26 | Chart of the Month

Bonds Are Starting to Act Like Bonds Again

The bond market is emerging from a turbulent few years marked by shifting market conditions and increased volatility. Figure 1 graphs the MOVE Index, a measure of volatility in the U.S. Treasury market. Like the more well-known VIX Index, higher readings signal expectations for more bond market volatility. The bond…

12/31/25 | Quarterly Letter

4Q 2025 Recap & 1Q 2026 Outlook

Key Updates on the Economy & Markets Markets navigated a complex environment in Q4. The quarter started with a government shutdown, which lasted 43 days and delayed key economic data releases. The lack of timely information made it difficult to assess the economy’s strength and contributed to periods of volatility…

12/29/25 | Monthly Letter

Markets Digest the Path of Interest Rates & the Next Phase of the AI Cycle

Monthly Market Summary The S&P 500 Index returned +0.2% in November, its seventh consecutive monthly gain. Large Cap Growth declined -1.8% as AI-related names came under pressure, while Large Cap Value rose +2.7%. The Russell 2000 and the Dow Jones Index both outperformed the S&P 500 as mega-cap tech stocks…

12/26/25 | Chart of the Month

Portfolio Allocation Drift: Is It Time to Rebalance Small Cap Exposure?

The S&P 500 has delivered strong returns over the past two years, setting 57 all-time highs in 2024 and adding more than 35 in 2025. Large-cap stocks have benefited from a combination of AI enthusiasm, resilient earnings, and strong economic growth. However, one corner of the market has been noticeably…

11/30/25 | Monthly Letter

Stocks Hit New Highs as Market Navigates Shutdown, Fed Policy, & AI Spending

Monthly Market Summary The S&P 500 Index rose +2.3% in October, bringing its year-to-date return to +17.5%. Large Cap Growth stocks gained +3.6% and outperformed the index, while Large Cap Value returned +0.4%. Major stock indices set new highs, with the S&P 500, Dow Jones, Nasdaq 100, and Russell 2000…

11/13/25 | Chart of the Month

S&P 500 Sets More Than 35 New Highs for Second Consecutive Year

The stock market is having another record-setting year. The chart below shows the S&P 500 has set 36 new highs since the start of the year. While it’s a decline from last year’s pace, the number of new highs in 2025 ranks 18th compared to the past 98 years. The…

10/17/25 | Chart of the Month

Consumers Are Optimistic About the Market, But Cautious on the Economy

Recent consumer survey data has revealed a widening gap between how consumers view the stock market and the economy. The dark blue line tracks the percentage of consumers who believe the stock market will rise over the next year, while the light blue line shows the University of Michigan’s Consumer…

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