News

1Q 2026 Recap & 2Q 2026 Outlook

Key Updates on the Economy & Markets The first quarter was eventful for markets. Stocks traded higher to start the year, with the S&P 500 posting a modest gain in January. However, the market traded lower in March due to escalating geopolitical tensions in the Middle East and the Strait…

03/24/26 | Chart of the Month

Software Stocks, AI Disruption, and the Importance of Diversification

The software industry has declined nearly -30% from its peak last October, one of the largest non-recessionary drawdowns in over 30 years. Figure 1 puts the decline in historical context alongside the other major software selloffs. The two largest drawdowns before the current one, the dot-com bust and the 2008…

03/19/26 | Market Update

Geopolitical Tensions and Market Volatility: Five Takeaways for Long-Term Investors

Geopolitical events can feel sudden, unsettling, and unpredictable. While headlines often trigger short-term market volatility, history shows that most geopolitical shocks have had a limited and temporary impact on long-term investment returns. Markets tend to process new information quickly, adjust to changing conditions, and refocus on economic fundamentals over time.…

03/19/26 | Market Update

U.S.–Iran Conflict: What’s Happening and What It Means for Markets

Over the past five days, markets have been navigating the most significant geopolitical event in the past several years. Below, we address the questions we’re hearing and what this means for your portfolio. Please don’t hesitate to reach out with any questions. We are here to help you navigate uncertainty…

03/17/26 | Monthly Letter

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…

Load More News