News

Stocks Trade Higher as Federal Reserve Signals Rate Cut

Monthly Market Summary The S&P 500 Index rose +2.1% in August, bringing its year-to-date return to +10.7%. Large Cap Value stocks led with a +3.2% gain, while Large Cap Growth gained +1.2%. Health Care was the top-performing sector. Six additional S&P 500 sectors also outperformed the index, while Utilities and…

08/22/25 | Chart of the Month

How Withdrawal Rates Impact Your Portfolio in Retirement

Many people spend years preparing for retirement by saving and investing, but planning shouldn’t stop once the paychecks do. Transitioning from earning income to withdrawing it from your portfolio is a major shift with a new set of risks and decisions. This period, known as the distribution phase, requires careful…

08/07/25 | Monthly Letter

Stocks Trade Higher on Strong Q2 Earnings & Trade Deals

Monthly Market Summary The S&P 500 Index rose +2.3% in July, pushing its year-to-date return to +8.4%. Large Cap Growth stocks led with a +3.7% gain, while Large Cap Value gained +0.6%. Utilities was the top-performing sector, with the Technology, Industrials, and Energy sectors also outperforming the S&P 500. Defensive…

07/17/25 | Chart of the Month

Lessons from the ’90s: How AI Is Powering a New Investment Cycle

Technology spending is accelerating at the fastest pace in decades. Figure 1 shows investment in information processing equipment and software grew +14% year-over-year (YoY) in Q1 2025, the fastest pace since the late 1990s. During the dot-com era, investment in computers and software grew over +15% YoY before collapsing in…

07/08/25 | Quarterly Letter

2Q 2025 Recap & 3Q 2025 Outlook

Key Updates on the Economy & Markets After a volatile start to the year, the stock market staged a strong rebound over the last three months. In Q1, market sentiment was cautious due to rising policy uncertainty, concerns about slower economic growth, and questions about the longer-term outlook in the…

06/24/25 | Chart of the Month

Corporate Earnings Off to a Solid Start in 2025

The stock market’s performance is a function of two variables: earnings and valuations. A company generates profits, and investors assign a multiple to those profits, such as 15x or 20x earnings, to determine the company’s valuation. This year, earnings have been in the spotlight as policy uncertainty around tariffs and…

06/01/25 | Monthly Letter

Reflecting on the YTD Market Volatility & Recovery

Monthly Market Summary The S&P 500 Index returned +6.3%, its strongest 1-month return since November 2023. Large Cap Growth stocks led the rally, with the Nasdaq 100 and Russell 1000 Growth gaining +9.2% and +8.9%, respectively. Technology was the top-performing S&P 500 sector for a second consecutive month, with the…

05/24/25 | Chart of the Month

Understanding the Difference Between Soft and Hard Economic Data

Soft and hard economic data are back in the news as trade policy changes. Soft data, such as surveys, measures sentiment, expectations, intentions, and how respondents feel about the economy. In contrast, hard data measures actual results and activity, such as production, spending, and job growth. While they typically move…

05/01/25 | Monthly Letter

Rising Policy Uncertainty Leads to Increased Market Volatility

Monthly Market Summary The S&P 500 Index returned -0.9%, outperforming the Russell 2000 Index’s -2.3% return. Technology was the top-performing S&P 500 sector, followed by Consumer Staples, Industrials, and Utilities. Energy returned -13.9% as oil prices fell -18.6%. Bonds ended the month unchanged despite intra-month volatility, with the U.S. Bond…