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AI and Geopolitics Continue to Drive Markets

Monthly Market Summary The S&P 500 Index gained +5.3% in May and set multiple new all-time highs. Technology led all S&P 500 sectors with a +16.0% return, followed by Consumer Discretionary (+2.6%) and Health Care (+2.5%). However, eight of eleven sectors traded lower, led by Energy (-5.6%), Utilities (-5.1%), and…

05/29/26 | Chart of the Month

3 Financial Planning Questions with Higher Gas Prices

The national average price of a gallon of gasoline has climbed above $4.50, up nearly 50% since the start of the U.S.-Iran conflict in late February. The cause is a global oil supply disruption. Approximately 20% of the world’s oil moves through the Strait of Hormuz, a shipping route in…

05/04/26 | Monthly Letter

Stocks Set New Highs as Geopolitical Tensions Ease

Monthly Market Summary The S&P 500 Index gained +10.5% in April, recovering its March decline and setting a new high. Communication Services led all S&P 500 sectors with a +18.5% return, followed by Technology (+17.5%) and Consumer Discretionary (+11.7%). Nine of eleven sectors traded higher as stocks recovered from the…

04/22/26 | Chart of the Month

Market Volatility: The Best Days and Worst Days Travel Together

The stock market’s best and worst days tend to arrive together, and the early months of 2026 offered a timely reminder. The S&P 500 fell nearly -10% from its late-January high through the end of March as the U.S.-Iran conflict sent oil prices surging more than +60%. Headlines about the…

04/15/26 | Quarterly Letter

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…

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