Dear Clients, The second week of February has historically been a bit slippery for the market, and this year is no exception. We saw a similar pattern last year as well. Seasonality doesn’t determine long-term outcomes, but it can help explain some of the short-term...

Dear Clients, While the S&P 500 Index is more or less flat on the year, the experience beneath the surface has been anything but calm. We have seen an elevated level of volatility as investors reposition portfolios and leadership rotates away from the “AI” cohort...

Dear Clients, The market selloff we are experiencing will pass. Periods like this are often driven by a convergence of short-term factors rather than a deterioration in underlying fundamentals. In this case, recent pressure has been influenced by developments in the...

Recent market volatility has been uncomfortable, but it’s important to step back and focus on what is actually happening beneath the surface rather than reacting to short-term headlines. From a fundamental standpoint, the backdrop remains constructive. Corporate...

Opportunity Within the Cycle: Why the Bull Market Likely Continues—For Now Markets often send mixed signals near the middle-to-late stages of long cycles and today is no exception. On the surface, we are seeing what appears to be a contradiction: record capital...

Dear Clients, Periods of market volatility have a way of stirring emotions—even for those of us who have spent decades navigating them. Recently, we’ve witnessed what we see as a shift in leadership among stocks. Many of the companies that powered markets higher over...

Dear Clients, The selloff we experienced earlier in the year has been replaced by a strong and sustained rally. Over the past several weeks, stocks have reached multiple new all-time highs, reminding us that markets often move in ways that inflict “pain” on the most...

Dear Valued Client, As we shared with you a few weeks ago, we began reducing stock exposure in client portfolios throughout July. This move was a tactical decision, based on our expectation of seasonal weakness that often occurs as we move into the Fall months. Now...

Dear Clients, As we move through the heart of summer, we want to take a moment to reflect on what has been a dynamic first half of the year and share our thoughts on what may lie ahead. From Volatility to Recovery The markets endured a bumpy ride this past April, with...

Over the past several weeks, we’ve seen renewed volatility in the markets. Many of you have asked what's driving these swings—and more importantly, what it all means for the future. We wanted to offer some perspective on the larger strategy unfolding behind the...