JULY 2025 CLIENT LETTER

July 2, 2025 Dear Valued Investor, As Americans get their grills and beach chairs ready for the July 4th holiday, the stock market and the weather across much of the country have both been on heaters. Stocks and bonds continue to effectively navigate a complex policy landscape shaped by evolving trade dynamics, geopolitical tensions, and […]

JUNE 2025 CLIENT LETTER

June 4, 2025 Dear Valued Investor, As June begins, markets continue to navigate a complex landscape shaped by trade policy shifts, an uncertain economic and earnings outlook, and bond market headwinds. Several key developments in recent weeks may have implications for markets: Trade Policy in Flux. The May 28 court ruling blocking most of President […]

MAY 2025 CLIENT LETTER

May 7, 2025 Dear Valued Investor, The latest recovery is another reminder that periods of turmoil can often create opportunities. Although stocks may pull back after their strong rally since the April 8 lows — especially if trade deals and tariff reductions don’t materialize soon — the lesson is clear: in our view, staying the […]

APRIL 2025 CLIENT LETTER

April 2, 2025 Dear Valued Investor, April showers came a month early as stocks fell in March. Tariffs were the primary cause of the market jitters, although that uncertainty became too much for markets to shrug off once economic data started to weaken. The U.S. economy had been poised to slow from last year’s pace […]

MARCH 2025 CLIENT LETTER

March 5, 2025 Dear Valued Investor, As spring approaches and the weather warms, the U.S. economy has begun to cool. After a sizzling recovery from the pandemic, followed by a period of surprisingly solid and steady growth on the back of resilient consumer spending, the economy finally seems poised to downshift to its pre-pandemic trend […]

FEBRUARY 2025 CLIENT LETTER

February 5, 2025 Dear Valued Investor, The new month brings two major market-moving stories to digest. First is the advances in artificial intelligence (AI) by Chinese startup DeepSeek. It has caused some investors to question America’s lead in the AI race and American Exceptionalism more broadly. To answer that question, it’s important to look at […]