Author: Kawika Shoji
Investment Letter | April 2025
We have experienced a benign 2025 so far despite a correction in the stock market and higher volatility. Modest stock allocations and gains in insurance stocks (our single largest industry exposure), gold, and newer fixed income buys have buoyed account values.
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The Elements of Value

It was a great year at Regency Capital. For me personally, I am learning, we are growing, and we continue to look for ways to improve. Part of this growth is to continually evaluate (kaizen) how we do things, our processes, and make sure we provide the value that clients deserve, value that also distinguishes us from competitors.
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Time to get back in the Game?

As humans, we are not emotionally equipped to handle short term pain for long term gain. We are a fight-or-flight species, after all, seeking immediate gratification and immediate relief. Successful investing, like a lot of things in life, requires us to disobey our biology and animal brains.
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