Author: Neil Rose, CFA
Neil Rose, CFA, is the founder and CEO of Regency Capital Management.
The Price of Gains
2025 has been volatile this year, but not exceptional so. A reminder that the price for surpassing gains is discomfort.
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Investment Letter | August 2025

The S&P 500 may be hitting new highs, but the best value could lie in smaller, overlooked companies. Explore our 2025 small cap investing outlook, why these stocks may outperform, and how we’re positioning portfolios for quality, diversification, and long-term growth.
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5 Things the Market Thinks Right Now

Most money managers are guilty of only telling their side of the story—what they expect, where they see value. I know I am.
But it’s always wise to know what the market itself thinks. The market is the collective wisdom (and sometimes foolishness) of the millions of self-interested buyers and sellers trading right now.
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One Big Beautiful Bill Act: One Big Step Closer to Doom (Who Cares, Right?)

The national debt today is over $36 trillion, representing over 100% of GDP. The Congressional Budget Office (CBO) projects that the debt will exceed $52 trillion by 2035. And, if history repeats, actual numbers in 2035 will exceed estimates.
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Bonds Have a Place Again, Part II

In my February 7, 2025 post, Bonds Have a Place Again, I reflected on interest rates some five years after the peak of the Bond Bubble—when interest rates reached a low never seen in human history—and two years after bond prices finally crashed in 2022. I had summarized our approach to fixed income going forward: […]
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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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Five Years After the Bond Bubble

Nearly five years ago, bond yields dropped to levels never seen in the thousands of years humans have been lending to one another. The shortest maturity fixed-income securities yielded virtually zero in the U.S. and less than zero in Europe and Japan.
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