Category: Letters

Neil Rose, CFA on investing, July 2026: cognitive dissonance at record highs, the case for TIPS, and finding hidden tech in wide-moat businesses. Wealth management needs a framework.

2026 has already delivered two major inflection points: a generational leap in AI capability and the U.S.-Iran war. In this investment letter, Neil Rose shares why Regency Capital remains defense-first and breaks down what the Iran conflict means for oil, markets, and our current portfolio positioning.

A detailed 2025 year‑end letter from Regency Capital Management Fund L.P., providing investment performance results, commentary on market conditions, long‑term strategy, risk management philosophy, and a breakdown of current holdings.

Reflections on Regency Capital’s first five years—core values, lessons learned, client focus, team culture, and a commitment to continuous improvement.

When people think about working with a financial advisor, they often think about investments first. While portfolio management is a very important component, it represents only part of the value we bring.

Markets remain strong but increasingly concentrated in a few tech giants. This letter discusses diversification strategies, AI-driven trends, risks of index investing, and macroeconomic factors shaping 2026.

A grounded take on the current bull market, investor behavior, and the long-term promise of AI.

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.

I recently reviewed the latest version of President Trump’s tax proposal, informally branded the “Big Beautiful Bill” and officially titled the One Big Beautiful Bill Act. While the name sounds more like theater than policy the proposed bill has some large ramifications for all of us.

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.

As far as investments and what's going on today, I'm still sleeping just fine. I think you should, too. The roadmap laid out in previous letters has been followed. Stock levels are low, and what we have is outperforming overall.

The 27th Sony Open, Hawaii’s only annual professional sporting event, concluded last week at Waialae Country Club, and what an incredible event it was!