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2025 has been volatile this year, but not exceptional so. A reminder that the price for surpassing gains is discomfort.

A snapshot of the data behind today’s market narrative. Whether you're bullish, bearish, or somewhere in between, these visuals offer a view of what’s shaping sentiment and strategy.

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.

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.

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.

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.

In the world of retirement planning, the phrase "set it and forget it" has long been a favorite. For years, leaving your 401(k) from a previous employer untouched may have seemed like a safe, hassle-free strategy. But as market conditions become increasingly complex and uncertain, that autopilot approach may no longer serve your long-term financial goals.

For much of the past decade, fixed income felt like an afterthought. Ultra-low interest rates meant bonds offered little income and even less value. Then came 2022—when bond prices finally cracked under the weight of distorted valuations. Even now, many investors in broad bond indexes are still waiting to break even.

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: […]

A rollover individual retirement account (IRA) is an account used for the transfer of assets from a previous employer-sponsored retirement plan, like a 401(k) or 403(b). If you have left your job and have an old 401(k) or 403(b), you may want to roll that money into an IRA and begin to take control of it.

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.