I recently shared a thought on LinkedIn about the striking parallels between wildfires and poor political leadership. Both forces inflict damage that is often hidden until it is too late. The economic toll, the erosion of the environment, and the lingering health risks. All of these are the "lagging indicators" of neglect. By the time you see the smoke, the damage is often already done. I believe that we face a similar landscape when it comes to our governance and planning fo

The past year has reminded investors that markets can climb a wall of worry even as the news cycle feels unsettled. Artificial intelligence has remained the dominant capital spending theme, equity leadership has narrowed, and safe-haven demand has driven gold to repeated highs. Away from the headlines, the mechanics that ultimately compound client wealth have been more prosaic: starting valuations, real cash yields, and decent, if uneven, earnings delivery.

Global equity investors have enjoyed a remarkable run. The world’s premier stock market index, the S&P 500, rose 24% in 2023, another 23% in 2024, and 16% in 2025. With long-term average returns in the 8-10% range, three consecutive years of above-average performance is something to be grateful for. This time last year, we discussed with clients the possibility that downside volatility could return after two strong years. It did.