OBBBA in 2026: What the New Law Means for High-Net-Worth and Ultra-Wealthy Taxpayers
With the One Big Beautiful Bill Act (OBBBA) of 2025 now fully in effect, the tax and planning framework for 2026 and beyond is clearer. For the ultra wealthy, it’s a boon. For the high wealth taxpayers, the outcome is more mixed. The widely feared expiration of the Tax Cuts and Jobs Act did not occur: lower income tax rates and elevated […]
2025 Market Recap: Strong Returns Across Assets, Elevated Valuations, and Falling Rates Set the Stage for 2026
Equities The S&P 500 returned 17.9% in 2025 and ended the year just off an all-time high, capping a 37% recovery from the April lows as the economy and corporate profits proved far more resilient than markets feared from tariffs and geopolitical events. Exuberance of the prospects for Artificial Intelligence was a key aspect of […]
Passing the Baton: What Powers the Economy Into 2026
Welcome to 2026. The traditional image of the baby who brings in the new year seems modestly inappropriate as the US economy enters what, by many measures, represents the 198th month of an economic expansion that started in the third quarter of 2009. There have indeed been quarters of negative growth during this time period, most notably during the spring […]
A Tired but Intact Trend to Start the Year – January 5, 2026
Good morning, Welcome to the new trading year—I hope your holidays were joyous. Few would have expected the year’s opening headlines to be dominated by the capture of Nicolás Maduro and developments in Venezuela. Markets, however, have largely shrugged. Aside from Venezuelan sovereign debt, activity has been limited. Energy markets are seeing increased inquiry, but […]