Why a strong economy doesn’t guarantee a rising stock market
November 4, 2026
October ended with an unpleasant reminder that markets don’t move in straight lines. Friday’s selloff, particularly among technology stocks, reflected growing concerns about elevated valuations and whether enormous investments in artificial intelligence will generate sufficient returns.
Yet the underlying American economy continues to demonstrate remarkable resilience. As the accompanying chart illustrates, GDP grew at a 3.4% annualized rate in the latest quarter.
This highlights an important distinction: Economic progress and investment returns are not the same thing. Artificial intelligence may prove to be one of the most transformative innovations of our lifetimes. But even revolutionary technologies can become poor investments when enthusiasm pushes prices beyond reasonable expectations. The technology can succeed while investors who overpay suffer. Meanwhile, the Federal Reserve held interest rates steady at its October meeting. Inflation remains stubbornly elevated, even as economic growth continues. Sound money and a stable monetary framework are essential ingredients of prosperity, yet the Fed cannot manufacture wealth.
As Americans vote today, the economic implications remain uncertain. Neither party has demonstrated much fiscal discipline or economic wisdom. Fortunately, long-term investment success depends far more on economic fundamentals than election outcomes.
We’ve also witnessed extraordinary volatility in precious metals this year. Gold and silver can provide valuable diversification and some protection against monetary instability, but they are hardly immune to speculation and dramatic price swings.
For investors, the lesson remains familiar but important. Valuation, diversification, liquidity, and disciplined risk management matter far more than predicting the next Fed decision, election result, or market correction.
Taylor’s Take: New Name, Same Commitment
As we publish our first newsletter under the Robertson Stephens banner, we want to thank you for the encouragement and confidence so many of you have expressed during our transition.
One of the most rewarding aspects of helping to build ALTIUS has been the quality of people we’ve had the privilege of working with, especially our clients and team. I’m delighted to say that the people we’ve come to know at Robertson Stephens share that same commitment to excellence, integrity, and personal relationships.
Our name has changed, but our people, principles, and dedication to your financial independence remain the same. Our new email addresses are:
Mike: michael.williams@rscapital.com
Taylor: taylor.dennis@rscapital.com
Jenn: jennifer.kreger@rscapital.com
Krescent: krescent.williams@rscapital.com
Also, on our most recent Capitalize Your Fridays podcast, Mike and I discuss the transition to RS in more detail.
Jenn’s Jangle: It’s About the Client Experience!
When people think about financial planning, they often picture spreadsheets, stock charts, and market updates. But from where I sit, helping with everything from your first phone call to your final paperwork, I know it’s about much more than numbers—it’s about you!
My goal every day is to make your financial life a little easier, with personal attention, clear communication, and a friendly voice whenever you need us. I recently attended Schwab IMPACT in Boston, where I explored new resources and had the pleasure of meeting several of our new Robertson Stephens colleagues. It was wonderful to see that they share our genuine commitment to taking great care of our clients.
We’re so grateful for the relationships we’ve built with you and look forward to being here for all of life’s changes, big and small!
Krescent’s Recommendation: RSVP to Our Upcoming Events
We are excited to officially be part of the Robertson Stephens team. Even though the ALTIUS brand is retired, our events are staying the same! We have two more events this year and look forward to seeing you there. We’ll continue to have our quarterly workshops, winter holiday party, and summer client appreciation party every year.
Looking Ahead with Jeanette Garretty
Tuesday, November 17th, 2026 at 6-8pm (Zoom)
RSVP Here (Email confirmation comes from Patty Wanandi, Robertson Stephens)
Q4 Workshop: Looking Ahead with Jeanette Garretty, Chief Economist & Head of Advisor Experience at Robertson Stephens. Jeanette will cover recent economic updates and provide her outlook for the end of the year and into 2027. This will be followed by Mike Williams’ Capital Markets Outlook, where Mike will provide updates around investment strategies as well as share more information about the ALTIUS and Robertson Stephens partnership.
RSVP for our Holiday Party
Thursday, December 3rd, 2026 4:30-7:30pm
1777 S. Harrison Street, Suite 810, Denver, CO 80210
A Thanksgiving Reflection
Thanksgiving has always been one of my favorite holidays. It’s an opportunity to step away from the daily noise of markets, politics, and the demands of life to appreciate what matters most. This Thanksgiving will be particularly meaningful for me. My mother passed away this past week, just over a year after we lost my father. They shared 66 years of marriage and built a remarkable life together, leaving behind a legacy of love, family, and countless memories. Some of you knew them personally, and I know how much those friendships meant to them.
Their passing has reminded me that while time is our most precious resource, it’s the people with whom we share it who give it meaning. As I reflect on this past year, I’m also especially grateful for the relationships we’ve built with so many of you over the decades. Your trust, friendship, and confidence have meant more to me than you may realize. From my family and our entire team, I wish you a wonderful Thanksgiving.
Michael Williams, CFP®
Robertson Stephens
michael.williams@rscapital.com
303-584-9271
Robertson Stephens paid no fee to obtain recognition but has paid licensing fees to reference its appearances on the Newsweek, USA Today, and FA Magazine rankings lists. See Awards Disclosures
