September Recap: Third Quarter 2025 Executive Summary
Equity Markets Risk On Equity Markets carried their strong momentum from Q2 into Q3, with the S&P 500, Nasdaq, and small-cap stocks each hitting new highs. Investor sentiment remained optimistic despite soft labor market data and mixed economic signals, and stocks traded higher due to strong corporate earnings, the Federal Reserve’s pivot toward rate cuts, […]
Small Cap Performance
Below are the calendar year and annualized returns for our small cap composite portfolio. Calendar Year Returns 2024 2023 2022 2021 2020 Small Cap Composite 1,2 +4.2% +25.2% -16.8% +52.0% +27.3% Russell 2000 Index2 +11.5% +16.9% -20.4% +14.8% +20.0% Annualized Returns Through Q3, 2025 As of 9/30/2025 Q3, 2025 YTD 1 Year 5 Years Inception […]
Markets Rise Despite Shutdown; Global Politics Take Center Stage – October 6, 2025
Good morning, Last week, equity markets climbed higher despite the ongoing government shutdown, with the S&P 500 Index gaining +1.08% for the week. Bond yields softened (prices up) as investors grew more confident that additional rate cuts are coming. While the official monthly jobs report was delayed due to the shutdown, we did get private-sector […]
The Can Isn’t Kicked—But Markets Don’t Care (Yet) – October 3, 2025
Good morning, I was off on Monday, thinking the week might be choppy with a government shutdown, but that things would smooth out by Friday with another can-kick—wrong. It’s Friday, the can hasn’t been kicked, the shutdown shows no end in sight, and yet the market is anything but bumpy—just quietly grinding higher. Market probabilities are usually anchored to […]
Chief Economist Jeanette Garretty on Bloomberg: The Asia Trade
October 2, 2025 – Chief Economist Jeanette Garretty joined Bloomberg: The Asia Trade to discuss the economic impact of the U.S. government shutdown and its potential effects on markets and growth. Watch Jeanette below.
The Latest on the QSBS: Your Guide to Avoiding Significant Taxes
The IRS recently released final regulations for catch-up contributions, a provision of the SECURE 2.0 Act. While the official application date is January 1, 2027, the changes are already set for 2026 and require your attention now.
Rate cuts, Trade Deals and Strong Earnings Power Stocks Higher in Q3
By John Lau, CPA, CFP® October 1, 2025 – Major stock indices continued the 2025 rally and surged to new all-time highs in the third quarter as economic growth remained stable, tariff increases were no worse than feared and the Federal Reserve cut interest rates, beginning the long-awaited rate-cutting cycle. Markets started the third quarter […]
Small Cap Q3 2025 Commentary
Strong performance Continues! The third quarter supercharged what was already an exceptional year for our small-cap strategy. Since inception, the portfolio has compounded at over 25% annually, a result we’re especially proud of given the environments we’ve navigated. Our record fully incorporates the COVID collapse, the 2022 bear market, and the April sell-off earlier this […]
No Government? No Problem — Markets Push Ahead – September 29, 2025
Good morning, Following a week that was essentially a push — the S&P 500 Index slipped just -0.31% — both stocks and bonds are starting the week higher (futures +0.5%) with less than two days to go before a potential government shutdown. Markets appear just as unfazed by the looming shutdown as they were by […]
Catching Up on the New Rules for High-Income Retirement Savers
The IRS recently released final regulations for catch-up contributions, a provision of the SECURE 2.0 Act. While the official application date is January 1, 2027, the changes are already set for 2026 and require your attention now.
Wealth Planning Commentary – September 22, 2025
The Fed Cut Rates. What About Your Debt? The Federal Reserve has recently lowered its benchmark interest rate and hinted at two more reductions this year. This pivotal move carries implications that will influence the economy and, more specifically, your personal finances. One critical area to review now is the liabilities section of your balance […]
Investment Commentary – September 22, 2025
Executive Summary The Fed cut interest rates as expected by 0.25% to 4.25%. The market response was bullish for riskier assets but did not do much for bonds. The bond market was pricing in 3 cuts before year-end, prior to the meeting, and three after, then into next year, the bond market is pricing in […]