Investing Without Solid Footing – July 28, 2026
Good morning, Investing is fundamentally about discounting the future. The clearer that future appears, the easier investing feels. Today, it feels unusually difficult because no one knows what comes next in Iran—whether regarding its nuclear program or its control over the Strait of Hormuz. Few variables have greater influence over the direction of the global […]
Ten Charts for the Week that Was: Webinar Bonus Edition
Chief Economist Jeanette Garretty provides 5 economic charts covering topics including first time home buyers, housing affordability, gas sales, the “Fed put”, and British business investments.
Watching the High Bar For Earnings, Inflation and Iran – July 20, 2026
Good morning, With apologies, this morning’s Morning Note will be brief. I am deeply under the weather with some sort of summer ailment—cold, flu, or simply a good old-fashioned beatdown. Speaking of a beatdown, that also describes last week’s action across the major indices, led lower by semiconductors specifically and technology more broadly. It was […]
Location, Location, Taxation: Where You Hold Your Investments Matters as Much as What You Own
When it comes to portfolio construction, we understandably spend a lot of time on asset allocation – deciding how much to carve out for equities, bonds, real estate, and alternatives. It’s a driver of your long-term returns. But there is a second, quieter decision that can quietly boost your portfolio’s bottom line without requiring you […]
Week of July 20, 2026 – Weekly Economic Commentary
The return of war, or almost-war, somewhat unexpectedly dominates the economic debate. As oil prices return to the $90/bbl levels last seen in early June—and $100 Brent crude is a distinct near-term possibility—the question of what comes next and how countries and their economies will respond looms large. Should the MOU (Cease Fire Memorandum […]
Technology’s Correction Faces Another Test – July 17, 2026
Good morning, The market narrative that emerged in June has carried over into July: profit-taking in technology—particularly semiconductors—with much of those proceeds rotating into more defensive sectors of the market. The major indices this week reflect that pattern: Semiconductors remain the lifeblood of the AI revolution. At their peak earlier this year, the Philadelphia Semiconductor […]
Earnings Season Takes Center Stage But With A Lot Of Noise – July 13, 2026
Good morning, After one of its strongest two-month rallies on record, the S&P 500 has largely stalled over the past six weeks. The index sits just 0.9% below its June 2 record high, making this the ninth-longest stretch without a new high since the start of 2021. Yet despite that drought, the S&P 500 remains […]
Markets Look Past Iran, but Tech Remains Under Pressure – July 10, 2026
Good morning, With little in the way of major economic data or earnings announcements this week, markets have been anything but quiet during the first full week of July. Another round of White House rhetoric regarding Iran, coupled with increased military activity in the region, triggered a mid-week selloff in stocks and bonds while oil […]
Small Cap Q2 2026 Commentary
One Year and Long-Term Results Remain Strong! The portfolio gave back a portion of its strong first-quarter gains and trailed The Russell 2000 Index during the second quarter. While disappointing in the short run, periods like this are an expected part of our investment approach. More importantly, the one year, rolling five-year and since-inception performance, […]
June 2026 Monthly Markets Update
Q2 2026 Executive Summary Stocks staged a strong recovery in Q2, with the S&P 500 gaining +15% and finishing near record highs. The Middle East conflict and oil shock that started in Q1 continued for most of Q2, but oil prices fell as the two sides worked toward a ceasefire agreement. Meanwhile, investors’ enthusiasm for […]
July Begins with a Healthier Market Than the Headlines Suggest – July 6, 2026
Good morning, June came to a close mid-week last week, just as investors were preparing for the extended holiday weekend and escaping the Northeast heat. For what is historically one of the market’s weaker months, returns were generally better than average—everywhere except technology, somewhat ironically. The defining theme of June was profit-taking in technology stocks, […]
Mid-Year Market Update
By John Lau, CPA, CFP® July 1, 2026 – The stock market delivered a strong recovery during the first half of 2026, reaching new all-time highs despite several unexpected challenges. Investors navigated geopolitical tensions, higher oil prices, persistent inflation, and changing interest rate expectations. Yet the market remained remarkably resilient. The primary driver of the […]