[{"data":1,"prerenderedAt":866},["ShallowReactive",2],{"all-insights":3,"all-checkins":608},[4,84,174,289,451],{"id":5,"title":6,"author":7,"body":8,"category":73,"date":74,"description":18,"extension":75,"featured_image":76,"meta":77,"navigation":78,"path":79,"seo":80,"stem":81,"summary":82,"__hash__":83},"insights/insights/january-moved-fast.md","January Moved Fast","Second 50 Financial",{"type":9,"value":10,"toc":66},"minimark",[11,15,19,24,27,30,34,37,53,57,60],[12,13,6],"h1",{"id":14},"january-moved-fast",[16,17,18],"p",{},"Markets wasted no time in 2026. The S&P 500 posted strong gains in January, fueled by continued AI-driven momentum and better-than-expected earnings from major technology companies. But beneath the headline numbers, the story was more nuanced.",[20,21,23],"h2",{"id":22},"what-happened","What Happened",[16,25,26],{},"Large-cap growth stocks led the charge, extending the trend that defined much of 2025. Meanwhile, small-cap stocks and international equities offered mixed signals, with some pockets of strength in European markets and continued headwinds in emerging markets.",[16,28,29],{},"Fixed income saw modest volatility as the market digested the Federal Reserve's updated guidance on rate policy. The yield curve continued to normalize, and credit spreads remained tight — a sign that bond markets are not pricing in significant recession risk.",[20,31,33],{"id":32},"how-we-are-positioned","How We Are Positioned",[16,35,36],{},"For our client families, the key takeaway is that portfolios built for the long term are designed to navigate exactly these kinds of environments. We are:",[38,39,40,44,47,50],"ul",{},[41,42,43],"li",{},"Maintaining our strategic asset allocation targets",[41,45,46],{},"Selectively rebalancing where drift has created opportunity",[41,48,49],{},"Continuing to favor quality across both equity and fixed income holdings",[41,51,52],{},"Monitoring tax-loss harvesting opportunities in international positions",[20,54,56],{"id":55},"looking-ahead","Looking Ahead",[16,58,59],{},"February brings the next round of economic data, including employment reports and consumer spending figures. We will be watching closely, but our investment philosophy remains unchanged: disciplined, diversified, and focused on your long-term plan.",[16,61,62],{},[63,64,65],"em",{},"Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.",{"title":67,"searchDepth":68,"depth":68,"links":69},"",2,[70,71,72],{"id":22,"depth":68,"text":23},{"id":32,"depth":68,"text":33},{"id":55,"depth":68,"text":56},"Market Commentary","2026-01-31","md","/images/insights/checkincartoonjan2026.jpg",{},true,"/insights/january-moved-fast",{"title":6,"description":18},"insights/january-moved-fast","A look at what happened in markets during January 2026 and how we are positioning portfolios heading into the new year.","aywqDxdPXRKmbG8ZgtmDsZx-dWL-1srM-LEufPneffs",{"id":85,"title":86,"author":7,"body":87,"category":165,"date":166,"description":94,"extension":75,"featured_image":167,"meta":168,"navigation":78,"path":169,"seo":170,"stem":171,"summary":172,"__hash__":173},"insights/insights/year-end-update.md","Year End Update",{"type":9,"value":88,"toc":159},[89,92,95,99,102,105,109,130,134,148,152,155],[12,90,86],{"id":91},"year-end-update",[16,93,94],{},"2025 was a year of surprises — most of them pleasant, at least for equity investors. As we close the books, here is what mattered, what we learned, and how we are thinking about the year ahead.",[20,96,98],{"id":97},"the-year-in-review","The Year in Review",[16,100,101],{},"U.S. equity markets delivered strong returns for the second consecutive year, driven by a handful of mega-cap technology companies and the accelerating AI investment cycle. The S&P 500 finished the year well above where most strategists expected.",[16,103,104],{},"But it was not a straight line. Markets navigated geopolitical uncertainty, shifting expectations around Federal Reserve policy, and a brief but notable correction in the third quarter that tested investor resolve.",[20,106,108],{"id":107},"what-worked","What Worked",[38,110,111,118,124],{},[41,112,113,117],{},[114,115,116],"strong",{},"Staying invested",": The biggest risk in 2025 was being on the sidelines. Market timing would have been punishing.",[41,119,120,123],{},[114,121,122],{},"Quality bias",": Companies with strong balance sheets and consistent earnings outperformed, particularly in the back half of the year.",[41,125,126,129],{},[114,127,128],{},"Tax management",": Active tax-loss harvesting during the Q3 correction created meaningful value for taxable portfolios.",[20,131,133],{"id":132},"what-we-are-watching-for-2026","What We Are Watching for 2026",[38,135,136,139,142,145],{},[41,137,138],{},"Federal Reserve rate policy and the path of short-term interest rates",[41,140,141],{},"Earnings growth broadening beyond mega-cap technology",[41,143,144],{},"Geopolitical risk, particularly around trade policy and energy markets",[41,146,147],{},"Continued evolution of AI's impact on corporate productivity and margins",[20,149,151],{"id":150},"your-plan-comes-first","Your Plan Comes First",[16,153,154],{},"As always, your investment portfolio exists to serve your financial plan — not the other way around. Whether 2026 brings calm or volatility, your plan was built for both.",[16,156,157],{},[63,158,65],{},{"title":67,"searchDepth":68,"depth":68,"links":160},[161,162,163,164],{"id":97,"depth":68,"text":98},{"id":107,"depth":68,"text":108},{"id":132,"depth":68,"text":133},{"id":150,"depth":68,"text":151},"Year-End Review","2025-12-31","/images/insights/checkincartoondec2025.jpg",{},"/insights/year-end-update",{"title":86,"description":94},"insights/year-end-update","Reflecting on the year that was and what it means for the year ahead. Key takeaways for your portfolio and plan.","bRenmBs7U_62TNjyuzhQKclWYFHjPqh5Y9mIxibKNdY",{"id":175,"title":176,"author":7,"body":177,"category":280,"date":281,"description":184,"extension":75,"featured_image":282,"meta":283,"navigation":78,"path":284,"seo":285,"stem":286,"summary":287,"__hash__":288},"insights/insights/ai-boom-vs-internet-bubble.md","AI Boom vs Internet Bubble",{"type":9,"value":178,"toc":274},[179,182,185,189,192,212,216,219,239,243,246,249,263,267,270],[12,180,176],{"id":181},"ai-boom-vs-internet-bubble",[16,183,184],{},"The comparisons are inevitable. A transformative technology. Soaring stock prices. Massive capital expenditure. Talk of a \"new paradigm.\" If you lived through the late 1990s, the current AI investment cycle feels familiar. But is the comparison fair?",[20,186,188],{"id":187},"the-parallels","The Parallels",[16,190,191],{},"There are genuine similarities between the AI boom and the internet bubble:",[38,193,194,200,206],{},[41,195,196,199],{},[114,197,198],{},"Concentrated gains",": A small number of companies are driving the majority of market returns, just as in 1999.",[41,201,202,205],{},[114,203,204],{},"Massive CapEx",": Companies are spending tens of billions on AI infrastructure, often before the revenue materializes.",[41,207,208,211],{},[114,209,210],{},"Narrative-driven valuations",": Some companies are being valued on what they might become, not what they currently earn.",[20,213,215],{"id":214},"the-differences","The Differences",[16,217,218],{},"But there are important differences that make a direct comparison misleading:",[38,220,221,227,233],{},[41,222,223,226],{},[114,224,225],{},"Real revenue and earnings",": Unlike the dot-com era, the leading AI companies are generating enormous cash flows. These are not speculative startups — they are among the most profitable businesses in history.",[41,228,229,232],{},[114,230,231],{},"Proven technology",": AI is already being deployed at scale across industries, from healthcare to finance to manufacturing. The internet in 1999 was still finding its use cases.",[41,234,235,238],{},[114,236,237],{},"Market structure",": Today's markets are more institutional, more liquid, and better regulated than in the late 1990s.",[20,240,242],{"id":241},"what-it-means-for-your-portfolio","What It Means for Your Portfolio",[16,244,245],{},"We are not dismissing the risks of concentration or stretched valuations. But we also recognize that the AI investment cycle is different in meaningful ways.",[16,247,248],{},"Our approach:",[38,250,251,254,257,260],{},[41,252,253],{},"Maintain diversification across sectors and geographies",[41,255,256],{},"Own the beneficiaries of AI adoption, not just the hype",[41,258,259],{},"Rebalance systematically to manage concentration risk",[41,261,262],{},"Stay focused on your financial plan, not market narratives",[20,264,266],{"id":265},"the-takeaway","The Takeaway",[16,268,269],{},"Every transformative technology creates both opportunity and excess. The key is distinguishing between the two — and having a plan that does not depend on getting the timing right.",[16,271,272],{},[63,273,65],{},{"title":67,"searchDepth":68,"depth":68,"links":275},[276,277,278,279],{"id":187,"depth":68,"text":188},{"id":214,"depth":68,"text":215},{"id":241,"depth":68,"text":242},{"id":265,"depth":68,"text":266},"Investment Strategy","2025-11-15","/images/insights/checkincartoonnov2025.jpg",{},"/insights/ai-boom-vs-internet-bubble",{"title":176,"description":184},"insights/ai-boom-vs-internet-bubble","Is the AI trade the next dot-com? We look at the parallels, the differences, and what it means for long-term investors.","0DorShZ8-xzQoXbpv7Jgr2K8v4W3ayy7G8uxQeDLbtg",{"id":290,"title":291,"author":7,"body":292,"category":280,"date":444,"description":300,"extension":75,"featured_image":67,"meta":445,"navigation":78,"path":446,"seo":447,"stem":448,"summary":449,"__hash__":450},"insights/insights/private-equity-portfolio.md","Co-Investment Portfolio — Inside Our Private Markets Success",{"type":9,"value":293,"toc":437},[294,298,301,305,308,311,337,341,361,365,391,395,398,425,429,432],[12,295,297],{"id":296},"understanding-private-equity-in-your-portfolio","Understanding Private Equity in Your Portfolio",[16,299,300],{},"For families with significant investable assets, private equity often comes up as a potential allocation. The promise is compelling: access to high-growth companies before they go public, with the potential for outsized returns. But private equity is not for everyone, and understanding the trade-offs is essential.",[20,302,304],{"id":303},"what-is-private-equity","What Is Private Equity?",[16,306,307],{},"Private equity refers to investments in companies that are not publicly traded on a stock exchange. These investments are typically made through funds managed by specialized firms that acquire, improve, and eventually sell businesses over a multi-year time horizon.",[16,309,310],{},"Common strategies include:",[38,312,313,319,325,331],{},[41,314,315,318],{},[114,316,317],{},"Buyout funds",": Acquiring established companies, improving operations, and selling at a profit",[41,320,321,324],{},[114,322,323],{},"Growth equity",": Investing in companies that are already profitable but need capital to scale",[41,326,327,330],{},[114,328,329],{},"Venture capital",": Early-stage investments in startups with high growth potential",[41,332,333,336],{},[114,334,335],{},"Secondaries",": Purchasing existing private equity fund interests from other investors",[20,338,340],{"id":339},"the-potential-benefits","The Potential Benefits",[38,342,343,349,355],{},[41,344,345,348],{},[114,346,347],{},"Return potential",": Historically, top-quartile private equity funds have outperformed public equity markets over long time periods",[41,350,351,354],{},[114,352,353],{},"Diversification",": Private equity provides exposure to a different set of companies and economic drivers than public markets",[41,356,357,360],{},[114,358,359],{},"Active value creation",": Unlike passive public market investing, PE managers actively work to improve the companies they own",[20,362,364],{"id":363},"the-trade-offs","The Trade-Offs",[38,366,367,373,379,385],{},[41,368,369,372],{},[114,370,371],{},"Illiquidity",": Capital is typically locked up for 7-10 years. You cannot sell your position on demand.",[41,374,375,378],{},[114,376,377],{},"Fees",": Private equity funds charge management fees (typically 1.5-2%) plus performance fees (typically 20% of profits above a hurdle rate)",[41,380,381,384],{},[114,382,383],{},"Dispersion",": The difference between top-quartile and bottom-quartile PE funds is enormous. Manager selection matters far more than in public markets.",[41,386,387,390],{},[114,388,389],{},"Complexity",": PE investments require careful legal review, tax planning, and ongoing monitoring",[20,392,394],{"id":393},"how-we-think-about-it","How We Think About It",[16,396,397],{},"At Second 50, we believe private equity can play a meaningful role in portfolios above a certain size — typically $5M+ in investable assets. But we approach it with discipline:",[399,400,401,407,413,419],"ol",{},[41,402,403,406],{},[114,404,405],{},"Only with appropriate clients",": Illiquidity must be manageable within your overall financial plan",[41,408,409,412],{},[114,410,411],{},"Manager selection is paramount",": We conduct rigorous due diligence on fund managers, track records, and terms",[41,414,415,418],{},[114,416,417],{},"Appropriate sizing",": PE should complement, not dominate, a diversified portfolio",[41,420,421,424],{},[114,422,423],{},"Tax coordination",": PE investments create complex tax situations that must be integrated with your broader tax strategy",[20,426,428],{"id":427},"the-bottom-line","The Bottom Line",[16,430,431],{},"Private equity is a powerful tool when used appropriately. But it requires patience, sophistication, and the right advisory team. If you are considering adding private equity to your portfolio, the conversation should start with your financial plan — not the latest fund pitch.",[16,433,434],{},[63,435,436],{},"This content is for informational purposes only. Private equity investments involve significant risk, including the potential loss of capital. Past performance does not guarantee future results.",{"title":67,"searchDepth":68,"depth":68,"links":438},[439,440,441,442,443],{"id":303,"depth":68,"text":304},{"id":339,"depth":68,"text":340},{"id":363,"depth":68,"text":364},{"id":393,"depth":68,"text":394},{"id":427,"depth":68,"text":428},"2025-10-01",{},"/insights/private-equity-portfolio",{"title":291,"description":300},"insights/private-equity-portfolio","See the real results of our premier private market co-investments — from SpaceX and Anthropic to Anduril and Agility Robotics. Access typically reserved for institutions, now available to qualified clients.","Je4_CMHpy6FbzW56hNxYbsNj3Qwl92Rr1OsdXoWYgTY",{"id":452,"title":453,"author":7,"body":454,"category":600,"date":601,"description":462,"extension":75,"featured_image":67,"meta":602,"navigation":78,"path":603,"seo":604,"stem":605,"summary":606,"__hash__":607},"insights/insights/retirement-income.md","What Most Advisors Get Wrong About Retirement Income",{"type":9,"value":455,"toc":588},[456,460,463,467,470,496,500,503,508,511,515,518,522,525,529,532,535,546,550,553,556,573,577,580,583],[12,457,459],{"id":458},"building-a-retirement-income-strategy-that-lasts","Building a Retirement Income Strategy That Lasts",[16,461,462],{},"The transition from accumulating wealth to drawing on it is one of the most significant financial shifts a person can experience. After decades of saving and investing, the question changes from \"how do I grow this?\" to \"how do I make this last?\"",[20,464,466],{"id":465},"the-core-challenge","The Core Challenge",[16,468,469],{},"Retirement income planning must account for several competing demands:",[38,471,472,478,484,490],{},[41,473,474,477],{},[114,475,476],{},"Longevity",": A healthy 65-year-old couple has a significant probability of at least one spouse living past 90",[41,479,480,483],{},[114,481,482],{},"Inflation",": Even modest inflation erodes purchasing power significantly over a 25-30 year retirement",[41,485,486,489],{},[114,487,488],{},"Market volatility",": Withdrawing from a portfolio during downturns can permanently impair its longevity",[41,491,492,495],{},[114,493,494],{},"Lifestyle",": Most people want to maintain — or improve — their standard of living in retirement",[20,497,499],{"id":498},"the-bucket-strategy","The Bucket Strategy",[16,501,502],{},"One framework we use with clients is the \"bucket\" approach, which segments your portfolio by time horizon:",[504,505,507],"h3",{"id":506},"bucket-1-now-years-1-3","Bucket 1: Now (Years 1-3)",[16,509,510],{},"Cash and short-term bonds covering 2-3 years of living expenses. This is your stability anchor — it ensures you never have to sell growth assets during a downturn.",[504,512,514],{"id":513},"bucket-2-soon-years-4-10","Bucket 2: Soon (Years 4-10)",[16,516,517],{},"Intermediate-term bonds and income-producing investments. This bucket generates steady cash flow and refills Bucket 1 over time.",[504,519,521],{"id":520},"bucket-3-later-years-10","Bucket 3: Later (Years 10+)",[16,523,524],{},"Growth-oriented investments — equities, real estate, and alternatives. This bucket is designed to outpace inflation and extend the life of your portfolio.",[20,526,528],{"id":527},"social-security-optimization","Social Security Optimization",[16,530,531],{},"For most retirees, Social Security is a significant source of guaranteed income. The decision of when to claim — and how to coordinate claiming strategies for married couples — can be worth hundreds of thousands of dollars over a lifetime.",[16,533,534],{},"Key considerations:",[38,536,537,540,543],{},[41,538,539],{},"Delaying benefits from 62 to 70 increases monthly payments by approximately 77%",[41,541,542],{},"Spousal and survivor benefits create opportunities for optimized household income",[41,544,545],{},"Tax implications vary significantly based on other income sources",[20,547,549],{"id":548},"tax-efficient-withdrawal-sequencing","Tax-Efficient Withdrawal Sequencing",[16,551,552],{},"The order in which you draw from different account types — taxable, tax-deferred (401k/IRA), and tax-free (Roth) — has a major impact on your after-tax income and the longevity of your portfolio.",[16,554,555],{},"A thoughtful withdrawal strategy considers:",[38,557,558,561,564,567,570],{},[41,559,560],{},"Current and projected tax brackets",[41,562,563],{},"Required Minimum Distributions (RMDs)",[41,565,566],{},"Roth conversion opportunities in lower-income years",[41,568,569],{},"State tax implications",[41,571,572],{},"Medicare premium surcharges (IRMAA)",[20,574,576],{"id":575},"our-approach","Our Approach",[16,578,579],{},"At Second 50, retirement income planning is not a one-time calculation — it is an ongoing process. We build and maintain a comprehensive cash flow model that is updated at least annually and stress-tested against a range of market and economic scenarios.",[16,581,582],{},"The goal is not just to make your money last. It is to give you the confidence to live fully, knowing that your plan is built to endure whatever comes next.",[16,584,585],{},[63,586,587],{},"This content is for informational purposes only and does not constitute investment advice. Individual circumstances vary. Consult with your financial advisor before making any changes to your retirement plan.",{"title":67,"searchDepth":68,"depth":68,"links":589},[590,591,597,598,599],{"id":465,"depth":68,"text":466},{"id":498,"depth":68,"text":499,"children":592},[593,595,596],{"id":506,"depth":594,"text":507},3,{"id":513,"depth":594,"text":514},{"id":520,"depth":594,"text":521},{"id":527,"depth":68,"text":528},{"id":548,"depth":68,"text":549},{"id":575,"depth":68,"text":576},"Retirement Planning","2025-09-15",{},"/insights/retirement-income",{"title":453,"description":462},"insights/retirement-income","Traditional distribution planning is built on two fundamental flaws. Monte Carlo simulations assume markets are random, and planning tools ignore private alternatives. Here's why we built The Second 50 Method.","zVt0q9aUfu2vBwsRVO940g5MoELtZmip80_yn_RYmto",[609,661,709,758,811],{"id":610,"title":611,"body":612,"cartoon_image":76,"date":74,"description":67,"extension":75,"meta":656,"navigation":78,"path":657,"seo":658,"stem":659,"subtitle":6,"__hash__":660},"checkIns/check-ins/january-2026.md","January 2026 Market Check-In",{"type":9,"value":613,"toc":651},[614,618,622,625,628,632,635,638,640,643,646],[12,615,617],{"id":616},"january-2026-market-check-in-january-moved-fast","January 2026 Market Check-In: January Moved Fast",[20,619,621],{"id":620},"market-overview","Market Overview",[16,623,624],{},"January set a brisk pace for 2026. The S&P 500 extended its winning streak from 2025, driven by strong earnings reports from technology leaders and continued enthusiasm around artificial intelligence investments.",[16,626,627],{},"Bond markets held relatively steady, with the 10-year Treasury yield hovering around 4.2%. The Federal Reserve signaled patience on further rate adjustments, keeping markets in a holding pattern on monetary policy.",[20,629,631],{"id":630},"portfolio-impact","Portfolio Impact",[16,633,634],{},"Client portfolios benefited from the continued strength in U.S. large-cap equities. International diversification provided modest headwinds, as the strong dollar weighed on foreign-denominated returns.",[16,636,637],{},"We used the month's strength to selectively rebalance portfolios that had drifted above their equity allocation targets — a disciplined approach to managing risk while markets are accommodating.",[20,639,56],{"id":55},[16,641,642],{},"Earnings season continues into February, and we will be watching for signs that corporate profitability is broadening beyond the technology sector. We remain constructive on the outlook but vigilant about concentration risk.",[16,644,645],{},"As always, your plan is built for all market environments. January's strength is welcome, but it does not change our long-term approach.",[16,647,648],{},[63,649,650],{},"This commentary is for informational purposes only and does not constitute investment advice.",{"title":67,"searchDepth":68,"depth":68,"links":652},[653,654,655],{"id":620,"depth":68,"text":621},{"id":630,"depth":68,"text":631},{"id":55,"depth":68,"text":56},{},"/check-ins/january-2026",{"title":611,"description":67},"check-ins/january-2026","K5GpNbc3D0adazcII4s-yfySX4Qc9cjrekN8vHYlRxY",{"id":662,"title":663,"body":664,"cartoon_image":167,"date":166,"description":67,"extension":75,"meta":703,"navigation":78,"path":704,"seo":705,"stem":706,"subtitle":707,"__hash__":708},"checkIns/check-ins/december-2025.md","December 2025 Market Check-In",{"type":9,"value":665,"toc":698},[666,670,672,675,678,680,683,686,688,691,694],[12,667,669],{"id":668},"december-2025-market-check-in-year-end-reflections","December 2025 Market Check-In: Year End Reflections",[20,671,621],{"id":620},[16,673,674],{},"December brought a fitting close to a strong year for equity markets. The S&P 500 finished 2025 with impressive gains, marking back-to-back years of above-average returns. Small-cap stocks, after lagging for much of the year, showed signs of life in the final quarter.",[16,676,677],{},"The Federal Reserve delivered its final rate decision of the year with no surprises, and bond markets ended the year on a stable note. Credit markets remained healthy, with corporate bond spreads at historically tight levels.",[20,679,631],{"id":630},[16,681,682],{},"2025 rewarded patient, diversified investors. While concentration in mega-cap technology stocks dominated the headlines, balanced portfolios with exposure to fixed income, international markets, and alternative investments also delivered solid risk-adjusted returns.",[16,684,685],{},"Tax-loss harvesting activity in Q3 and Q4 created meaningful value for taxable accounts, offsetting gains and improving after-tax outcomes.",[20,687,56],{"id":55},[16,689,690],{},"As we enter 2026, we are cautiously optimistic. Valuations in some segments of the market are stretched, but earnings growth remains supportive. We will continue to focus on what we can control: asset allocation, tax management, and keeping your plan on track.",[16,692,693],{},"Thank you for your trust throughout 2025. We look forward to the year ahead.",[16,695,696],{},[63,697,650],{},{"title":67,"searchDepth":68,"depth":68,"links":699},[700,701,702],{"id":620,"depth":68,"text":621},{"id":630,"depth":68,"text":631},{"id":55,"depth":68,"text":56},{},"/check-ins/december-2025",{"title":663,"description":67},"check-ins/december-2025","Year End Reflections","IyRLbsmsqve-SaRcfWZoPjg74CO5ZNEWSUGCFWcoTc4",{"id":710,"title":711,"body":712,"cartoon_image":282,"date":751,"description":67,"extension":75,"meta":752,"navigation":78,"path":753,"seo":754,"stem":755,"subtitle":756,"__hash__":757},"checkIns/check-ins/november-2025.md","November 2025 Market Check-In",{"type":9,"value":713,"toc":746},[714,718,720,723,726,728,731,734,736,739,742],[12,715,717],{"id":716},"november-2025-market-check-in-navigating-the-noise","November 2025 Market Check-In: Navigating the Noise",[20,719,621],{"id":620},[16,721,722],{},"November brought a mix of election aftermath, earnings season wind-down, and renewed market momentum. Equity markets rallied broadly, with both growth and value stocks participating in the advance.",[16,724,725],{},"The post-election period saw increased optimism around pro-business policy expectations, which particularly benefited financial and industrial stocks. International markets were more mixed, with European equities facing headwinds from slower economic growth.",[20,727,631],{"id":630},[16,729,730],{},"Diversified portfolios performed well in November, with equity gains offset slightly by modest weakness in longer-duration bonds. Our systematic rebalancing approach helped capture gains in sectors that led the rally while maintaining target allocations.",[16,732,733],{},"For clients with concentrated positions, we continued to execute planned diversification strategies, taking advantage of favorable market conditions to reduce single-stock risk.",[20,735,56],{"id":55},[16,737,738],{},"December is typically a positive month for equity markets, and seasonal factors may provide additional tailwinds. However, we remain focused on fundamentals rather than calendar effects.",[16,740,741],{},"Year-end tax planning is our priority in the weeks ahead. We are reviewing every client portfolio for tax-loss harvesting opportunities, Roth conversion potential, and charitable giving strategies that can improve your 2025 tax outcome.",[16,743,744],{},[63,745,650],{},{"title":67,"searchDepth":68,"depth":68,"links":747},[748,749,750],{"id":620,"depth":68,"text":621},{"id":630,"depth":68,"text":631},{"id":55,"depth":68,"text":56},"2025-11-30",{},"/check-ins/november-2025",{"title":711,"description":67},"check-ins/november-2025","Navigating the Noise","G33EgndIgSU9KtafsQ5IoFMpVr3F3FlU1edgil966GQ",{"id":759,"title":760,"body":761,"cartoon_image":67,"date":804,"description":67,"extension":75,"meta":805,"navigation":78,"path":806,"seo":807,"stem":808,"subtitle":809,"__hash__":810},"checkIns/check-ins/november-2025-bend.md","Bend Not Break",{"type":9,"value":762,"toc":798},[763,766,768,771,774,778,781,784,788,791,795],[12,764,760],{"id":765},"bend-not-break",[20,767,621],{"id":620},[16,769,770],{},"November brought the kind of volatility that separates disciplined investors from reactive ones. After a sharp pullback in the first week — driven by election uncertainty and mixed earnings signals — markets found their footing and recovered most of the ground by month's end.",[16,772,773],{},"The S&P 500 dipped 3.2% intraweek before rallying back to finish November essentially flat. Bond yields fluctuated as traders repriced Fed rate expectations. The 10-year Treasury touched 4.65% before settling at 4.42%.",[20,775,777],{"id":776},"what-were-watching","What We're Watching",[16,779,780],{},"The key story this month was resilience. Corporate earnings continued to surprise to the upside, with 78% of S&P 500 companies beating estimates. Consumer spending remained healthy despite higher borrowing costs, and the labor market showed signs of gradual normalization rather than deterioration.",[16,782,783],{},"For our clients, the message is familiar: volatility is the price of admission for long-term returns. The portfolios we build are designed to bend under pressure, not break.",[20,785,787],{"id":786},"our-positioning","Our Positioning",[16,789,790],{},"We used the November dip to selectively add to positions in high-quality equities that had pulled back to attractive valuations. Tax-loss harvesting opportunities were plentiful this month, and we acted on them across client portfolios where appropriate.",[20,792,794],{"id":793},"bottom-line","Bottom Line",[16,796,797],{},"The headlines were loud, but the fundamentals were steady. We remain focused on the long-term plan — your plan — and will continue to look for opportunities that short-term volatility creates.",{"title":67,"searchDepth":68,"depth":68,"links":799},[800,801,802,803],{"id":620,"depth":68,"text":621},{"id":776,"depth":68,"text":777},{"id":786,"depth":68,"text":787},{"id":793,"depth":68,"text":794},"2025-11-10",{},"/check-ins/november-2025-bend",{"title":760,"description":67},"check-ins/november-2025-bend","Markets tested, portfolios held","0HeBtFSPsH8XMfabgppV-zvn0OdmdBtvbO22_EAprRY",{"id":812,"title":813,"body":814,"cartoon_image":67,"date":859,"description":67,"extension":75,"meta":860,"navigation":78,"path":861,"seo":862,"stem":863,"subtitle":864,"__hash__":865},"checkIns/check-ins/october-2025.md","Wonders in West Texas",{"type":9,"value":815,"toc":852},[816,819,821,824,827,831,834,837,839,842,844,847,849],[12,817,813],{"id":818},"wonders-in-west-texas",[20,820,621],{"id":620},[16,822,823],{},"October delivered a reminder that markets don't always follow the script. While the S&P 500 gained 2.1% for the month, the real story was beneath the surface — a rotation from growth to value, and a renewed interest in real assets.",[16,825,826],{},"Energy stocks led the charge, driven by supply constraints and seasonal demand patterns. The energy sector gained 6.3% in October, its best month since spring.",[20,828,830],{"id":829},"the-west-texas-story","The West Texas Story",[16,832,833],{},"We recently had the opportunity to visit several of our real estate and energy partners' operations in West Texas. What we saw reinforced our conviction in tangible, income-producing assets.",[16,835,836],{},"The Permian Basin continues to be the engine of American energy independence. For our clients invested in energy infrastructure and Opportunity Zone developments in the region, the on-the-ground reality matches the investment thesis.",[20,838,631],{"id":630},[16,840,841],{},"Real assets — including energy infrastructure, private real estate, and Opportunity Zone investments — served as ballast this month. While tech-heavy portfolios gave back some gains, diversified portfolios with real asset exposure held steady.",[20,843,56],{"id":55},[16,845,846],{},"As we approach year-end, our focus shifts to tax planning. Roth conversions, tax-loss harvesting, and charitable giving strategies are front and center. If you haven't scheduled your year-end planning review, now is the time.",[20,848,794],{"id":793},[16,850,851],{},"October was a good month to own real things. We continue to believe that a portfolio built for this chapter of life needs more than stocks and bonds — it needs assets that produce income, hedge inflation, and provide optionality.",{"title":67,"searchDepth":68,"depth":68,"links":853},[854,855,856,857,858],{"id":620,"depth":68,"text":621},{"id":829,"depth":68,"text":830},{"id":630,"depth":68,"text":631},{"id":55,"depth":68,"text":56},{"id":793,"depth":68,"text":794},"2025-10-24",{},"/check-ins/october-2025",{"title":813,"description":67},"check-ins/october-2025","Energy, infrastructure, and opportunity","Rb-S7O2z37eV6Gx4r-WuwfouLfBlKAcFmnaSnSLrPaM",1776569583638]