[{"data":1,"prerenderedAt":107},["ShallowReactive",2],{"insight-year-end-update":3,"checkin-year-end-update":106},{"id":4,"title":5,"author":6,"body":7,"category":95,"date":96,"description":17,"extension":97,"featured_image":98,"meta":99,"navigation":100,"path":101,"seo":102,"stem":103,"summary":104,"__hash__":105},"insights/insights/year-end-update.md","Year End Update","Second 50 Financial",{"type":8,"value":9,"toc":87},"minimark",[10,14,18,23,26,29,33,56,60,74,78,81],[11,12,5],"h1",{"id":13},"year-end-update",[15,16,17],"p",{},"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.",[19,20,22],"h2",{"id":21},"the-year-in-review","The Year in Review",[15,24,25],{},"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.",[15,27,28],{},"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.",[19,30,32],{"id":31},"what-worked","What Worked",[34,35,36,44,50],"ul",{},[37,38,39,43],"li",{},[40,41,42],"strong",{},"Staying invested",": The biggest risk in 2025 was being on the sidelines. Market timing would have been punishing.",[37,45,46,49],{},[40,47,48],{},"Quality bias",": Companies with strong balance sheets and consistent earnings outperformed, particularly in the back half of the year.",[37,51,52,55],{},[40,53,54],{},"Tax management",": Active tax-loss harvesting during the Q3 correction created meaningful value for taxable portfolios.",[19,57,59],{"id":58},"what-we-are-watching-for-2026","What We Are Watching for 2026",[34,61,62,65,68,71],{},[37,63,64],{},"Federal Reserve rate policy and the path of short-term interest rates",[37,66,67],{},"Earnings growth broadening beyond mega-cap technology",[37,69,70],{},"Geopolitical risk, particularly around trade policy and energy markets",[37,72,73],{},"Continued evolution of AI's impact on corporate productivity and margins",[19,75,77],{"id":76},"your-plan-comes-first","Your Plan Comes First",[15,79,80],{},"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.",[15,82,83],{},[84,85,86],"em",{},"Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.",{"title":88,"searchDepth":89,"depth":89,"links":90},"",2,[91,92,93,94],{"id":21,"depth":89,"text":22},{"id":31,"depth":89,"text":32},{"id":58,"depth":89,"text":59},{"id":76,"depth":89,"text":77},"Year-End Review","2025-12-31","md","/images/insights/checkincartoondec2025.jpg",{},true,"/insights/year-end-update",{"title":5,"description":17},"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",null,1776569583637]