It is in booms that the seeds of busts are created, and the heroes of one era can be the villains of the next. – Floyd Norris
"Far more money has been lost by investors in preparing for a correction, or anticipating corrections, than has been lost in the corrections themselves." - Peter Lynch
Geopolitical developments played a central role in shaping market performance and investor sentiment.
"Buy when the cannons are firing, sell when the trumpets are blowing"
- Nathan Mayer Rothschild
For households in higher tax states, particularly in parts of the Northeast, the current environment presents a notable opportunity.
The illusion that one has understood the past feeds the further illusion that one can predict and control the future.
- Daniel Kahneman
Heroes? Vietnam Vets are heroes. The guys who tried to rescue our hostages in Iran are heroes. I’m just a hockey player.
– Mike Eruzione / Captain of the gold medal winning 1980 USA hockey team
2025 delivered another strong year for diversified investors, but it was far from straightforward. Markets navigated sharp policy-driven drawdowns, shifting leadership, and an evolving macro backdrop, yet ultimately advanced on the strength of earnings growth, improving global participation, and supportive financial conditions
"My wealth has come from a combination of living in America, some lucky genes, and compound interest." – Warren E. Buffett