"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
Whether you’re reviewing deductions, planning charitable gifts, or preparing for future expenses, these changes present meaningful opportunities to strengthen your financial strategy with clarity and confidence.
Success in the money game requires a keen knowledge of the past. History tells us that the future path of stock prices is more likely to be determined by the primal instincts of investors than basic economic fundamentals.
For clients in higher tax brackets, understanding the relative value of municipal bonds, corporate bonds, Treasuries, and the broader fixed income market is essential.