The stock market rally from the spring lows is taking a break. The S&P 500, the Nasdaq 100 and the Russell 2000 have rallied significantly off of their early April lows but there’s a problem. The lack of breadth makes it hard to get too excited even as the indexes approach old highs: the NYSE index of advancing issues versus declining issues isn’t keeping up. Nor is the “bullish percent index,” another of the indicators failing to confirm the strength of the up move from April to now. That investors over that time period would have been better off in…

Charlie’s portfolio was concentrated in very few securities and therefore his record was much more volatile but it was based on the same discount-from-value approach. He was willing to accept greater peaks and valleys of performance, and he happens to be a fellow whose whole psyche goes toward concentration, with the results shown. – Warren Buffett discussing Charlie Munger’s investment process in Damn Right! by Janet Lowe Berkshire Hathaway’s (BRK/A, BRK/B) Warren Buffett and his late partner Charlie Munger are considered the greatest investment duo of all time. Munger’s investment strategy tended to be very concentrated, with the Daily Journal…

It seems you can’t avoid crypto. It’s everywhere. In ads. On X posts. And, maybe soon, in your 401(k). But is that a good thing? If you’re thinking of dipping your toe into this undeniable buzz, it’s crucial you conduct a little due diligence. Professional fiduciaries have been pondering the enigma wrapped in a mystery that calls itself cryptocurrency. What are their feelings about this highly volatile and complex digital asset? Why have so many been so reticent about adding this asset class to portfolios? How might their thoughts inform you? Why The DOL’s 2022 401(k) Crypto Caution Stalled Like…

When it comes to financial planning—especially retirement—one simple concept often gets overlooked: control the inputs, and let the outputs follow. Why Inputs Matter More Than Outputs Too many people spend time worrying about things they simply can’t control: stock market swings, interest rates, inflation, or geopolitical tensions. These are all outputs—results driven by countless unpredictable forces. And while it’s natural to be concerned, the truth is, fixating on outputs can create unnecessary stress and poor decision-making. Instead, successful retirement planning hinges on one key shift: focusing on the variables within your control. What Can You Actually Control? Individuals can’t change…

The Alpha Opportunity Hiding in Plain Sight In the investment world “alpha” is a measure of outperformance—those precious extra risk-adjusted returns that skilled managers generate above benchmarks. Investment firms and family offices dedicate enormous resources to finding it by vetting public and private managers, sourcing direct deals, and constructing complex portfolios. But here’s the uncomfortable truth: investment alpha is extraordinarily difficult to achieve, especially in public markets. A recent study by S&P found that 94% of domestic public equity managers underperformed the market over the 20 years ending December 31, 2024. Even in private markets, where outperformance is more achievable,…

For rental property owners who lose property to a natural disaster, insurance proceeds can trigger a taxable event, leading to upwards of 30% owed in capital gains taxes. Those who lost property in recent disasters, including Hurricane Helene and the Los Angeles wildfires, are experiencing this firsthand, but there are unique solutions for disaster recovery. Analysts and catastrophe modelers, such as Milliman and CoreLogic, have estimated insured losses ranging from $4 billion to $6 billion because of Helene and $25 billion to $45 billion because of the Los Angeles wildfires in early January. If a destroyed property is fully depreciated,…

Let’s be clear: wealth management is at a tipping point—and if you’re not payingattention to women, you’re leaving serious money—and growth—on the table. McKinsey’s latest report, “The New Face of Wealth: The Rise of the FemaleInvestor,” reveals a game-changing truth: women now control roughly one-third of retail financial assets in the U.S. and Europe, totaling about $60 trillion. That’s not a trend; it’s a seismic shift that’s only going to accelerate, with women’s share expected to hit 40 to 45 percent by 2030. Despite the surge in female-controlled wealth—up 51% since 2018—more than half ofthese assets aren’t being actively managed…

The latest edition of the Significant Investor Newsletter examines the shifting dynamics in the fine art and collectibles markets in 2025. For estate planners, the intersection of these market changes with upcoming tax law revisions presents both opportunities and challenges for collectors and creators. Over the past five years, alternative assets have exhibited varied growth patterns. With the anticipated expiration of the Tax Cuts and Jobs Act (TCJA) provisions in 2026, proactive planning is essential to mitigate estate and income tax exposure. Market Trends Shaping Investment Strategies Fine Art: Democratization and Mid-Tier ResilienceThe fine art market has split, with high-end…

Stocks have marched higher since their early April low as the fear of an impending recession has receded. The S&P 500 is 2.3% below its mid-February high, having declined by almost 20%. The Magnificent 7, comprising Microsoft (MSFT), Meta Platforms (META), Amazon.com (AMZN), Apple (AAPL), NVIDIA (NVDA), Alphabet (GOOGL), and Tesla (TSLA), has recovered to only 8.9% below its mid-December level. With many crosscurrents remaining, it seems appropriate to revisit the status of some timely recession indicators. Recession Indicators Accurately forecasting an economic downturn in advance with any accuracy is exceptionally challenging. However, in an environment with tariff threats, monitoring…

Precious metals miners specializing in the extraction of gold and silver from the earth had a good week. These five – four of the NYSE and one on the Nasdaq – blasted to new price highs mid-week before pulling back a bit on Friday. A widely followed gold stocks ETF also showed a new high. Two factors are at work: inflation and fear. That Donald Trump tariffs are basically inflationary have money managers looking for hedges and the classic for that is precious metals. That’s one of the reasons for this week’s price run-up in silver and silver stocks –…