Iconic American musician and Nobel Laureate in Literature Bob Dylan’s words from 1964 apply to today’s markets: “the times they are a-changin.” As political misalignment in the United States emerges as a material investment risk, investors and companies are increasingly risking their long-term sustainability by downplaying it. Let’s examine the hidden cost of downplaying sustainability and why many are underestimating it. The Times Are A-Changin, and Investors Must Change With Them What matters to investors changes over time. This concept of dynamic materiality, first demonstrated by TrueValue Labs (now part of FactSet), can be seen in both cyclical trends and…

According to the National Taxpayer Advocate’s Mid-Year Report to Congress, the 2025 tax filing season was a success. Nearly 141 million individual returns were received, 138 million were processed, and over 95 percent of those processed returns were filed electronically. In a world where headlines touting a functioning government is relatively rare, this performance from the IRS is worth a note. That said, success is relative. Peeling back the topline numbers, a different story emerges—exposing gaps in IRS staffing, technology adoption, and taxpayer support. More than 13 million returns were “suspended” during processing—not processed—triggering refund delays. Identity theft victims can…