Key points for the quarter include: Boring, discipline and process are important. AI spend raises many questions. Optimism filled the air during the quarter. Treasury yields rose and BBB yields were little changed. We continue our series on Behavioral Finance. Mid-term elections should have little impact on long-term investment returns.

Key points for the quarter include: Tariff policies were ever-changing; more than 91% of Buffett’s Berkshire value came after age 65…compounding can be magical; average equity valuations remain lofty and credit spreads tight; we discuss the purpose of dollars and expiring vs. long-term knowledge; and we strive to construct portfolios to mitigate potential curveballs.

Key points for the quarter include: Tariff policies were ever-changing; more than 91% of Buffett’s Berkshire value came after age 65…compounding can be magical; average equity valuations remain lofty and credit spreads tight; we discuss the purpose of dollars and expiring vs. long-term knowledge; and we strive to construct portfolios to mitigate potential curveballs.

Key points for the quarter include: The environment is aggressive and unpredictable; the Top 10 companies in the S&P 500 represent 40.4% of the cap-weighted index; yields declined and credit spreads tightened; beware of Denominator Blindness; and many aspects of the current environment feel like standing on shifting sands.