April 2025

Dear Joanna,

There's something deeply satisfying about chasing winter's final moments while the rest of the country embraces spring. Few places rival the California Sierra for Nordic skiing perfection, with its ideal combination of altitude, reliable precipitation, and varied terrain. This environment presents ever-changing conditions that demand adaptability, not unlike the financial markets.

In my recent skiing adventures, I've observed a powerful metaphor for our current market reality. Some days, skiing uphill against persistent wind demands extraordinary effort—each stride a careful negotiation with resistance, my visible breath marking the fight for every yard of progress.

Then come the glorious runs with a tailwind, where I feel weightless—gliding across the terrain, covering the ground with barely a thought.

This perfectly mirrors our current investment landscape. After 2024's remarkable tailwinds fueled by low unemployment, tech sector growth and declining inflation concerns, 2025 has brought significant headwinds through tariff-centered economic policies and geopolitical instability. Your investment progress might now feel like that uphill ski—considerable effort for modest gains. While U.S. markets have retreated since the beginning of the year, it's worth highlighting that both developed and emerging markets have performed very well during this same period.

We often underestimate how these market "winds" shape our outcomes. There's a natural tendency to claim credit for downhill successes while blaming ourselves for uphill struggles—as though market direction were a personal choice rather than an environmental reality.

What this means for your portfolio: Rather than fighting current headwinds, consider this a time to maintain course with minor tactical adjustments. For clients in the accumulation phase, these headwinds present valuable buying opportunities. For those in the distribution phase, we've positioned your portfolios to draw from tailwind-supported assets while preserving those facing temporary resistance.

None of us knows which way the winds will shift next. Humility demands acknowledging our inability to predict the future despite how many market commentators act as though they can.

As always, I'm here to help you navigate both financial markets and the deeper questions about what your wealth is ultimately for. Please reach out if you'd like to discuss any aspect of your financial life design.

Dream. Plan. Prosper.

IS U.S. OUTPERFORMANCE SUSTAINABLE?

Over the last decade, U.S. stocks have enjoyed a strong run, significantly outperforming international markets. This dominance has sparked a common term in investing: Amerian Exceptionalism. But if history is any guide, market cycles tend to shift over time. What might this mean for investors?

Read more >

THE DIFFERENCE THE RIGHT FINANCIAL ADVISOR MAKES

This month's highlight explores how an advisor can help you cut through financial noise and make sound decisions aligned with your goals.

Watch the video here >

HOW TO FIND AN ADVISOR YOU CAN TRUST

Many people have questions and concerns about finding a reputable, honest, and skilled wealth advisor. Here is a list of five criteria that should be an absolute requirement when vetting a new advisor.

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RESOURCES WORTH YOUR TIME

Watch: "Tune Out the Noise" - This documentary explores the birth of modern finance and its impact on investing through stories of groundbreaking academics and practitioners. It illuminates how markets work, how science triumphs over speculation, and how the financial advice industry is undergoing radical change—all insights that can help investors like you pursue goals more effectively. It features one of MoneyWise's strategic partners, Dimensional. Now available on YouTube.

Watch the video here >

What I’m reading:

This month, I've been captivated by Michael Lewis's latest work, "Who Is Government: The Untold Story of Public Service."

Kirkus Reviews summed it up best: "compelling arguments against ideologues bent on dismantling the government."

Lewis – known for bestsellers like "Flash Boys" and "The Big Short" that exposed Wall Street's inner workings – now turns his investigative lens toward dedicated public servants. As we witness increasing hostility and condescension toward government institutions, Lewis exposes the damage done to all the things that we take for granted and that make our country great.

Public servants navigate tremendous institutional headwinds yet persist because of their commitment to mission rather than financial reward. Any of Lewis's subjects could easily 10x their salaries on Wall Street, yet they've discovered something many in finance and tech struggle to comprehend: a deeply meaningful life aligned with purpose.

Lewis presents compelling arguments against ideologues bent on dismantling government institutions without understanding their essential functions. He demonstrates how this shortsighted approach threatens the very foundations that enable our markets, businesses, and communities to thrive – a timely reminder that effective governance supports rather than hinders true prosperity.