Quarterly Update

As we close the book on 2025, the stock market gave investors a solid, if not euphoric, finish. The final three months of the year were characterized by steady gains rather than an explosive rally, pushing the total returns for 2025 to respectable double-digit levels. The S&P 500 (a good measure of the overall U.S. stock market) rose 2.7%  in the fourth quarter, bringing its total gain for the year to 17.9% . Back in October, there was a measurable amount of nervousness—conce

As the third quarter of 2025 drew to a close on September 30, the U.S. stock market capped off another period of robust gains , defying...

Global Market Commentary: Second Quarter 2025 In the second quarter of 2025, U.S. equity markets posted strong gains, buoyed by...