We just completed a volatile quarter impacted by concerns over artificial Intelligence, the war in Iran, inflation and rising energy prices. Markets finished the period with less negative impact than I would have expected. During the quarter, the Dow Jones Industrial Average and the S&P 500 Stock index both declined by over 10% from year end 2025, but by quarter end, were only off 3.6% and 4.6% respectively. In addition, U.S. payrolls rose by 178,000 jobs in March, while unemployment...

2025 will go down as the Year of Perpetual Change . Throughout the year, consumers and corporations were forced to digest an onslaught of uncertainty stemming from significant shifts in federal policy. In (mostly) chronological order, these changes included: · The creation of the Department of Government Efficiency (DOGE) · The introduction of a high tariff regime · A subsequent move to a more modest tariff strategy · Changes in immigration policy · ...

Much has been written about the outperformance of technology stocks in the past several years, with those companies related to artificial...