A volatile first half driven by geopolitical drama, Middle East conflict, surprises tariffs and policy changes tested investor willingness to stay the course.
Markets appeared calm midway through 2025, but under the surface was a turbulent first half marked by a series of shocks that jolted investors before markets rebounded, resetting valuations, sentiment and economic expectations.
If you went to sleep on January 1st and magically awakened on June 30th, the first half of 2025 might appear deceptively calm. The S&P 500 index posted a solid gain of 6.2%, better on an annualized basis than the long-term average of 10.3% per annum. The Russell 3000 index, which tracks the largest 3,000 stocks in the U.S. slightly underperformed that figure. Bonds offered subdued returns as well. The Bloomberg U.S. Aggregate Bond index rose 4.1%, with short-duration outperforming long-duration bonds.
But for those of us who stayed awake, the journey to those midyear figures was anything but smooth. Volatility returned as a regular feature of the stock market experience, a familiar reminder that long-term returns usually come at the cost of short-term discomfort.
The year began on a hopeful note. With the presidential election in the rearview mirror and President Trump’s new administration taking shape, markets rallied. The S&P 500 reached an all-time high on February 19th, buoyed by expectations for continued pro-American policy.
Then came a shock.
On April 2nd, speaking from the White House’s Rose Garden, President Trump declared “Liberation Day” for U.S. trade policy. While hints of Trump’s plans had been circulating, few anticipated the sweeping nature of the announcement, which included three core components, including: 1) A Universal 10% Tariff: Effective April 5, 2025, a baseline 10% tariff was imposed on nearly all imported goods, with specific exclusions, 2) Reciprocal Tariffs: Starting April 9, 2025, higher tariffs ranging from 11% to 50% were applied to 86 countries. These rates were calculated based on the trade barriers those countries imposed on U.S. exports, aiming to mirror and counteract foreign trade practices and 3) A De Minimis Rule Adjustment: The administration closed the de minimis exemption for China, imposing duties on low-value imports that previously qualified for duty-free treatment.
Markets recoiled. Between April 2 and April 8, the S&P 500 dropped more than 12%, with Value stocks down 11.9% and Growth names falling 12.8%. The sudden escalation acted as a hard reset and an unambiguous reminder that policy risk remains alive and well.
Yet almost as quickly as the pain came, it began to recede.
Facing mounting political pressure and sharp investor backlash, the administration began dialing back key elements of the Liberation Day agenda. Some tariffs were delayed indefinitely and others were watered down. Happily, the policy shifts reassured markets. Stocks rebounded and by the end of June, the S&P 500 had gained 25% from its April 8 low, with Value and Growth rising 17% and 32%, respectively.
ECONOMIC BACKDROP
Despite the political turbulence, the economy remained on relatively solid footing. U.S. GDP growth moderated but stayed positive, tracking at an annualized 1.5%–2.0% in the first half. Consumer spending cooled from 2024’s rapid pace, especially in discretionary categories, but employment remained strong and real wage growth turned positive. Stabilizing mortgage rates helped unfreeze parts of the housing market, though affordability remains historically stretched in many markets.
Corporate earnings were healthy, with strong growth over 2024. Information Technology companies posted more measured results as margins normalized and year-over-year comparisons toughened. Meanwhile, Value-oriented sectors like Financials and Industrials delivered favorable performance. Banks, in particular, benefited from stable net interest margins and a better-than-feared credit environment.
Inflation remained the central concern for the Federal Reserve. By midyear, core PCE had declined to roughly 2.7%, which was an improvement over late 2023, but still above the Fed’s 2% Despite the political turbulence, the economy remained on relatively solid footing. U.S. GDP growth moderated but stayed positive, tracking at an annualized 1.5%–2.0% in the first half. Consumer spending cooled from 2024’s rapid pace, especially in discretionary categories, but employment remained strong and real wage growth turned positive. Stabilizing mortgage rates helped unfreeze parts of the housing market, though affordability remains historically stretched in many markets. Corporate earnings were healthy, with strong growth over 2024. Information Technology companies posted more measured results as margins normalized and year-over-year comparisons toughened. Meanwhile, Value-oriented sectors like Financials and Industrials delivered favorable performance. Banks, in particular, benefited from stable net interest margins and a better-than-feared credit environment. Inflation remained the central concern for the Federal Reserve. By midyear, core PCE had declined to roughly 2.7%, which was an improvement over late 2023, but still above the Fed’s 2% target. Chair Powell and the FOMC struck a cautious tone, keeping the Fed Funds rate steady at 4.50% while emphasizing that it would remain data dependent.
VALUATIONS AND SENTIMENT RESET
From our vantage point, the market’s early-year churn created opportunity. Headline valuation multiples remain elevated, but the dispersion beneath the surface is wide. Many high-quality, dividend-paying companies continue to trade for reasonable valuation metrics despite improving fundamentals and head[1]winds that are not blowing as stiffly.
Investor sentiment, too, has reset. The speculative enthusiasm of 2024 gave way to a more sober climate in 2025. A.I.-driven hype temporarily cooled, SPACs faded back into irrelevance (thankfully!) and IPO activity stayed muted. Instead, capital rotated back for a time toward traditional Value: companies with tangible earnings, strong balance sheets, healthy cash flow and durable competitive advantages.
A BETTER COMPASS
Knowing how the first half of the year played out, it’s easy to talk about the benefits of staying the course. We did. But staying the course in real time is far more difficult, especially when market headlines are chaotic and emotionally charged. We think two elements, in particular, can help investors keep perspective.
First, a solid financial plan serves as a stabilizing force. As we emphasized in our June Private Client Investment Insight, a detailed plan bakes in market volatility and anticipates difficult periods. We even model worst-case scenarios for retirement spending and investment returns to ensure your path to success remains intact, even when everything feels uncertain.
Second, remember that the financial media is a business with a business model that depends on eyeballs, not smooth sailing. “Everything is fine, check back next week” doesn’t generate ad revenue. Instead, headlines swing between extremes: you’re either missing out on massive Gains or dangerously exposed to looming losses that can be easily avoided with one quick trick. Almost invariably, the message is to act quickly.
PROMPTING THE BOTS
To illustrate the power of tone and framing, we conducted an experiment. Using Microsoft Copilot (an AI assistant similar to ChatGPT or Gemini), we fed a simple prompt: “In a tweet, summarize the S&P 500 2025 first-half return,” and asked it to write in the style of various media outlets and public figures.
CNN style: 🚨BREAKING: MARKET SURGES AMID CHAOS 🚨 The S&P 500 defies gravity—+5.5% in H1 2025 (6.2% with dividends). Tariffs rattled Wall Street. Volatility spiked. But the bulls roared back, pushing the index to record highs.Is this resilience—or the calm before the storm? 📈🔥
Fox News style: 🚨MARKET MIRACLE?🚨 Despite tariff chaos, global unrest, and political gridlock, the S&P 500 SURGES 5.5% in H1 2025 (6.2% with dividends) Wall Street roars back after near-bear market plunge. Is this resilience— or a warning shot? America’s economy: stronger than they want you to believe. 📈
The GPT-based tweets in the style of news organizations were fairly tame. However, when we asked Copilot to use the style of real people, the messages were more emotional.
Shaq O’Neal style: “Big fella moves only!” S&P 500 up ~6% in H1 2025. Markets dunkin’ on doubt, slammin’ through inflation, and still got that MVP energy. Stay big, stay bullish. 🏀 📈
CNBC Host Jim Cramer’s style: 🚨BOOM! 🚨 The S&P 500 rockets up ~6% in H1 2025! You wanted strength? You GOT IT. Earnings? 🔥Consumers? Still spending! Tech? Leading the charge! This market’s got juice, baby! 💥
President Trump’s style: 📈 S&P 500 UP BIG — AGAIN! Despite fake news and global chaos, the market is UP over 6% in the first half of 2025. Why? Because America is WINNING. Jobs are strong, companies are booming, and tariffs? Handled perfectly. Best economy in the world. PERIOD.
Former President Biden’s style: 📈 Folks, here’s the deal: The S&P 500 index is up 6% in the first half of 2025. That’s steady growth—powered by American workers, innovation, and resilience. We’re building an economy from the middle out and the bottom up—not the top down. Let’s keep going.
Shakespeare style: 📜 Hark! The scroll of markets speaketh thus: The S&P 500 hath climbed six percent ere June’s end. Though storms of tariff and tumult did rage. The bulls, undaunted, did charge the stage. Fortune, it seems, doth favor the bold. 📈🃏
Taylor Swift style: 🎤 “I remember H1 all too well…The S&P 500 shook off the drama, soared ~6%, and hit new highs—like a comeback track no one saw coming. Tariffs tried to break us, but we just shook it off. This market? It’s in its bull era. 📈💃
Elon Musk style: 🚀 S&P 500 up ~6% in H1 2025. Volatility? Yes. Tariffs? Sure. But markets adapt. AI + innovation = unstoppable. If this were a rocket, we’d call it a successful stage one burn. Stage two: Moon? Mars? 📈🌕
Warren Buffet style: 📈 In the short term, the market is a voting machine. In the long term, it’s a weighing machine. The S&P 500 rose 5.5% (6.2% with dividends) in H1 2025. Volatility came and went, but value, discipline, and patience paid off—again. 🧠
The variety was striking. Despite being based on identical data, each tweet paints a different narrative. The takeaway? Tone, not just content, can shape perception and influence behavior.
That’s exactly why emotional investing is so dangerous. It’s easy to be swayed by authoritative-sounding voices. But just because someone sounds confident doesn’t mean they’re right. Taking stock tips from CNBC is like taking medical advice from a Grey’s Anatomy. Dramatic, yes, but not exactly prescription-grade.
INVESTOR SENTIMENT
While valuation and macro data points often dominate headlines, behavioral indicators tell a subtler (and sometimes powerful) story. After the tariff-induced selloff in April, sentiment metrics plunged before quickly recovering.
Retail investor surveys captured this whiplash. The AAII Bull-Bear spread flipped sharply negative in early April, with bearish sentiment hitting a high of 62%, on par with Great Financial Crisis, Gulf War and COVID-19 panics, before retracing back toward neutral territory by late June. Similarly, the CNN Fear & Greed Index bottomed in “Extreme Fear” territory (low 20s) in mid-April and ended the quarter hovering just above 50.
Options data confirmed the underlying anxiety. The equity put/call ratio spiked to 1.13, well above its 12-month average, during the tariff-driven drawdown, indicating a surge in hedging demand. That figure has since normalized, but skew remains elevated, pointing to persistent demand for downside protection.
Retail engagement, too, shifted. After peaking in February at 52, Schwab’s Trading Activity index (STAX) fell sharply to 41 in June (scores since 2019 range from 35 to 75). Trading volumes in speculative names also dropped. Inflows gravitated for a while back toward lower-volatility, dividend-paying equities and ETFs focused on Value and quality factors.
Taken together, these indicators suggest the 1H 2025 delivered not just a price reset, but a sentiment reset. For long-term allocators, that backdrop can be fertile ground. When fear lingers but fundamentals stabilize there are deals to be had.
LOOKING AHEAD
For long-term investors, the first half of 2025 reaffirmed a timeless lesson. Markets always seem to be climbing the proverbial Wall of Worry. Corrections, pauses and policy surprises are part of the deal. But so too are recoveries, earnings growth and opportunity.
It’s not always obvious in the moment, but fear-driven dislocations often pave the way for forward-looking gains. That’s why we believe time in the market trumps market timing.
In this section, we will expand on several big themes we touched on in the previous section and offer updates to the seven themes that originally appeared in the 2025 Stock Market Outlook that we published in December.
MAJOR THEMES UPDATE
Markets remain resilient despite geopolitical and policy shocks, creating long-term opportunities for disciplined investors.
Tariffs, a long-favored policy lever of President Trump, were used extensively during his first term, largely maintained under the Biden administration and emerged as a central pillar of his re-election platform. The theme escalated sharply on April 2, when Trump declared a sweeping set of tariffs under the banner of “Liberation Day,” aimed at shrinking the U.S. trade deficit and revitalizing domestic manufacturing. The plan included a baseline 10% tariff on imports from nearly all countries, with much steeper rates for nations running large trade surpluses with the U.S. The magnitude of these levies came as a surprise: China was hit with a combined 54% tariff (a new 34% on top of a prior 20%), Vietnam with 46% and countries such as Taiwan, India and the European Union faced rates ranging from 20% to 36%.
The market reaction was swift and negative. Bond yields spiked, equities sold off and fears of a global trade war surged. Legal challenges were quickly mounted, while the administration doubled down, leaving businesses scrambling to assess the implications. As of this writing, most of the steep Liberation Day duties have been paused or rolled back, but a new August 1 dead-line for trade deals is looming. The most tangible impact so far has been psychological: sentiment has been rattled far more than actual earnings forecasts. Still, markets have proven resilient and stocks are once again bumping against all-time highs after dropping some 20%, offering a timely reminder that one of the hardest parts of investing in stocks is not getting scared out of them.
On the geopolitical front, tensions have escalated sharply in 2025, driven by the ongoing war in Eastern Europe and mounting instability in the Middle East. Russia has continued its military campaign in Ukraine and despite repeated calls from President Trump to end the conflict, including multiple unreciprocated offers to meet, President Vladimir Putin has shown no interest in negotiation. In response, Trump appeared to harden his stance, using a June NATO summit to urge member nations to increase defense spending to 5% of GDP.
Meanwhile, volatility in the Middle East has injected significant risk into global energy markets. Early June saw Israel launch a unilateral campaign targeting Iran’s nuclear infrastructure and shortly thereafter, the United States, under Trump’s direct orders, joined the offensive, deploying B-2 stealth bombers to strike hardened Iranian nuclear facilities. Iran responded with threats, most notably vowing to close the Strait of Hormuz, a vital artery for global oil and gas shipments, but cooler heads evidently have prevailed as a ceasefire was brokered. Of course, the Hamas-Israel War continues to rage on.
While energy prices initially spiked amid fears of disruption, they have since settled back to pre-conflict levels. Defense contractors and energy producers, including Exxon Mobil (XOM), HF Sinclair (DINO) and General Dynamics (GD), have benefited from the resulting uncertainty and elevated demand for energy security.
The Federal Reserve in 2025 has entered a more nuanced phase of its easing cycle (which started in August 2024 at a local high of 5.50%), balancing signs of economic resilience with pockets of inflation that remain above the Fed’s target. After holding rates steady at 4.50% through the first half of the year, Jerome Powell & Co. have signaled a willingness to begin modest cuts if inflation continues its downward trajectory. However, sticky shelter costs, renewed energy price pressures tied to geopolitical strife and tariff-related uncertainty have complicated the Fed’s path to lower rates. Markets have responded with cautious optimism. Equities have rallied on hopes of policy easing, while the yield curve remains relatively flat, reflecting investor uncertainty about the timing and magnitude of future cuts. Fed Chair Powell has emphasized data dependency, underscoring that while a pivot is likely, it won’t be rushed.
A PIVOT HOME
While President-elect Trump’s renewed calls for tariffs may sound severe, especially threats like a 200% duty on John Deere (DE) products should it move manufacturing to Mexico, we believe such pronouncements are best seen as opening bids in a broader negotiation to support U.S.-based production. We believe that high, blanket tariffs would spell trouble for many of our stocks (and consumers), not to mention stoke inflationary fires, but our view is that implementation will likely be more surgical than social media posts would be able to indicate. This could create opportunity for firms already rooted in North America, particularly Small Capitalization stocks, where we previously noted that 76% of Russell 2000 revenue comes from the continent, compared to just 64% for the Russell 1000.
Even companies seemingly in the crosshairs, such as DE, have historically thrived under similar rhetoric, with Deere shares currently up 38% over the 12 months ending June 30, 2025. Other industrial stalwarts like Caterpillar (CAT) and Eaton (ETN) have each delivered double-digit returns. We remain mindful of execution risks. Picking on Intel (INTC) for a moment, the company’s domestic manufacturing efforts have encountered numerous delays and setbacks, but the broader shift towards reshoring will unfold more gradually (and successfully), offering companies, consumers and portfolios time to adapt. Taken together, we view these developments not as threats, but as evolving dynamics that reinforce the case for thoughtful, valuation-driven ownership of stocks.
POWER & ENERGIZE THE U.S.
One of the cornerstones of President-elect Trump’s platform was to make America “the dominant energy producer in the world, by far!” It is a continuation of a theme from his first term. Geopolitical issues may result in additional volatility, but we continue to see opportunity in integrated giants like Chevron (CVX), as well as in upstream players such as EOG Resources (EOG) and Devon Energy (DVN). With more than half of domestic oil output not destined for vehicles and the EV transition poised to unfold over decades, demand tailwinds should persist. Our position in industrial battery maker EnerSys (ENS) offers complementary exposure to the electrification theme, but fossil fuels are far from obsolete. Meanwhile, nuclear energy, which has long suffered from a PR problem stemming from past disasters, offers perhaps the cleanest and most compact source of reliable power. Trump seems to support nuclear power, with Europe’s post-Ukraine energy awakening making a compelling case for the price-stable, emissions-friendly generation options. While oil and gas remain dominant, we believe the investment case for a diversified, American-sourced energy mix remains strong, so stocks like NRG Energy (NRG), the owner of a portfolio of power-generation assets, and First Solar (FSLR), a U.S. manufacturer of solar modules, were recent recommendations.
FOND OF FINANCIALS
More than two years removed from the 2023 banking scare sparked by the rapid collapses of Silicon Valley Bank, Signature Bank and First Republic which sent shockwaves through the financial system, Federal Reserve officials have begun to concede that aspects of the current regulatory scheme may have overreached. In her debut speech as the Fed’s new financial supervision chief, Michelle Bowman signaled a shift in tone, pledging to roll back overly burdensome rules and streamline oversight. Additional initiatives might also seek to ease merger review standards and refine how the Federal Reserve supervises complex institutions.
Larger institutions, such as JPMorgan Chase (JPM), a stalwart with a tremendous amount of capital on its fortress balance sheet to go along with robust earnings capacity, stand to benefit from such regulatory adjustments. Another name we like is Citigroup (C), which trades at a deep discount to tangible book and continues to benefit from CEO Jane Fraser’s restructuring push and fits nicely in that select group. Meanwhile, Goldman Sachs (GS), despite recent strategic pivots, maintains healthy profitability with a global reach.
Despite uncertainty over the path of Fed interest rate policy and how economic developments might impact lending growth and credit quality in the near-term, we continue to find that healthy Banks (particularly of the regional variety) offer compelling risk-reward dynamics, especially with attractive dividend yields. PNC Financial (PNC) stand out for its sound credit profile and diversified loan book, while Fifth Third Bancorp (FITB) impresses with a mix of fee-based businesses and disciplined balance sheet management, and recent first-time recommendation US Bancorp (USB) boasts a diversified financial services mix, top-tier debt ratings and a hefty 4%+ dividend yield. For more adventurous investors, Bank OZK (OZK) offers defensive loan structures and low leverage in the commercial real estate space, while it has raised its dividend for the 60th straight quarter to yield 3.5%, yet the forward P/E ratio is just 8.
MAKE AMERICA HEALTHY AGAIN?
The Health Care sector has lagged since the election, thanks in large part to mounting uncertainty about government actions in the space. Health and Human Services Secretary Robert F. Kennedy Jr. has notched some victories with the food industry, pushing for bans or tighter regulations on harmful ingredients like artificial dyes, bringing the U.S. more in line with European standards. While we don’t currently own them, “big food” names such as JM Smucker, General Mills and Kraft Heinz have already seen share prices fall this year, though it’s an area we are watching closely for new opportunities at reasonable prices. We did, however, dip our toe into the produce aisle via the purchase of Fresh Del Monte (FDP), while meat and poultry product maker Hormel (HRL) was another value-priced addition to our portfolios. On the medical side, Zimmer Biomet (ZBH), a leader in orthopedic implants, could see tailwinds from a more active and injury-prone population. Longer-term, we remain optimistic about Big Pharma, where we believe companies like Bristol-Myers Squibb (BMY), Merck (MRK), Pfizer (PFE), Amgen (AMGN) and Gilead (GILD) are well positioned to weather political theatrics given the essential nature of their therapies. Additionally, the managed care industry has faced near-term setbacks, such as UnitedHealth (UNH) with rising procedure costs and the murder of a segment CEO, but history has shown resilience in this space. We see significant upside in overlooked players like Elevance Health (ELV) and CVS Health (CVS), both of which offer inexpensive long-term growth potential.
GETTING FROM POINT A TO POINT B
The world went digital long ago, but people and products will always be on the move.
On the roads, Tesla has led the electric vehicle (EV) space over the last few years, but fortunes turned in 2025 after Tesla CEO Elon Musk had a falling out with President Trump and car sales faltered as result of Musk’s public comments. Additionally, Trump’s “Big Beautiful Bill” ends EV subsidies, resulting in potential gains for beleaguered conventional carmakers like Volkswagen AG (VWAPY) and Honda Motor Company (HMC). While we continue to believe EVs make good sense, even without subsidies, their high cost and relatively limited charging infra[1]structure remain hurdles to broad adoption. We believe over the long term, the car market will be divided into three segments: 100% electric, large-battery hybrid and conventional combustion engine. Infrastructure continues to expand, charging times have fallen and car performance has improved.
We think the confluence of factors is good for carmakers like General Motors (GM) and Volkswagen, whose EV investments coexist with a reinvigorated ICE roadmap. And no matter what powers them, cars still need tires, so we remain positive on Goodyear Tire (GT). For those seeking inexpensive exposure to the electrification trend, we continue to view Albemarle (ALB) favorably, especially as major automakers show growing interest in securing lithium supply via long-term contracts or even direct ownership stakes in producers.
Yes, tariffs are a major wildcard with supply chains but goods still must travel around the country, with railroad operator Norfolk Southern (NSC), railcar maker Greenbrier Companies (GBX) and engine manufacturer Cummins (CMI) all benefitting from interstate commerce.
Meanwhile, ecommerce continues to grow, with package delivery giants FedEx (FDX) and United Parcel Service (UPS) dropping millions of boxes on doorsteps every day, while their respective stocks trade for earnings multiples well below their historical norms.
INTELLIGENT WAYS TO PLAY A.I.
Artificial Intelligence (A.I.) continues to dominate headlines and portfolios and while we’re comfortable maintaining normal or above-normal position sizes going forward, we move ahead knowing that some of the recent runups leave room for trimming or outright selling. Much of our success in A.I. can be traced back to our decade-long focus on cloud computing, which has laid the foundation for companies like Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG) and Meta Platforms (META) to aggressively scale their A.I. capabilities. Beyond the household names, we see upside in less obvious beneficiaries like Seagate Technology (STX), Jabil Circuit (JBL), Lam Research (LRCX) and Oracle (ORCL).
As A.I. adoption remains in early innings, we caution investors not to lose sight of valuations. Many “can’t-miss” industries have historically missed spectacularly when hype got too far ahead of earnings. While we expect further upside in our holdings, we see wisdom in trimming outsized gains, being aware of single-company risk and prefer a diversified approach across multiple names to reduce exposure to volatility and execution risk as the A.I. story evolves.
SMALL COMPANY, BIG POTENTIAL
Small-cap Value stocks, those in the bottom two-thirds of the Russell 3000 as defined by Russell/FTSE and with inexpensive fundamental multiples, have staged a powerful comeback (+146%) since the pandemic lows on March 23, 2020, outperforming their Growth peers by more than 30 percentage points. Growth has edged ahead of Value in the performance derby this year, reminding us that the cycle between the two styles can rotate.
We still believe there’s still meaningful upside in this corner of the market. Our flagship all-cap Value strategies include a healthy mix of small-and-mid-cap names, but we also offer a targeted Small-and-Mid-Cap Dividend (SMiD) strategy tailored to clients of our asset and wealth management arms. With a forward P/E ratio of roughly 11x (compared to 24x for the large-capitalization Russell 1000 and 22x for the small-capitalization Russell 2000), we see compelling value on both absolute and relative terms.
Looking ahead over a three-to-five-year horizon, several names in the SMiD portfolio stand out: American Eagle (AEO), Benchmark Electronics (BHE), Civitas Resources (CIVI), Climb Global Solutions (CLMB), Meritage Homes (MTH), NetApp (NTAP) and Whirlpool (WHR). These companies offer a blend of strong fundamentals, attractive valuations and durable dividend income, all of which we believe position them well for long-term performance.
CLOSING
Longtime readers of our outlooks will not be surprised to see that our core themes remain largely consistent from one edition to the next. That’s by design. We invest in undervalued stocks with a three-to-five-year (or longer) horizon, aiming to hold them through full business cycles. We believe the current market continues to present compelling opportunities for patient investors, as reflected in the many names highlighted throughout this report. Many of these companies also offer attractive dividend yields, providing a steady stream of income to help investors better weather the inevitable volatility that comes with equity ownership.
Naturally, success also depends on thoughtful portfolio construction. Diversification remains key, and we take this opportunity to remind readers that we offer both wealth and asset management services tailored to individual needs. As we’ve said before, the true secret to long-term investing success isn’t just picking good stocks, it’s having the discipline to hold onto them. Over the years, our results have come not only from sound stock selection, but from the conviction to stay the course.
PARTNER WITH US
For more than 48 years, we have collaborated with our clients in their investment decision making process as they pursue their long-term financial goals. We are committed to keeping your goals, concerns and attitude about investing at the heart of your plan. If you’re ready to experience our personalized investment approach and exceptional client service, contact Jason R. Clark, CFA at 949.424.1013 or jclark@kovitz.com
