Market Update: Navigating Uncertain Times — A Note for Clients As we pass the 60-day mark since the onset of the war with Iran, I want to reach out to each of you— entrepreneurs, retirees, and young professionals alike—to provide both perspective and reassurance during these volatile times. Whether you’re enjoying your retirement years or balancing careers and family, the ongoing headlines and market swings can feel overwhelming. Let’s take a measured look at where we stand. I tend to write when the headlines are either overwhelmingly positive or deeply concerning. My goal isn’t to contribute to the noise of good news or bad news, but rather to offer perspective when it matters most. Of course, you’re always welcome to connect with me whenever life takes a turn—those personal milestones and changes are truly the moments where thoughtful planning can make all the difference. Since my last update, when the conflict had just begun, many aspects of the market have shifted—though not all in the same direction. Semiconductor stocks have become the latest sector to experience hyperbolic growth, echoing the surge we saw in silver earlier this year. I coined the term “locker room indicator” when I overheard so many talking about silver at the gym. It turns out this indicator was fair. While it can feel thrilling to shoot a long elevator chute, the fall can be panic-inducing if the brakes fail. Or so I imagine. *Portfolio Insights: When high-octane insights work in our favor we trim or remove those positions. Usually, high-octane concepts come in small doses as far as portfolios are constructed. Even if they have been held short-term. I find it prudent to try and avoid a potentially big loss, rather than hang in there for just 10% more. Meanwhile, oil prices remain elevated, hovering around $90-100 per barrel. This continues to directly impact consumers, with gas prices climbing above $4.25 per gallon (Minnesota) —a strain acutely felt at the pump. Today’s inflation data came in hot, at 3.8%, a reading that runs contrary to the Federal Reserve’s goals (Bureau of Labor Statistics). For both retirees on fixed incomes and young families managing monthly expenses, this uptick in inflation underscores the importance of maintaining a diversified investment approach and prudent budgeting. The volatility we’ve seen over the past 18 months remains atypical by historical standards. Yet, if you’ve been tracking the market closely – and I have – there is a silver lining: the market, despite its ups and downs, is above trend for positive days.