A bi-weekly newsletter from our Founder & Portfolio Manager, Ryan A. Hughes. Straight talk on markets, taxes, and money. Read by 2,700+ people who value clear thinking.
Key Takeaways: For many professionals in tech, biotech, and other high-growth industries, company stock starts as a valuable part of compensation. It can eventually become one of the largest pieces of their net worth. That ownership may come through RSUs, Restricted Stock Awards (RSAs), or stock options. The challenge is that a benefit designed to...
Twice a year, in January and July, we record a portfolio update that walks through the markets, how we build portfolios, and where we think things are headed. This is the mid-year 2026 edition. The economy: good, not great The U.S. economy is still expanding. Growth ran about 2.1% in the first quarter, and the...
Stocks have been on a tear lately, which, of course, everyone seems to hate. Pick your poison: a slowing labor market, the Strait of Hormuz closure, a new Fed Chairman, midterm elections, $39T in national debt, etc. There’s plenty to be worried about. On paper, things should be worse off than they actually are. So,...
Where should you save your next dollar? Should you prioritize an emergency fund or pay off high-interest debt? Max out your 401(k) or fund a Health Savings Account first? These are not trivial questions. The order in which you save and invest your money has a direct impact on your long-term wealth and tax efficiency....
A few weeks ago, when I first wrote about the Iranian War, I discussed the Strait of Hormuz blockade and its potential impact on oil prices and, by extension, inflation. At the time, the Strait had been closed for only a few days. It has now been closed for three weeks, and there is little...
Stocks are down. Oil is up. Bond yields are up. And most people are just trying to figure out what is actually going on. I thought about a few different approaches for this post. Historical geopolitical conflicts and stock returns. How the new Fed Chairman might navigate this. But I kept coming back to the...
The past few weeks have been quite pivotal for the markets and the global economy. I will talk about the SaaSapocalypse later (the AI revolution is happening in real-time, folks), but today I wanted to talk about the Fed Chair nomination of Kevin Warsh. I think this has a major impact on interest rates, inflation,...
We’re updating this list in 2026 to reflect the ongoing changes in the personal finance landscape here in San Diego. The advisory industry has continued to evolve over the past several years: through consolidation, shifting service models, and changes in how firms structure advice and client relationships. For example, we previously included Dowling & Yahnke...
The S&P 500 was up 16% last year, despite the many concerns we had this time last year. If you recall, we entered the year concerned about how the market would respond to Trump’s proposed policies (import tariffs, immigration crackdown, a Bitcoin Reserve, etc.). Some of the concerns we had at the time were warranted,...
There is ample evidence that the economy has weakened and continues to do so. Most recently, the Bureau of Labor Statistics (BLS) reported that job growth between April 2024 and March 2025 was revised down by 911,000 from about 1.79 million to roughly 879,000. 911,000 is a massive revision figure. It’s the largest since 2000....
There’s a new-ish investment strategy out there (new-ish to retail investors, at least), direct indexing, that’s gaining popularity among high-income earners. It seems to be on the radar of many people, as we’ve had numerous conversations with prospects and clients on this topic lately. Direct indexing, in a nutshell, is a pretty straightforward process: create...
I recently sat down with ABC 10News to share some thoughts on how investors can approach today’s stock and crypto markets. The key takeaway? Know what you are investing in and have patience. The point of investing is to prepare for the future. Not just your goals, but also to stay ahead of inflation. If...
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