A biweekly 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.
You may have seen on CNBC or read in The Wall St. Journal that interest rates are rising. The 10-year Treasury spiked to 5.2% this week, the highest since 2007. Mortgage rates jumped to 7%, which may be the new normal. But what does this all mean? Why are interest rates going up? The answer...
You may have read some headlines or even heard people talk about higher Treasury rates lately. It’s worth paying attention to. U.S. Treasuries, and global bonds in general, have been giving investors reason to worry lately. So, what does this mean to the average consumer? How does this affect you? The Importance of Treasury Yields...
Key Takeaways: One of the most interesting things we’ve observed over the course of our careers is how people’s risk tolerances tend to change over time. This is especially true when the markets fall. When things are going well, most investors aren’t spending much time wondering whether today is the right day to invest. Then...
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,...
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