Insights
Welcome to our Insights page, where we take a deep dive into the investment landscape. From quarterly reviews to articles covering in-depth market analyses and insightful commentary on emerging opportunities, we've got you covered. Whether you're a seasoned investor or a newcomer, our Insights page is your go-to resource for staying informed. Stay tuned for more updates and valuable content as we continue to explore and share meaningful insights with you.
PORTFOLIO AND MARKET COMMENTARY
3Q2025 SMID Cap Portfolio Review
The third quarter of 2025 was one of the more challenging and unusual quarters I have witnessed in my almost 30 years in the industry. Typically, during a powerful rally, a proverbial rising tide lifts all boats. Needless to say, this was not the case.
2Q2025 Review and Outlook
The 2nd quarter of 2025 began with the potential enactment of draconian trade measures, with the market selling off as a
direct result of investor fear and uncertainty. A week later, the White House backtracked and announced a 90-day pause on
tariffs on imports from most countries, setting the stage for a rally.
SMALL-MID CAP PORTFOLIO QUARTERLY REVIEWS
2Q2025 
The SMID portfolio returned 2.2%, gross of fees, during the quarter compared to the Russell 2500, which increased 8.6%. We outperformed in April but lagged in May and June as the rally off the recent bottom continued.
1Q2025 

​The SMID portfolio performed as we had hoped in Q1, declining 0.7% versus a decline of 7.5% by the Russell 2500. Our overweight to Consumer Staples and cash position of over 10% aided our results but otherwise stock selection drove our relative performance.​
4Q2024 

The Small-Mid Cap Strategy performed well. For the year ending December 31, 2024, the strategy was up 17.2% gross of fees, versus the benchmark, which was up 12.0%. Stock selection, particularly new purchases, drove our relative returns in Q4.
MARKET REVIEW AND OUTLOOK
1Q2025 Review and Outlook
​The Nasdaq led the way down as investors fled higher valued stocks. Most interesting was the decoupling of international stocks from the U.S. In recent years, when the U.S. caught a cold, the rest of the world got the flu. That said, the incredible volatility over the prior three months makes it difficult to divine any insights.
2024 Year End Review and Outlook
​The fourth quarter of 2024 was mildly amusing. President Trump's election victory led to a stock market rally as he is seen as more pro-business. And then everyone came to realize that he  might not be great for inflation and that might not be great for stocks...
2023 Year End Review and Outlook 
​The US economy and stock markets defied conventional relationships in 2023, and the best explanation is that the consequences of COVID economics continue to pervade. These forces are likely to diminish in the coming year but provided more than a few head scratching outcomes last year.
ARTICLES
ROLL WITH IT: The Merits of Rolling Your 401 (K) Into an IRA
Job changes are one of life’s biggest stressors. Hopefully it is an exciting stress but still a stress nonetheless. With all the changes that occur, people often overlook their 401(k), and it is easy to see why. The bureaucratic hassle is enough to cause anyone to move on to another task at hand. But, before setting it aside for a rainy day, consider taking action early on and saving yourself potential pain later down the road. There are some very good reasons to roll your 401(k) immediately into an IRA.