November Commentary Building on strong momentum from September, the first month of the fourth quarter turned out to be a positive one for U.S. equity markets, with the four major averages posting solid gains in October. The S&P 500 rose roughly 2.3%, the Dow around 2.5%, the NASDAQ advanced about 4.7% and the Russell 2000…
October Commentary Over the past 100 years, September has been the worst month of the year for stock performance on average. According to data from Dow Jones, over that period both the Dow Jones Industrial Average and the S&P 500 Index have averaged a decline of more than 1% in September. However, 2025 marks a…
September Commentary What the New Senior Deduction Could Mean for You One of the most talked-about features of the newly passed One Big Beautiful Bill (OBBB) is the Senior Deduction. If you’re 65 or older, this provision could help reduce your taxable income in retirement. Here’s what to know: A meaningful benefit: The deduction provides…
August Commentary Global equities were broadly positive in the month of July. In the US, the S&P 500 and Nasdaq both reached fresh highs during the month, continuing the strong momentum seen since stocks began to rebound from their Liberation Day tariff-related drop on April 2. The One Big Beautiful Bill Act was signed into…
July Commentary We are already halfway through the year, and 2025 has certainly been a chaotic ride for equity markets. Following two consecutive years of robust performances free of self-inflicted economic trauma (& drama), the S&P 500 and Nasdaq got off to modestly positive starts in 2025. That all changed when the growing imposition of…
June Commentary The old Wall Street adage of “Sell in May and Go Away” rung hollow last month, as the S&P saw its best May returns in over 30 years[1]. Equity markets continued their push higher in May as the market began to shrug off April’s trade-related macroeconomic uncertainties. The main catalyst came in the…
SAM’s Q1 2025 Investment Letter Dear Investor, In a challenging investment environment like the first quarter of this year, we are pleased to report that our investments with SAM held up quite well. Specifically, during a period when the S&P 500 Index declined nearly 5% – and dropped more than 10% from peak to trough…
SAM’s Q4 2024 Investment Letter Dear Fellow Investor, “I wasn’t wrong; I was early.” In my nearly three-decade career analyzing and investing in the markets, I’ve heard a lot of excuses for investments that performed poorly. The rationalization above is among the ones I’ve heard most – especially when looking back and the facts have…
