SAM’s Q1 2026 Investment Letter Complete to download the letter: Q1 didn’t unfold the way many investors expected. So far in 2026, the environment has shifted. Today, three major forces are shaping markets and influencing how portfolios need to be positioned: Iran, private credit, and one major force that gives us the most reason for…
February 2026 Market Commentary Insights from SAM’s Investment Team U.S. equity markets suffered a modest pullback in February following a strong start to 2026. The S&P 500 fell 87 basis points, marking the worst month since March of 2025. Meanwhile, the Nasdaq suffered a bigger drawdown falling 3.38%. The Dow held up relatively well, rising…
January 2026 Market Commentary Insights from SAM’s Investment Team When looking at the performance of equities at the broader index level, it would be fair to say that January continued the upward trend of the past three years. After all, the S&P 500, the NASDAQ, and the Russell 2000 indices were all up on the…
December 2025 Market Commentary Insights from SAM’s Investment Team Major U.S. equity indices finished the month relatively flat, capping off a third consecutive year of above-average returns for stocks. Global stocks were generally up for the month, with the China Shanghai Composite, Japan Nikkei 225, the FTSE 100, Germany DAX and France CAC 40 all racking up gains. The Federal…
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…
