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<div class="hero__eyebrow">Quarterly Wealth Reports · Whitepapers · Compliance</div>
<h1 class="hero__title">The <em>research library</em>.</h1>
<p class="hero__sub">
Every quarter, the firm produces a Quarterly Wealth Report and supporting research. Below:
the public archive, organized chronologically. Client-specific quarterly statements live
in the secure portal.
</p>
<a href="contact.html" class="btn" style="margin-top:16px">Open client portal →</a>
</div>
</section>
<section class="section">
<div class="container">
<div class="section__eyebrow">2026</div>
<h2 class="section__title" style="font-size:40px">This year.</h2>
<div class="report-list">
<a class="report-row" href="#">
<span class="report-row__date">APR 2026 · Q1</span>
<div>
<div class="report-row__title">Quarterly Wealth Report — April 2026</div>
<div class="report-row__desc">"WARMART" — With all of the negativity surrounding the Iran conflict, there is actually a positive side effect. By Justin McNichols, CFA.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">APR 16, 2026</span>
<div>
<div class="report-row__title">Client Quarterly Statement (3/31/2026)</div>
<div class="report-row__desc">Q1 2026 client portfolio reporting. Performance, attribution, allocation, taxes. Available via the secure client portal.</div>
</div>
<span class="report-row__action">Portal →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">FEB 26, 2026</span>
<div>
<div class="report-row__title">Earnings Releases Decoded · 10-min video</div>
<div class="report-row__desc">Jay Skaalen, CFA, CFP®, breaks down how a single quarterly update from a publicly traded company can shift the entire market.</div>
</div>
<span class="report-row__action">Watch →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JAN 22, 2026 · LETTER</span>
<div>
<div class="report-row__title">Quarterly Wealth Report — January 2026</div>
<div class="report-row__desc">Your 2026 Markets Calendar — From Calm to Chaos and Back. The investment team's year-ahead view of catalysts, ranges, and discipline.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JAN 19, 2026</span>
<div>
<div class="report-row__title">Client Quarterly Statement (12/31/2025)</div>
<div class="report-row__desc">Year-end client portfolio reporting. Annual performance, tax-lot summary, and capital-gains forecast.</div>
</div>
<span class="report-row__action">Portal →</span>
</a>
</div>
</div>
</section>
<section class="section section--alt">
<div class="container">
<div class="section__eyebrow">2025</div>
<h2 class="section__title" style="font-size:40px">Last year, in retrospect.</h2>
<div class="report-list">
<a class="report-row" href="#">
<span class="report-row__date">OCT 31, 2025 · LETTER</span>
<div>
<div class="report-row__title">Quarterly Wealth Report — October 2025</div>
<div class="report-row__desc">"37% Risk · 63% Reward" — Is the US stock market in a bubble? Yes and no. By Justin McNichols, CFA.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">OCT 24, 2025 · CHECKLIST</span>
<div>
<div class="report-row__title">Year-End Wealth Planning Checklist</div>
<div class="report-row__desc">With ~10 weeks remaining in 2025, organize your finances. Roth conversions, tax-loss harvesting, gifting, RMDs, and charitable bunching.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">OCT 21, 2025</span>
<div>
<div class="report-row__title">Client Quarterly Statement (9/30/2025)</div>
<div class="report-row__desc">Q3 2025 client portfolio reporting. Available via the secure client portal.</div>
</div>
<span class="report-row__action">Portal →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JUL 29, 2025 · LETTER</span>
<div>
<div class="report-row__title">Quarterly Wealth Report — July 2025</div>
<div class="report-row__desc">"Which Fed Mandate Will Win?" The investment team examines maximum-employment vs. price-stability and how to position.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JUL 21, 2025</span>
<div>
<div class="report-row__title">Client Quarterly Statement (6/30/2025)</div>
<div class="report-row__desc">Q2 2025 client portfolio reporting. Available via the secure client portal.</div>
</div>
<span class="report-row__action">Portal →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JUL 1, 2025 · COMPLIANCE</span>
<div>
<div class="report-row__title">Form CRS — Annual Disclosure</div>
<div class="report-row__desc">The SEC's Form CRS, prepared and shared annually with all clients. Plain-English description of services, fees, and conflicts.</div>
</div>
<span class="report-row__action">Download →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">MAY 6, 2025 · LETTER</span>
<div>
<div class="report-row__title">Quarterly Wealth Report — May 2025</div>
<div class="report-row__desc">"You Just Bought Amazon?" From overvalued with strong fundamentals to portfolio holding in three short months.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">MAY 1, 2025 · COMPLIANCE</span>
<div>
<div class="report-row__title">Form ADV — Annual Delivery</div>
<div class="report-row__desc">The annual Form ADV, prepared by the firm and shared with all clients. Detailed firm disclosure document.</div>
</div>
<span class="report-row__action">Download →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">APR 18, 2025</span>
<div>
<div class="report-row__title">Client Quarterly Statement (3/31/2025)</div>
<div class="report-row__desc">Q1 2025 client portfolio reporting. Available via the secure client portal.</div>
</div>
<span class="report-row__action">Portal →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">APR 5, 2025 · COMMENTARY</span>
<div>
<div class="report-row__title">Thoughts on the Tariff Panic</div>
<div class="report-row__desc">With markets down nearly 20%, the investment team explains why a bucket approach — not a panic-sell — is the right response.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">FEB 21, 2025 · VIDEO</span>
<div>
<div class="report-row__title">Artificial Intelligence: Challenges and Opportunities</div>
<div class="report-row__desc">10-minute explainer from Jay Skaalen, CFA, CFP®, on the layers of the AI economy and where investment opportunities actually live.</div>
</div>
<span class="report-row__action">Watch →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">FEB 7, 2025 · VIDEO</span>
<div>
<div class="report-row__title">Why Own Foreign Equities?</div>
<div class="report-row__desc">10-minute explainer from Justin McNichols, CFA, on the firm's most respected positions abroad.</div>
</div>
<span class="report-row__action">Watch →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JAN 26, 2025 · WHITEPAPER</span>
<div>
<div class="report-row__title">Investment Portfolio Risks, Trends, Technology, and Resolutions</div>
<div class="report-row__desc">Entering 2025 with risks (concentration), trends (rate normalization, inflation), and life-altering technology (AI).</div>
</div>
<span class="report-row__action">Open →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JAN 18, 2025</span>
<div>
<div class="report-row__title">Client Quarterly Statement (12/31/2024)</div>
<div class="report-row__desc">Year-end 2024 client portfolio reporting. Annual performance, tax-lot summary, and capital-gains forecast.</div>
</div>
<span class="report-row__action">Portal →</span>
</a>
<a class="report-row" href="#">
<span class="report-row__date">JAN 5, 2025 · WHITEPAPER</span>
<div>
<div class="report-row__title">U.S. Stocks: Highest Risk and Most Opportunities in Decades</div>
<div class="report-row__desc">2024's strong index returns were driven by a handful of names — and nearly half of all US stocks were down. A study in concentration.</div>
</div>
<span class="report-row__action">Open →</span>
</a>
</div>
</div>
</section>
<section class="section">
<div class="container">
<div class="section__eyebrow">Earlier archive</div>
<h2 class="section__title" style="font-size:40px">Selected prior years.</h2>
<p class="section__lead">A small selection from the deeper archive — going back to the 2020 cycle. Older letters available on request.</p>
<div class="report-list">
<a class="report-row" href="#"><span class="report-row__date">OCT 2024</span><div><div class="report-row__title">Election Year, Long-Term Lens</div><div class="report-row__desc">Why most market commentary the week before an election ages poorly — and why the firm's clients are spared from it.</div></div><span class="report-row__action">Open →</span></a>
<a class="report-row" href="#"><span class="report-row__date">JUL 2024</span><div><div class="report-row__title">Concentration in the S&P 500 — A Historical Perspective</div><div class="report-row__desc">When seven names drive an index, the index is no longer diversified. The firm's response.</div></div><span class="report-row__action">Open →</span></a>
<a class="report-row" href="#"><span class="report-row__date">APR 2024</span><div><div class="report-row__title">Rates Higher for Longer — What That Actually Means</div><div class="report-row__desc">A primer on the duration risk hidden in many "conservative" portfolios.</div></div><span class="report-row__action">Open →</span></a>
<a class="report-row" href="#"><span class="report-row__date">2023</span><div><div class="report-row__title">The Year of the AI Re-rating</div><div class="report-row__desc">Walking through the firm's positioning in semis, hyperscalers, and adjacent infrastructure.</div></div><span class="report-row__action">Open →</span></a>
<a class="report-row" href="#"><span class="report-row__date">2022</span><div><div class="report-row__title">When Stocks and Bonds Both Drew Down — Lessons</div><div class="report-row__desc">The 60/40 portfolio's worst year since 1937. What that taught us about real-asset sleeves.</div></div><span class="report-row__action">Open →</span></a>
<a class="report-row" href="#"><span class="report-row__date">2020</span><div><div class="report-row__title">COVID Drawdown — Letters from a 32-Day Bear</div><div class="report-row__desc">Six letters in eight weeks. The full archive of how the firm communicated through the panic.</div></div><span class="report-row__action">Archive →</span></a>
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