The Lowry Letter® - 10/25/2025

October 25, 2025

We attended the Commonwealth National Conference this week in Washington, DC. Unfortunately, the ongoing shutdown meant that historical landmarks and museums were closed. Our travel did not suffer, despite concerns about TSA and FAA staffing issues. This demonstrates the uneven impact of the shutdown, an evolving situation. More on this in “Ask the Joes®.”

We’ll share more insights from the conference soon.

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  • Historian Doris Kearns Goodwin was one of the keynote speakers. When asked about the current political environment, she echoed something we remember hearing from David McCullough several years ago: things have been bad before. Political history has seen even nastier periods with even more partisan and slanted media coverage than we experience today.

  • An important note for all of you that use Investor360 to review your investment accounts. The system used for Multifactor Authentication (MFA) will be changing on November 8 for anyone not using text message for MFA. We know that MFA can be frustrating at times, but it is an important way that we can safeguard your important financial information.

  • We go to Kansas City at least yearly, and great BBQ is always on the agenda. This New York Times article (subscription required) looks at KC’s position as a BBQ powerhouse. The Z-Man sandwich at Joe’s Kansas City Bar-be-que continues to be a deep favorite.

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Q: As it continues to drag on, what does the shutdown mean for investors?
A: There are some challenges, especially for policymakers that rely on up-to-date economic data, such as the Federal Reserve. During the shutdown, normal statistical reports are not produced, so the Fed has a harder time with their decision making.
Chris Fasciano and Sam Millette review the current scenario and provide some guidance for investors. For long-term investors, these near-term moves should not be overly distressing.