As a little Holiday gift to all of you, only good news in this week’s letter!
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2025 is on track for the lowest number of mass killings in the United States 20 years. Other encouraging crime statistics are found here. This does not diminish the tragic reality for those affected.
Covid-19 vaccines were very effective at reducing Covid mortality without causing an increase in “all-cause” mortality.
While not necessarily good news, this is an interesting fact you can share at holiday parties and family dinners: LeBron James has played against 35% of all the players who have ever played in the NBA.
We think it is good news that we still live in a world with new things to discover. French archaeologists believe they have discovered a massive wall more than 7,000 years old!
Good news about the prospects for solar energy when paired with better-and-better batteries. Data centers may not be a drain, but a catalyst for more productive energy production.
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Ask the Joes® (and Cale) recommends this 10-minute video from Commonwealth and LPL, looking at the outlook for 2026. Expectations for 2026 are positive, but it is not likely to be a direct upward march. Like most years, a mix of good and bad news will drive markets, with long-term performance ultimately being driven by the same factors- the underlying performance of the companies we invest in.
As Chris Fasciano says here:
“2026 is sure to be a year that brings with it a new set of surprises to consensus views. As we learned in 2025, those periods tend to be full of investment opportunities. As I frequently suggest, volatility creates opportunities, and the best course of action is to look for ways to take advantage of those periods when they happen.
As always, our job will be to help you navigate the market and economic landscape, no matter where 2026 may take us. We will continue to do so with a focus on enhancing portfolios for the long term to help meet client objectives. And while short-term headlines will create volatility, our guiding light will be the big picture that drives fundamentals to help us make portfolio decisions.”