In our latest quarterly investment outlook video, Ali Phillips, President, shares important year-end reminders about required minimum distributions and gifting strategies, while highlighting our firm’s continued commitment to client service following a recent team retreat. Adam Savin, Senior Vice President and investment committee leader, provides a comprehensive market analysis as we enter the fourth quarter of 2025. While remaining optimistic about the underlying support from the current capex cycle and the Fed’s dovish stance, Adam notes that elevated valuations and historic concentration risk warrant a more cautious approach. With the S&P 500 trading at 22 times forward earnings—more than 30% above its historical average—and just five stocks accounting for over half the index’s gains this year, we believe the risk-adjusted upside is limited without new catalysts. Adam outlines our strategic recommendations, including increased diversification across undervalued sectors such as small caps, healthcare, energy, and international markets, as well as tactical positioning in yield-generating securities.
