Q2 2026
July 6, 2026
This year, our nation celebrates an extraordinary milestone: 250 years since the signing of the Declaration of Independence. It is a moment that invites us to reflect not only on where we began, but on what has allowed America to endure, evolve, and move forward.
The American story has never been one of uninterrupted certainty. It has always been a story of resilience and reinvention. In 1776, America was a collection of small communities connected by waterways and dirt roads. News traveled slowly, commerce was local, and the future of the young nation was anything but guaranteed.
Yet generation after generation, Americans adapted. Canals connected communities. Railroads transformed commerce. New industries reshaped the economy. From manufacturing and automobiles to technology and artificial intelligence, each era brought disruption, uncertainty, and extraordinary opportunity.
Along the way, our country has weathered wars, recessions, inflation, financial crises, and moments of profound change. The constant has never been the absence of challenges. It has been our ability to respond to them. That perspective feels especially valuable today.
The world can feel unusually noisy. Headlines change by the minute, markets react instantly, and before we have fully processed one development, another has already emerged. In 1776, information moved at the speed of a horse. Today, it moves around the world in seconds.
While that connectivity creates tremendous opportunity, it also requires discipline. More information does not always create more wisdom. Long-term success often comes from separating temporary noise from the enduring forces that create value. That philosophy guides the way we invest.
Although headlines often paint a picture of uncertainty, such as geopolitical conflict, inflation, interest rates, and rapid advances in artificial intelligence, markets and businesses have remained remarkably resilient. That does not mean risks don't exist. They do.
History reminds us that innovation and speculation often travel together. Transformational periods create opportunity, but they can also encourage moments when excitement runs ahead of fundamentals. We saw it in the late 1920s, when optimism and leverage amplified risk. We saw echoes of it during the dot-com era, when enthusiasm for new technology sometimes outpaced business fundamentals.
Today, artificial intelligence represents another powerful wave of innovation. Like transformative technologies before it, AI has the potential to reshape industries and create tremendous value. But history reminds us that not every company participating in a revolution becomes a lasting winner. As the saying goes, "History doesn't repeat itself, but it often rhymes."
Markets will always move in cycles. Periods of optimism will eventually give way to uncertainty, and risk will be repriced. We don't know when those moments will arrive, and we don't pretend to. Our responsibility is not to predict every turn. It is to prepare.
Perhaps that is one of the greatest lessons from America's first 250 years. Resilience is not avoiding difficult times. It is moving through them with confidence, creativity, and determination.
That gives us reason for realistic optimism. For 250 years, challenges have been part of the American story, but so have innovation, resilience, and the human ingenuity that continues to carry us forward.
Our commitment remains unchanged. We will continue filtering out the noise, focusing on fundamentals, and helping you invest with patience and perspective. Markets will rise and fall. Technologies will change. Headlines will come and go. Through every era, thoughtful planning, discipline, and a long-term view remain the foundation of lasting wealth.
Janet Wills
Adam Mehrer
