Mountain, Cliff, or Ocean

Published on July 15, 2026

The current level of stock market valuations remains – easily – the most speculative extreme in U.S. financial history, beyond both the 1929 and 2000 extremes. Our baseline estimate is that the S&P 500 has a material risk of losing something on the order of 75% over the completion of this cycle.

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401(k) Real Talk Episode 201: July 15, 2026

July 15, 2026
Open, honest and candid discussion about EBSA budget cuts, why wealth managers should work on DC plans, advisor AI usage up, how to pick a PEP, what drives change in 401(k) plans and more.

Houses Are No Longer the Best Place for Your Money

July 15, 2026
The median house price in Nantucket, Massachusetts, is nearly $4 million. It was just $500,000 in 1995. This sounds like a stunning increase in one of the hottest and least accessible real estate markets in the country.