Thinning the Herd: Herd Investing Is a Disservice to Clients

Published on July 1, 2025

True fiduciary duty isn’t fulfilled by following the crowd. It’s fulfilled by doing the harder thing: making the right call even when it’s the unpopular one. The world doesn’t need more advisors playing not to lose. It needs more who are willing to lead — even if they walk alone.

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Regression to Trend: S&P Composite 173% Above Trend in June

July 1, 2025
At the end of June, the inflation-adjusted S&P Composite Index was 173% above its long-term trend, up from 163% in May. This is the largest variance in four months.

P/E10 and Market Valuation: June 2025

July 1, 2025
Here is the latest update of a popular market valuation method, Price-to-Earnings (P/E) ratio, using the most recent Standard & Poor's "as reported" earnings and earnings estimates, and the index monthly average of daily closes for the past month. The latest trailing twelve months (TTM) P/E ratio is 27.2 and the latest P/E10 ratio is 36.1.