As we face continued volatility, we will look for the upside in growth, technology, and real estate while protecting to the downside with our alternatives and fixed income. We continue to believe a truly diversified portfolio is the only approach appropriate in this economic environment. We thank you for your continued trust and partnership and look forward to the new year!

As global complexities increase, the importance of diversification is paramount for a long-term investment strategy. We continue to believe in US dominance, and we look to capitalize on the technology sector from a tactical and strategic portfolio allocation. Looking ahead we believe that a falling rate environment will help support equity valuations and increase real estate transactions.

Pollock’s paintings are characterized by an “all-over” approach to painting, often of splattering an entire canvas with dense, interconnected webs of paint rather than focusing on a specific focal point. All of these policy changes and executive orders along with broad and seemingly arbitrary tariffs may be part of “the art of the deal” but I admit, I don’t see how this ends without some lasting or at least residual damage and maybe that is because I have never really understood the art of Jackson Pollack.

Our portfolios are designed to benefit from an extension of the business cycle and a continuation of US leadership. As the policy priorities of the new administration become clearer over the first half of the year, markets may be tested at times, but our well-diversified portfolios and extensive use of low-to-no correlated alternatives should serve as a ballast through market volatility.