To everything there is a season And a time to every purpose under Heaven Lyrics from Turn! Turn! Turn!

This song is based on the well-known Bible verse Ecclesiastes 3:1 As with many of you, perhaps, I became aware of the song before the Bible verse. I have tended to think of this quote at certain times of my life. Like now, as I am about to turn 65 years old and am registering for Medicare. In the mirror, I see the same guy, but at times, I get a dose of reality that indeed I am getting older – which is just fine!

I used to have the arrogance of youth. Now, I have the stubbornness of old age. I still retain my core personality, but my perspective about events has changed. If you are like me, you can look back and remember key events in your life. Some events were quite profound (my marriage in 1985; becoming a dad; and the passing of loved ones – just to name a few). Some events seem trivial but memorable (like my first French kiss, which was with a girl named Linda and took place next to her locker in the 600 building of DeMille Junior High in 1974. That blew my mind – thank you, Linda!). They all impacted me as to who I am now, and the passage of time has allowed me to look back with a sense of appreciation for it all.

I have also had to accept changes to my health situation. When I was young, I took my health for granted, but as life continues, the state of my health has been impacted. When I was new in my career and a new dad, I gained weight and became fat (I was already well on my way to becoming fully bald – that was a destiny that was anticipated, as all males on all sides of my ancestral tree were bald). I realized I had to work on my fitness, which I did. However, in time, other health issues arose. I have had heart arrhythmia, a mini-stroke, Barret’s esophagus, knee replacement, and in this post-COVID world gained some weight again. (Truth be told, the weight situation has been a recurring issue throughout my adulthood.) I now have pill boxes, one for each day of the week, for a combination of my medications and vitamins. You know you’re getting old when a lot of my conversations with friends revolve around our various health issues.

Fortunately, because we have already seen how Trump managed his role of President, we can infer certain things. The biggest one is that he is very likely to be cutting back on regulations and reducing the bureaucracy of the federal government. The market tended to react favorably to this, and especially with certain industries like financials, energy, and transportation, for example. What is not known is how he will manage issues such as tariffs, immigration, and right-sizing of the government, etc. There may be a big difference of what was promised during the campaign versus what he will be able to actually get done. Not everything can be handled via Executive Order – he will have to work with Congress. President Trump does have a reputation of being rash (which I call “ready, fire, aim”), and this could lead to uncertainty. The more the markets perceive uncertainty, the more likely we will see volatility.

What will Trump 2.0 bring to the markets? The truth is we don’t know. “Structure over prediction” has been a core tenet of our “Successful Investor Mindset” for many years. As had been our message throughout the campaign (thank goodness we are past that!), we encourage our clients to focus on the bigger picture. Good investing is long-term, conceptual, and logical versus short-term, reactionary, and emotional. Long-term investors and well-diversified portfolios tend to overcome political uncertainty. Our team will continue to help you keep your focus where it should be – on your personal needs and financial goals. Never hesitate to call us should there be an issue that is concerning you. Noah and I are there for you always!

Another profound event was when I got hired by Merrill Lynch in 1986. 38-years ago! Since that time, I can remember every issue that happened to the economy and markets. Not only do I remember the issues, I remember specific conversations about what all of my clients were going through during those times. I can recall every major event (Market Crash of 1987, Internet Tech Bubble of 2000, Y2K, 9-11, the Great recession, etc.). I may not remember what I had for lunch, but I can remember a client phone call from 1991.

I am very grateful to every one of my clients. Everything I am as a financial advisor is due to my clients. It is not lost on me, the significance of your choosing me, Noah, and our team. It is such an honor to continue to be one of your trusted professionals. I have learned so much from my clients. I would not be where I am both professionally and personally without you being in my life. I feel thankful beyond words.

That being said, I must acknowledge that there is change afoot. Even though the rumors of my retirement have been exaggerated, as I have said in our personal conversations, I owe it to everyone not to be around forever. Noah has taken on more leadership with the team, and he continues to rise to the occasion. I am very proud of him, and he has earned my unbridled trust. I believe he has earned everyone’s respect as well. Our core tenant continues to be, “Life’s about relationships and experiences.” He knows that I have a lot of interests that I still want to accomplish, and there are a lot of people I want to experience them with. He encourages me to heed our own advice. If, in 2025, you call in and find out I am out of this office, please know that I am just following instructions.

In closing, I want to acknowledge that change is a good thing. It’s part of life. I would encourage you to read the full Ecclesiates 3 Bible verse. Perhaps take a few moments to reflect on your past, appreciate the current, and create the future of your dreams.

May 2025 be filled with many blessings for you, your family, and to our great country.

Our core value is that “life is about relationships and experiences.” We’ve written about this many times because we truly mean it. We cherish every relationship we have, and we hope to continue to show that to our friends, clients, and partners. The sad thing is that when you work with a lot of people in the later stages of life, inevitably you lose some along the way.

Last year we experienced the loss of several clients, and each one of those losses was felt throughout our team. They were mothers, fathers, sisters, brothers, and grandparents. Our thoughts, prayers, and condolences are with their families, friends and other loved ones. Each one of them meant something to this world in one way or another.

We hope we can honor their memory by continuing to work for them and their financial goals after their passing. Usually that means working with their families, executors, and successor trustees to create an efficient transition of assets. Times of grief are incredibly hard already, but having to also handle the estate can be daunting. Let us be a resource to you. If you have questions about the transition of assets, please e-mail or call us anytime.