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May 5, 2026May 14, 2026

If it feels like the headlines have been relentless lately, that's because they have been. Over the past year, investors have had to process an ongoing trade war, sharp market swings and now the geopolitical shock of a war in Iran—all while trying to stay focused on their long-term financial goals. As we discussed in our Q1 2026 quarterly letter, economic news in the first quarter was dominated by the conflict in the Middle East and its effects on markets.

These are the kinds of disruptive forces that test our patience as investors. And while the current backdrop may feel uniquely unsettling, it's worth stepping back and asking: how does this moment compare to other periods of disruption? And more importantly, how should you respond?

Disruption itself is not new. It could come from government policy like tariffs, from geopolitical crises, from unexpected shocks like the Covid pandemic, or even from something as improbable as one of the world's biggest container ships blocking the Suez Canal for a week. History can give us a clue as to how events like these have shaken out—though, as the SEC likes to remind us, past performance is not indicative of future results. There's no way to know what will happen six days, six months or even six years after a disruptive event takes place.

What History Can Teach Us

Let's start with tariffs, since they've been a persistent feature of the economic landscape since early 2025. When the Trump Administration announced sweeping tariffs on Canada, Mexico and China—with rates ranging from 20% to 25% and climbing higher in subsequent rounds—markets reacted sharply. A series of stutter steps followed as the Administration alternately paused tariffs on some goods while increasing them on others.

History offers useful context. The Smoot-Hawley Tariff Act of 1930 is the most cautionary example: enacted during the Great Depression, it triggered retaliatory tariffs from Canada and European countries, contributed to a collapse in global trade and deepened the economic downturn. The first Trump Administration's 2018 tariffs told a different story—they didn't spark the same cascade, though they also didn't achieve their stated goal of reducing the trade deficit with Mexico, which actually increased by 159%.

As for the 2025 tariff round—we now have the benefit of hindsight. Markets absorbed the initial shock, experienced significant volatility and, true to form, began recovering as investors recalibrated. This is consistent with what more than a century of market history has shown: disruptions are painful in the short term, but markets have generally found their footing.

That said, it's worth being honest about what "long term" really means. The NASDAQ didn't reclaim its dot-com-era peak until 2015—15 years after the bubble burst. The S&P 500 delivered a negative annualized return for the entire decade from 2000 to 2009, underperforming both bonds and cash over that stretch. The long-term direction of markets has been upward—but the path can be grueling, and it can test even the most patient investors. This is precisely why a properly diversified portfolio matters as much as it does.

The same perspective applies to the Iran conflict that has dominated headlines in 2026. As we explored in When Geopolitics Rattle the Markets, geopolitical crises are unsettling by nature and their market effects can be sharp in the short term. But looking back at major geopolitical events over the past century—World War II, the Korean War, the Gulf Wars, the September 11 attacks—markets have ultimately found their footing, even when the recovery took longer than anyone expected.

Your Next Steps

None of this is to say that disruptions won't touch your daily life—they may. Rising prices from tariffs, energy market volatility from geopolitical conflict, uncertainty about future policy—these are real concerns that may warrant a closer look at your budget and spending, particularly if you're on a fixed income.

When it comes to your investment portfolio, though, remember that it's been designed with disruption in mind. Research shows that diversified portfolios—those that combine stocks, bonds and other asset classes—have historically experienced significantly less pain during downturns than all-equity portfolios, and have recovered more quickly as a result. Proper diversification and disciplined rebalancing are built to help you navigate uncertainty without having to make reactive decisions in the heat of the moment.

We've worked together to create an investment plan that's structured for tax efficiency and allocates your assets according to your need, willingness and ability to take on risk. If your goals or circumstances have changed, we can revisit your allocations. But if nothing fundamental has shifted, you may not need to make any changes to your strategy at all.

The noise can feel deafening right now. That's normal—and expected. Disruptions are, by nature, jarring. So if you have questions about what's happening in the markets, the economy or your own portfolio, please reach out. That's exactly what we're here for.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

Data sources for returns and standard statistical data are provided by the sources referenced and are based on data obtained from recognized statistical services or other sources we believe to be reliable. However, some or all information has not been verified prior to the analysis, and we do not make any representations as to its accuracy or completeness. Any analysis nonfactual in nature constitutes only current opinions, which are subject to change. Benchmarks or indices are included for information purposes only to reflect the current market environment; no index is a directly tradable investment. There may be instances when consultant opinions regarding any fundamental or quantitative analysis do not agree.

The commentary contained herein has been compiled by W. Reid Culp, III from sources provided by TAGStone Capital, as well as commentary provided by Mr. Culp, personally, and information independently obtained by Mr. Culp. The pronoun “we,” as used herein, references collectively the sources noted above.

TAGStone Capital, Inc. provides this update to convey general information about market conditions and not for the purpose of providing investment advice. Investment in any of the companies or sectors mentioned herein may not be appropriate for you. You should consult your advisor from TAGStone or others for investment advice regarding your own situation.

April 28, 2026May 14, 2026

If you’ve opened your homeowners insurance renewal lately, you’ve probably done a double-take. Premiums are up — sharply — and the pressure isn’t easing. Across the country, homeowners have seen their rates climb by 24% over the past three years, with some states seeing rates climb by more than 50%. As of last summer, insurance now accounts for more than 9% of the average single-family mortgage payment — the highest figure on record.

For families in the Southeast, this is more than a national headline. Hurricane Helene in 2024 left a trail of damage from Florida through eastern Tennessee and western North Carolina, including places that historically didn’t consider themselves catastrophe-prone. Reinsurance costs have followed, and they get passed through to homeowners, whether or not your roof has ever seen a named storm.

Insurance isn’t part of TAGStone’s licensure, and we’re not here to recommend a policy. But where insurance touches your financial plan — your cash flow, your real estate exposure, your retirement geography — it absolutely matters. Here’s how we think about it.

Start with your primary residence

If you’re facing a renewal hike, work the problem from a few angles before you simply pay the new bill.

First, re-read your policy. Coverage levels often haven’t kept pace with rebuild costs, and standard policies don’t cover everything: flood and earthquake are typically separate, and wind exclusions are common in coastal markets. Being under-insured at renewal time is a quieter risk than the sticker shock, but it’s the more expensive one if something happens.

Second, get a fresh quote from another carrier. The market has fragmented — some insurers have pulled out of certain ZIP codes, others are aggressively pricing in markets they want. A good independent insurance broker is worth their fee here.

Third, consider raising your deductible. A higher deductible lowers the premium, but it shifts more risk onto your balance sheet. That trade is worth it only if you’ve actually built — and earmarked — the cash to cover it.

Now consider your real estate investments

If you own rentals, vacation properties, or commercial real estate, rising premiums hit you twice: directly, through your own policy, and indirectly, through tenant economics and property values. Single-family rental investors have already seen carriers tighten in coastal markets. Commercial leases that don’t pass insurance through to tenants are renegotiation candidates at the next reset.

A more strategic question: if you’ve built real estate exposure concentrated in one geography — particularly a coastal or fire-prone one — your “diversified portfolio” may not actually be as diversified as the spreadsheet suggests. Insurance pricing is the market telling you something about correlated risk, and it’s worth listening.

A note on retirement geography

For clients planning to relocate in retirement, insurance cost has quietly become a meaningful line item. Florida’s tax and lifestyle case still pencils for many retirees, but the all-in cost of homeownership there isn’t what it was five years ago. The Carolinas, Georgia coast, and Tennessee mountains have their own evolving risk pictures. None of this rules anywhere out — it just means the “where” question deserves a fresh look in your retirement cash-flow plan.

The bottom line

Insurance is a household expense in name only. In practice, it’s a financial planning input — and a growing one. If your premium is up materially this year, that’s a signal to re-run a few numbers: cash flow, emergency reserve, the cost basis of any property you own, and whether the structure of your real estate exposure still matches your goals.

If you’d like to walk through any of those numbers together, please reach out. Insurance decisions are for your insurance broker — but the rest of the plan is what we do.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

April 21, 2026May 14, 2026

It has never been more tempting to spend money. Every day, we’re pressured to buy something, whether through traditional ads, targeted recommendations or the curated lifestyles of online influencers. The messages are constant and persuasive.

Financial professionals like us spend a lot of time talking about how to save. But knowing how to spend well is equally important. And for many, spending is surprisingly fraught, wrapped up in behavioral biases and the psychological imprints of past experiences.

Unexamined spending can lead to extremes. On one end of the spectrum, you find overspenders who rack up debt and land in financial hot water. On the other end are those afraid to spend, depriving themselves of things they can afford that would give them pleasure.

Ultimately, spending is unavoidable. Ideally, we find a middle path that allows us to cover necessities and spend on the things that truly bring joy, whether that’s hobbies, travel, experiences with your family and friends, or simple everyday pleasures.

So how do you engage in thoughtful spending? These tips can help.

Consider Your Values

One of the best ways to become a mindful spender is to spend in line with your values. Take the time to identify what matters most to you. These could be things like health, family, community, security or creativity. Before making a purchase, consider whether it supports one or more of these values. Doing so can help you avoid potential behavioral traps, such as signaling—spending money to shape how other people think of us.

It’s one thing to buy a nicer car because you need it. It’s another to buy one because you want to broadcast status to neighbors.

If you can truly afford to do this, there’s not necessarily a lot of harm done financially speaking. But it’s still worth asking whether the motivation reflects something you truly value or simply a desire to impress others.

And if the purchase stretches your finances, the irony is clear: Spending to appear wealthy actually undermines your financial security.

Compare and Despair

Closely related to signaling is the phenomenon of keeping up with the proverbial Joneses.

Morgan Housel, partner at The Collaborative Fund and author of The Psychology of Money puts it well: “There are two ways to use money. One is as a tool to live a better life. The other is as a yardstick of status to measure yourself against others. Many people aspire for the former but get caught up chasing the latter.”

When we see other people spending freely—neighbors renovating their kitchen or friends taking pricey vacations—it can create subtle pressure to match their choices. After all, we humans are deeply wired to avoid appearing like outsiders.

But appearances can be misleading. The people you’re comparing yourself to may be financing those purchases or stretching their budget to maintain a perfect front.

So again, before trying to match anyone’s spending, revisit your own priorities. You may find that the security of living within your means is much more important to you.

Be Mindful of Hedonic Adaptation

Besides being a bit of a mouthful, hedonic adaptation is the tendency for humans to return to a baseline level of happiness even after major positive or negative changes in their lives. In other words, the emotional impact of these events fades quickly over time.

This can have important implications for spending. Many purchases—the latest smartphone, a luxury car, a bigger home—promise lasting happiness. These items might provide a short-term boost in satisfaction, but that feeling typically fades faster than we’d expect.

Understanding this tendency can encourage a bit of pause before making big purchases. If it’s greater happiness you seek, whatever you’re considering buying likely isn’t the solution.

Being mindful of hedonic adaptation can also help guard against lifestyle creep, where spending gradually increases as income rises without necessarily improving long-term happiness. Buying that bigger home requires spending more on things like taxes and upkeep, which may quickly make you feel out of control. Or as Housel puts it: “Sometimes the stuff you spend money on has so much influence over your autonomy…that it’s not clear whether you own things or the things own you.”

On a more reassuring note, just as we adapt to positive changes, we also adapt to setbacks. Difficult events like a job loss or a financial downturn can feel overwhelming in the moment, but emotional recovery tends to be swift.

Think Before You Carpe Diem

Popular aphorisms encourage us to “carpe diem,” “YOLO” or “live for the moment.” And on a fundamental level, that message has merit. Life is unpredictable, and it’s important to enjoy it.

However, the idea also can be used to justify impulsive spending, allowing our present selves to win out over our future selves.

Consider a simple example: Spending $200 on a new pair of boots now may not seem like a major decision. However, if that same amount were invested and allowed to grow for decades, it could be worth thousands of dollars in the future.

This doesn’t mean you should never buy those boots—especially if you can afford them. The key is considering the trade-off and making that decision consciously.

Interestingly, carpe diem—often translated as “seize the day”—may have originally carried a more nuanced meaning. Some scholars suggest it would be better translated as “pluck the day,” an allusion to picking fruit or flowers at harvest time. Seen this way, the phrase originally may be more about appreciation and enjoying opportunities when the moment is right, rather than an exhortation to take impulsive action. That, perhaps, is a useful way to think about spending as well.

A Plan That Makes Room for Living

It might be easy to think that financial advice is all about pushing you to cut back and save more. In reality, it’s about finding balance. Together, we can build spending strategies that reflect what matters to you most, so you can feel confident about your future without putting your present happiness on hold.

At TAGStone, our planning conversations aren't just about accumulating wealth, they're about deploying it in ways that reflect what matters most to you. If you'd like to talk through how your spending fits into your broader financial picture, we'd welcome that conversation.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

April 14, 2026May 14, 2026

Published April 14, 2026

At a Glance

Consolidation simplifies your financial life and can trim duplicate fees — but a few 401(k) features (the Rule of 55, plan loans, some institutional share classes) disappear the moment you roll those dollars into an IRA.
There is no universal right answer. The best path depends on your age, your retirement timing, and what each of your existing accounts actually offers.
For most clients, the real payoff isn’t simplicity — it’s getting every retirement dollar aligned to one coherent investment strategy, instead of scattered across five versions of whatever seemed like a good idea in 2014.

If tax season left you digging through 1099s from three old employers, two IRAs, and an account you inherited from a parent, you’re in good company. Some version of this question hits my inbox almost every April: “I’ve got retirement money in six different places. Do I need to pull it all together?”

It’s a fair thing to wonder. After a career of job changes, firm mergers, plan rollovers you meant to finish but didn’t, and a Roth IRA you opened in your thirties, a lot of successful savers look up in their fifties and realize they’re managing more accounts than they intended. The Bureau of Labor Statistics reports that the youngest baby boomers had held an average of 12.9 jobs by age 58. If even half of those came with a workplace retirement plan, you can see how the pile grows.

So: should you consolidate? As with most decisions in planning, the honest answer is it depends — but the factors that matter are knowable, and worth walking through.

The Case for Pulling Things Together

The most obvious benefit of consolidation is simple and not to be underestimated: fewer moving parts. Fewer statements to open. Fewer usernames to remember. Fewer beneficiary forms to update when life changes. When your retirement picture lives in one or two places instead of six, we can actually see it — and so can you.

Cost is the next layer. Multiple legacy accounts often mean multiple sets of administrative, custodial, or advisory fees, quietly compounding against you. Consolidating into a single custodian frequently eliminates that redundancy. It also expands your investment menu. Many old 401(k) plans offer a handful of pre-selected funds; an IRA opens the door to nearly any publicly traded security.

Consolidation also gets easier to appreciate as you approach required minimum distribution age. Calculating and executing one RMD, from one custodian, is meaningfully less error-prone than coordinating three. And on the estate side, fewer accounts across fewer institutions makes life dramatically simpler for whoever has to settle your affairs one day — which is a gift to them, even if it doesn’t feel like one to you today.

What You Might Quietly Give Up

This is where I slow people down. Consolidation isn’t always the right call, and a few specific features can vanish the moment funds leave an old 401(k):

The Rule of 55. If you separate from your employer in or after the year you turn 55, you can take penalty-free distributions from that 401(k) before age 59½. Roll those dollars into an IRA and the exception is gone. For anyone considering early retirement, this is a detail worth protecting.

Plan loans. A 401(k) can be borrowed against in a pinch; an IRA cannot. I’d never recommend borrowing from retirement savings as a first move, but if a current plan has loan provisions you value as a last-resort emergency tool, be thoughtful before rolling that flexibility away.

Institutional share classes. Some large employer plans give participants access to low-cost institutional share classes — share classes you often can’t buy individually, even with a sizable IRA balance. If your old plan’s expense ratios are genuinely lower than what we can replicate elsewhere, staying put can be the right answer.

Before we consolidate anything, I want to compare the expense ratios and fund menus in every account you’re considering moving. Sometimes the old plan is quietly the cheapest and best option you have.

Three Ways to Simplify (Without Doing Too Much)

If consolidation makes sense, you generally have three paths:

Roll everything into an IRA. This tends to offer the broadest investment flexibility and the cleanest administrative picture, and it’s the right move for most people.

Roll into your current employer’s 401(k). If your current plan accepts incoming rollovers and offers strong, low-cost investment options, this preserves 401(k)-specific features (Rule of 55, plan loans) while still reducing the account count.

Same custodian, separate accounts. A middle path: move everything to one institution without commingling account types. You still get one login, one statement, one phone call — but your traditional IRA, Roth IRA, inherited IRA, and rollover IRA each stay in their own lane. This matters more than it sounds; for example, commingling an inherited IRA with a contributory IRA can create tracking and distribution headaches you don’t want.

The Bottom Line

The goal isn’t to own the fewest retirement accounts. The goal is to make sure every retirement dollar you’ve worked for is being managed deliberately — aligned to a single long-term strategy rather than whatever each plan’s default allocation happened to be the year you left that job.

For some clients, that means five separate accounts collapsing into one. For others, it means keeping a legacy 401(k) in place for its unique features while consolidating the rest. The right answer is the one that fits your circumstances — your age, your retirement timeline, your estate plan, and what each of your current accounts actually offers.

If you’ve been meaning to take inventory, this is a good time to do it. Pull your most recent statements together and send them over. A forty-five minute conversation is usually enough to tell whether consolidating is worth your effort, or whether you’re better off leaving things as they are.

This post is part of our Client Questions series. See also: Lump Sum vs. Dollar-Cost Averaging.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

April 1, 2026May 14, 2026

As the second quarter begins, the war in Iran, now entering its second month, remains the dominant economic story. It’s unclear how long the war will last, and markets have reacted accordingly.

Stocks have declined steadily since the war began on Feb. 28. The S&P 500 fell 4.63% during the first quarter, and the Nasdaq briefly fell into correction territory. Volatility has risen as the market attempts to keep up with the rapidly changing global situation.

Energy markets have been at the center of the disruption. The war continues to restrict the flow of oil from the Middle East, pushing prices higher. Brent Crude, the global benchmark for oil, climbed more than 44% between Feb. 27 and the end of the quarter. It remains unclear what continued conflict and damage in the region will mean for energy and the global economy, and investors worry about the downstream effects on inflation, consumer spending and economic growth.

Navigating a Landscape of Unknowns

What happens next depends on a series of interrelated variables that are, by definition, unknowable.

An immediate resolution to the war could lead to a steep drop in energy costs, but a protracted quagmire might push them to extreme highs. Whatever happens to energy costs will have a big impact on overall inflation. In turn, the outlook for inflation will affect Federal Reserve interest rate policy. On Feb. 27, the day before the war, Wall Street traders were expecting two to three interest rate cuts in 2026. Now, a rate hike appears increasingly plausible. Fed policy has big implications for the economy. Rate hikes raise the cost of borrowing, which can cool economic growth.

What Should Investors Do?

It can be tempting to try to interpret every headline and adjust your portfolio accordingly. But when the outcomes are unknowable, that approach is just guessing and gambling.

Even in more normal times, attempting to time the market and trade on evolving news is effectively impossible. The market is incredibly efficient, so stock prices already reflect any information you might have. And any changes you might make reactively may introduce more risk than they remove.

Instead, consider why you’re investing in the first place. The goal isn’t to outsmart the markets today or tomorrow or the next day, but to improve your ability to build the life you want.

That’s why you have a financial and investment plan designed to accommodate uncertainty. Diversification across asset classes, sectors, styles and geographies helps manage the unknown by providing downside protection and maintaining upside potential.

Remember that investing, at its core, is an exercise in navigating the unknown. The future is unpredictable, and sources of long-term returns are rarely obvious in advance. In fact, it’s the uncertainty about the future that fuels stocks’ long-term growth potential: Equities’ return premium compensates investors for the risk of the unknown.

Evolving headlines will continue to create uncertainty in the weeks and months ahead. Through it all, keeping your portfolio aligned to your long-term goals gives you the best chance to achieve them.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

March 24, 2026May 14, 2026

What do you do if you’ve just received a big bonus at work, inherited some money, sold a business, or otherwise enjoyed a recent windfall you’d like to invest? Should you invest the money right away—even if the market seems particularly high or low—or little by little over time?

This is a question we often hear from clients and other investors. No wonder: Deciding how to invest a pot of money can indeed feel paralyzing. What if you put the money in, and the market promptly tanks? Or what if you hesitate, and the market soars? It’s perfectly normal to worry that you’ll make the wrong move…or at least not the best one.

Investing a lump sum all at once or over time each has its advantages and disadvantages. Let’s take a look at some of the factors to consider.

Begin with Your Goals

Before making any investment moves, first consider what you want to use your money for.

In the short term, the market can be a volatile place, with the potential for big ups and downs. If some or all of your money is going to be used for short-term goals—say, paying college tuition bills that are just a few years away—you may consider more conservative investments less affected by this volatility, like short-term bonds, bond funds, or certificates of deposit (CDs).

If you want that money to help you pursue long-term goals such as retirement, then investing in the stock market right away is likely worthwhile. Over the long term, volatility tends to smooth out, and the markets have historically continued to move higher.

Compare Lump-Sum Investing vs. Dollar-Cost Averaging

When you invest a lump sum, all your money is exposed to the market right away. If the market is on an upward tack, you can take advantage of immediate gains.

But of course, near-term market returns are not predictable. There could be a downturn after you invest your lump sum. If this potential for a setback bothers you, dollar-cost averaging—investing a set amount of money at regular intervals—may be a more comfortable strategy.

For example, you could use dollar-cost averaging to invest $1,000,000 in a low-cost, total market index fund in $200,000 monthly installments over five months. That way, when the market is at a high, your investment buys fewer fund shares. And when the market is lower, your investment buys more shares. The strategy helps you take advantage of the market’s natural ups and downs and manage the average cost of the shares you buy.

However, be aware that the greater comfort of pacing your investments through dollar-cost averaging may come at a price. Research shows that lump-sum investing outperforms dollar-cost averaging 68% of the time.

That said, keep this in perspective: how you deploy new money is unlikely to matter nearly as much as whether you are investing efficiently to begin with — starting with a plan that reflects your goals and risk tolerance, investing in a diversified mix of low-cost funds, and staying the course through inevitable market swings. The best deployment strategy is simply the one that helps you adhere to those principles.

So, ask yourself: Is maximizing expected returns your top priority? If so, the lump-sum approach might make the most sense for you. On the other hand, the same research suggests the expected outperformance is not by a large margin. If the specter of potential investment losses keeps you awake at night, it may be worth taking a small hit to use dollar-cost averaging, especially if it reduces the risk of panic-induced selling that can lock in even greater losses.

Whatever You Do, Don’t Delay

Historically, stocks and bonds outperform cash holdings over the long term. It’s critical to start investing as soon as possible to take advantage of this outperformance.

Delaying putting cash in the market is a form of market timing, buying or selling shares in an attempt to predict future market movements. This is a complicated game you’re unlikely to win. Consider that average equity fund investor returns trailed the market (as proxied by the S&P 500) by 5.5% in 2023, largely due to trying to time the market. Both lump-sum investing and dollar-cost averaging help you avoid this behavior and take advantage of the tendency for the market to grow over the long term. And this is what you need to meet your long-term financial goals. The important thing is to choose the strategy that will allow you to stick to your long-term plan.

Unsure how to invest some of your cash holdings? Reach out. We’d be happy to discuss which option best suits your needs.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

March 17, 2026May 14, 2026

Periods of geopolitical tension can cause sharp market reactions and unsettling headlines.

Recently, events in the Middle East have escalated rapidly. On Feb. 28, the U.S. and Israel launched an attack on Iran, setting off a rapidly escalating conflict across the Middle East. Fighting has spread to other countries, bringing with it destruction and loss of life.

In addition to the humanitarian toll, the conflict is making economic waves globally. As of 2025, 20 million barrels of oil per day—about 20% of global consumption—traveled through the Persian Gulf. That traffic came to a standstill after the attack, and oil prices climbed swiftly.

These events have investors worried and markets reacting. In early March, the CBOE Volatility Index jumped to its highest level since the near bear market last April.

What Exactly Has Markets Concerned?

Investors worry that rising oil prices could slow the economy. Energy is a key input for transportation, manufacturing, and other activities. When oil prices spike, many industries face higher costs.

Investors are also concerned about inflation. Higher energy prices can lead to broader price increases. What’s more, many investors were hoping the Federal Reserve would lower interest rates to boost the economy. If inflation rises, the Fed may be less likely to do so.

Your Portfolio Is Built for Moments Like This

While the headlines are alarming, periods like this are not unusual in long-term investing. At TAGStone, portfolios are designed with the expectation that geopolitical events, economic shocks, and market volatility will occur from time to time.

It’s important to remember that your diversified investment portfolio is built to withstand moments like this.

For instance, your portfolio already includes allocations to U.S. and international stocks, bonds, and cash. The fixed income portion of your portfolio, in particular, can help provide stability when equities become more volatile, helping smooth overall portfolio fluctuations.

Within the equity portion of your portfolio, diversification also helps manage risk. Some sectors may struggle when energy prices rise, such as technology and consumer discretionary.^[1] On the other hand, energy companies might benefit from rising prices, potentially helping offset losses elsewhere.

A diversified portfolio does not eliminate losses, but it can help reduce the magnitude of downturns compared to broad market indices such as the S&P 500.

It’s also worth remembering that much of your portfolio is invested for the long term. Short-term market movements can feel uncomfortable, but the assets that fluctuate most today typically are the ones you won’t need to draw on for many years. As a result, you may not need to change anything about your portfolio to respond to the current news cycle.

This year may also naturally bring somewhat higher market volatility. Historically, midterm election years have tended to experience larger intra-year declines—closer to about 17–18% on average versus roughly 14–15% in a typical year. While those declines can feel unsettling in the moment, the period following midterm elections has historically been one of the strongest stretches in the four-year presidential cycle.

A Final Perspective

In times of geopolitical crisis, it is natural for both people and markets to react quickly. History, however, suggests that these events rarely alter the long-term trajectory of markets.

One useful way to think about geopolitical crises is that markets tend to treat them as temporary disruptions rather than permanent economic changes. Denise Chisholm, director of quantitative market strategy at Fidelity, looked into geopolitical shocks from Pearl Harbor through Russia’s 2022 invasion of Ukraine. She found that, on average, U.S. equities returned about 8% over the following year, on par with their long-term annual average. Her conclusion: “It’s the exception, not the rule, that geopolitical events become sustained market headwinds.”

The chart below illustrates how U.S. equities have historically performed in the year following major geopolitical shocks.

If you have questions about how current events may affect your portfolio, don’t hesitate to reach out. We’re always happy to talk through your concerns and help you stay focused on your long-term plan.

[1] See slide 6 of the linked chart pack.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

March 10, 2026May 14, 2026

No one likes to imagine a time when they might be sick or unable to make decisions for themselves. It ranks alongside cleaning out the garage or scheduling a long-overdue physical—important, but all too easy to postpone. Yet having the right estate planning documents in place can make all the difference.

Without a clear plan in place, the state might step in and appoint a guardian to make financial and medical decisions on your behalf. Someone you didn’t choose could end up deciding where you live, how your money is managed, or what medical treatments you receive. That's not a situation any of us wants to be in.

Incapacity exists on a spectrum. It could look like cognitive decline from Alzheimer’s or dementia, physical incapacity after an injury or illness, a sudden event such as a stroke, or a gradual decline over time.

Because these scenarios unfold differently—and at different life stages—you’ll need four key documents to address them:

a durable power of attorney,
health care proxy,
living will, and
a will or revocable trust.

You may already have one or two of these documents, but comprehensive planning requires all four. Together, these documents create a coordinated safety net. Without one, gaps can appear. It’s like living near a river and buying homeowner’s insurance but skipping flood coverage. You’re mostly protected… until you’re not.

1. Durable Power of Attorney

A durable power of attorney (DPOA) is a legal document that authorizes someone—known as your agent or attorney-in-fact—to manage your financial affairs on your behalf, including bills, banking, investments, and business interests. The word “durable” here is key: it means the document remains valid even if you become mentally incapacitated.

Choosing the right person to fill this role matters. Consider someone who is financially responsible, trustworthy, and capable of handling potential conflict if family members disagree. Many people select a spouse or adult children. If these options don’t feel appropriate, we can help you identify another trusted individual or a professional fiduciary.

It’s also wise to appoint a backup agent in case your first choice is unavailable when needed.

One related tool worth knowing about: a trusted contact person on your financial accounts. Unlike a DPOA agent, a trusted contact cannot make decisions or view your accounts, but they can serve as a point of contact for your financial institutions if something seems wrong.

For a deeper look at how a DPOA and a trusted contact person work in practice, including important tips on keeping it current with your financial institutions, see Protecting What's Yours (While You're Alive).

2. Health Care Proxy

Your health care proxy is a document that designates an agent to make medical decisions for you if you are unable to do so yourself. This covers situations where you are unconscious, severely ill, undergoing surgery, or have lost cognitive capacity.

The health care proxy is typically activated when a physician determines that you lack decision-making capacity. At that point, your agent can step in and make decisions about treatments, surgeries, medications, care facilities, and in some states, end-of-life decisions. Ideally, these decisions are guided by your known wishes or their best judgment of what you would want.

Again, a spouse or adult children are common choices. Whoever you name should be someone who understands your preferences about medical care, is comfortable making decisions under pressure, and can advocate for you with medical professionals.

It’s also common to name different individuals for medical and financial decisions. It creates natural checks and balances and helps prevent one person from carrying the entire weight.

3. Living Will

A living will complements your health care proxy. This document spells out—in your own words—the medical treatments you do and don’t want in specific circumstances, such as a terminal condition, a persistent vegetative state or at the end-stage of an illness with little hope for recovery.

You don’t need to name an agent for a living will. However, it may be helpful to come up with this document in conversation with your physician and estate attorney. Tools like the “Five Wishes” framework can serve as a jumping-off point for clarifying your preferences.

Your living will is part of a broader healthcare advance directive. We cover what that includes, and other practical tips, in Protecting What's Yours (While You're Alive).

4. Will or Revocable Living Trust

The first three documents address what happens when you're living but unable to act. The fourth addresses what comes after.

Your estate plan should also include a will or trust that addresses what happens to your assets.

A will outlines how your property should be distributed after you die, names an executor to carry out your wishes, and designates a guardian for any minor children.

A revocable living trust goes a step further. You transfer assets into the trust during your lifetime—typically naming yourself as the initial trustee so you retain full control—and a successor trustee steps in if you become incapacitated or die.

Because assets in a trust bypass the probate process, transfers tend to be faster, more private, and less expensive. There are several types of revocable trusts, and we can work with you and your estate attorney to determine which structure fits your situation.

A will or trust is just the starting point. The greater risk for most families is execution and coordination after documents are signed. We cover what that looks like in Protecting What's Yours (After You Pass) and the step-by-step process in Part 2.

Keep Your Estate Planning Documents Current

No single document covers every phase of incapacity or death. The goal is to have all four in place, kept current, and accessible to the people who may need them.

One important area these documents don’t cover is beneficiary designations on retirement accounts and life insurance policies. These designations override instructions in your will, so make sure they are up to date and aligned with your wishes.

Finally, remember that life is dynamic. Laws evolve, financial situations shift, and relationships change. Plan to review each of these documents regularly, especially after major life events such as marriage, divorce, the birth of a child, relocation, or significant changes in wealth, and update them as needed.

The Core Four documents are the foundation, but they're only as strong as the planning and coordination around them. At TAGStone Capital, we help clients build and maintain that full picture, from incapacity planning to estate execution. To go deeper on what happens after documents are signed, see Protecting What's Yours (After You Pass). Or, if you're ready to talk through where your own plan stands, schedule a complimentary 15-minute conversation.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

March 3, 2026May 14, 2026

On December 31, 2025, legendary investor Warren Buffett retired as CEO of Berkshire Hathaway at age 95. Berkshire Hathaway compounded shareholder capital at approximately 20% annually for over six decades—one of the most remarkable investment records ever achieved. Buffett’s retirement marks the end of one of the greatest investing careers. Yet, the principles that guided him remain just as relevant today for families aiming to grow and preserve wealth across generations.

Sixty years ago, Buffett took over Berkshire Hathaway, a struggling New England textile company, and turned it into a powerhouse that operates everything from insurance firms to household names like Duracell batteries. Along the way, he earned the nickname “Oracle of Omaha” for carefully selecting undervalued companies and holding onto them for the long term—a strategy that has worked well for him. Today, he is the sixth richest person in the world, with a net worth around $154 billion.

Throughout his career, Buffett has shared some of his success secrets, often through his well-known—and often humorous—shareholder letters. Below are some of our favorite insights that continue to guide investors of all kinds.

Navigating Fear and Greed

Investing is carried out by people, and people are emotional. As a result, human behavior heavily influences market movements. Fear and greed can cause investors to jump in and out of the market en masse, often to their own detriment.

Buffett illustrated this idea well when he wrote:

“Occasional outbreaks of those two super-contagious diseases, fear and greed, will forever occur in the investment community…We never try to anticipate the arrival or departure of either disease. Our goal is more modest: we simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

Buffett warns us to be cautious when investors are “greedy,” as this can push prices to levels that are not sustainable—sometimes leading to a crash.

Conversely, when investors are fearful, they might miss out on significant opportunities to buy bargains during a market downturn.

The key to successful investing is managing emotional impulses. Buffett has said: “The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”

This is one of the reasons we build portfolios that can weather market volatility before it happens, rather than reacting emotionally once it does.

Bursting Bubbles

During market bubbles—such as the Dot Com bubble of the late 1990s or the housing boom leading up to the 2008 crash—prices rise rapidly beyond their true value, fueled by speculation and hype.

Even investors who were initially skeptical may give in to the temptation to join in, entering the market when prices are excessively inflated and due for a crash.

Buffett summarizes this well when he said:

“Bubbles blown large enough inevitably pop. And then the old proverb is confirmed once again: ‘What the wise man does in the beginning, the fool does in the end.’”

Buffett has also said, “It’s only when the tide goes out that you learn who’s been swimming naked.” Indeed, when a booming market turns south, you don’t want to be the one who has taken on too much risk and ends up scrambling to get out.

Playing the Long Game

You’ve probably heard us say that investing is a long-term venture. This is also one of Buffett’s core principles: “Our favorite holding period is forever.” He has additionally stated, “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”

The evidence is clear: over the long term, the stock market has traditionally moved higher. For families building multi-generational wealth, committing to long-term holding periods is the best way to navigate the inevitable short-term market fluctuations that accompany the overall upward trend.

Starting Early

Unsurprisingly, there's a lot of overlap between aphorisms about planting trees and investing. Both require planning and an early start to ensure you reap their benefits.

As Buffett once said:

“Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Similarly, a well-crafted investment plan needs attention and nurturing, supported by disciplined approaches like dollar-cost averaging—the practice of regularly investing a fixed amount regardless of market conditions—and periodic rebalancing. But mostly, wealth and trees simply need time to grow.

In this sense, Buffett’s “secrets” of success have never truly been secrets. They are just simple truths that all investors can follow: stay calm when others panic, resist the hype, invest regularly, and think long term. Even with these principles, it’s not always easy to stay the course—especially when markets become turbulent.

These principles continue to guide how we think about managing wealth for the families we serve. Please reach out when you have questions about the markets and how they affect your long-term plan.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

February 24, 2026May 14, 2026

Retirement is often imagined as a well-earned season of freedom—time away from deadlines, schedules, and professional responsibilities. But when the structure that shaped your days for decades suddenly disappears, what replaces it? Endless relaxation may sound appealing, but the reality is often more complex.

Retirement is a major life shift, one that impacts more than just your schedule. It can reshape your sense of identity, daily habits and even your health. In fact, research has shown that retirement can raise the risk of heart disease and other medical issues by up to 40%. The reason? Experts point to a loss of purpose and reduced social connection, both of which can take a toll on mental and physical well-being.

Without a plan for how to spend your time meaningfully, the transition can bring unexpected emotional challenges.

The Risks of Unstructured Retirement

Many retirees begin this new chapter with a “honeymoon phase”—a period marked by the novelty of free time, relaxation or long-awaited travel plans. But this initial high can eventually fade.

When the excitement of sleeping in and checking items off the bucket list wears off, retirees can find themselves facing unexpected emotional challenges. Common struggles include boredom, loss of routine, identity shifts and social isolation. In fact, 24% of older adults are considered to be socially isolated. Isolation can also have a ripple effect on health: It’s associated with a 50% increase in risk of developing dementia and increased risk of premature mortality.

Designing a Retirement with Purpose

To avoid some of the potential pitfalls of an unstructured retirement, it’s important to think carefully—and proactively—about purpose. What do you want this next phase of life to look and feel like? Beyond financial planning, consider how you’ll meet the deeper needs your pre-retirement life—including work and raising kids—may have fulfilled: structure, identity, accomplishment, social connection and a sense of meaning.

What brings you pleasure and meaning? What have you always wanted to try or learn? Pursuing these activities can provide purpose and help ensure retirement’s not just a long vacation, but a rewarding chapter of your life.

Feeling stuck here? Try asking close friends or family what they see light you up. Often, others can reflect back passions or strengths that are hard to see on your own.

Staying Connected and Active

Relationships and physical routines matter more than ever when you retire. Staying active, both physically and socially, offers measurable health benefits. Regular physical activity lowers risks, including the likelihood of dementia, heart disease, stroke and eight types of cancer.

People-centered activity is important, too. Look for ways to stay engaged, whether through volunteering, mentoring, part-time work, creative pursuits or community involvement. Older volunteers, aged 55 and up, who gave 100 hours or more each year were two-thirds less likely to report poor health than non-volunteers.

Spending more time with family is a high priority for many retirees and can be a great way to fulfill social needs. But make sure that vision is shared. Open conversations with loved ones about time together, expectations and boundaries can help align plans and avoid disappointment down the road.

The Retirement Identity Shift

In many ways, it’s hard to define what retirement is. After all, it’s not a single moment but a series of transitions. For instance, rather than an abrupt shift to not working at all, you may consider bridge employment—usually part-time work in a temporary position or as a consultant in your field or in a different industry. This can offer a gradual shift into retirement, providing continued income and engagement as you adjust.

Retirement is not merely about stepping away from work—it is about stepping intentionally into your next season of influence, relationships, and legacy.

As your vision for retirement evolves, keep us in the loop. We’d love to hear what you’re planning—and we’re here to help ensure your financial strategy stays aligned with your goals.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

Disruptive Forces: Thriving in a World That Won’t Sit Still

What History Can Teach Us

Your Next Steps

Start with your primary residence

Now consider your real estate investments

A note on retirement geography

The bottom line

Consider Your Values

Compare and Despair

Be Mindful of Hedonic Adaptation

Think Before You Carpe Diem

A Plan That Makes Room for Living

The Case for Pulling Things Together

What You Might Quietly Give Up

Three Ways to Simplify (Without Doing Too Much)

The Bottom Line

Navigating a Landscape of Unknowns

What Should Investors Do?

Begin with Your Goals

Compare Lump-Sum Investing vs. Dollar-Cost Averaging

Whatever You Do, Don’t Delay

What Exactly Has Markets Concerned?

Your Portfolio Is Built for Moments Like This

A Final Perspective

1. Durable Power of Attorney

2. Health Care Proxy

3. Living Will

4. Will or Revocable Living Trust

Keep Your Estate Planning Documents Current

Navigating Fear and Greed

Bursting Bubbles

Playing the Long Game

Starting Early

The Risks of Unstructured Retirement

Designing a Retirement with Purpose

Staying Connected and Active

The Retirement Identity Shift