2025 Market Review & 2026 Outlook

Category: Tax planning

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At a Glance

  • US large cap stocks: +17.88% (third consecutive double-digit year)
  • 2026 earnings growth projected near 15% (Wall Street consensus)
  • Elevated valuations and concentration reinforce disciplined diversification

Equity markets delivered a third consecutive year of double-digit returns in 2025. Several crosscurrents shaped 2025 market performance — from earnings strength and AI enthusiasm to shifting Federal Reserve policy and elevated valuations. Below, we review the key drivers and outline our 2026 investment outlook for disciplined long-term investors.

Investment Principles That Guide Our Decisions

I’ll begin by briefly restating the core principles that shape our planning and investment decisions:

  • We are long-term, goal-focused investors. Our investment policy is designed to support your objectives through broadly diversified portfolios of high-quality equities and bonds.
  • Studies and empirical evidence indicate that the economy cannot be forecast with consistency, nor markets timed with reliability in the short-term. Therefore, to trade profitably, after taxes, on short-term news or market movements is very difficult.
  • From this, we conclude that the best way to capture the long-term return premium of equities is to remain invested through their inevitable, uncomfortable, but normally temporary declines (excluding extraordinary periods such as 1929).
  • As long as your long-term goals remain unchanged, our investment strategy for achieving them will remain consistent. And as long as the investment strategy remains consistent, so too will your portfolio—aside from disciplined, periodic rebalancing.
  • We believe long-term compounding in quality equities, with an appropriate allocation to high-quality bonds, is the most effective way to capture attractive investment returns to support your goals. In that spirit, we remain mindful of Charlie Munger’s reminder that “the first law of compounding is to never interrupt it unnecessarily.”

Economic and Market Backdrop

1. Equity Performance in 2025

In 2025, the broad equity market delivered its third consecutive year of double-digit returns, supported by solid economic growth and meaningful gains in corporate earnings. A broad index of US large cap stocks finished the year up 17.88%.

2. Earnings Growth and AI Expectations

Looking ahead, the general expectation among major financial institutions is that company profits will continue their upward climb, with earnings growth forecasted at nearly 15% for 2026 (source: Yardeni Research). Experts believe this expansion in profits will be fueled by artificial intelligence and a resilient consumer, as detailed in the following earnings per share (EPS) projections:

Select Wall Street 2026 Earnings Per Share (EPS) Forecasts
Institution 2026 EPS Estimate EPS Growth Forecast Notable Driver
Morgan Stanley $317 17% AI-driven efficiency and tax benefits
JPMorgan $306 - $314 13% - 15% AI "supercycle" and resilient economy
Goldman Sachs $305 12% Productivity gains from AI adoption
Consensus (FactSet) $309 14.9% Average of all major analyst estimates

Remarkably, profit margins have also continued to expand, reaching 13.1% in the third quarter of 2025—the highest level in 15 years (source: FactSet). Many expected rising input costs and consumer resistance to price increases to squeeze margins. To date, those concerns have not materialized.

3. Labor Market and Productivity Trends

The main weak spot in the economy has been employment, which continues to soften. However, even this has a bright spot. The relatively flat employment levels have been offset by strong growth in supply, which has led to higher productivity. Though unemployment has risen slightly to about 4.7%, most workers are producing more per hour, enabling wage growth without reigniting inflation.

4. Federal Reserve Policy and Inflation

After six consecutive rate cuts, Federal Reserve policy is now roughly 175 basis points more accommodative than a year ago, while CPI inflation has remained relatively tame near three percent. It is reasonable to expect the lagged effects of this easing to become more visible in 2026—hopefully through continued economic growth as long as productivity remains high.

5. Fiscal Tailwinds and Tax Policy

This tax season, middle-income households are expected to receive meaningful refunds—estimated at around $150 billion in aggregate, or roughly a half percentage point boost to GDP. Key drivers include a higher standard deduction and the temporary increase of the SALT deduction cap to $40,000 from $10,000, which could provide a near-term economic tailwind.

Unfortunately, much of this positive economic data is often under-reported in the financial news because it does not align with their prevailing narrative, which tends to emphasize negative developments—most notably the softening labor market. The information we receive from financial “news” is often skewed toward pessimism because it sells better.

6. Valuations and Market Concentration

Regardless, the strongly rising equity market may already reflect much of this positive information. As a result, the dominant question of 2025 became whether markets have moved into an AI-driven bubble—supplanting 2024’s concern about rate cuts and 2023’s concern about a recession.

There is no denying that today’s market is more concentrated in a small number of large technology companies than at any point in recent decades, and that valuations for the broad US large-cap stock indexes sit near historical highs.

Portfolio Implications

Our response to this environment is straightforward:

  1. Valuations and Expected Returns: While higher starting valuations have historically pointed towards lower-than-average expected returns over the next 5-10 years, valuations have not been a reliable market-timing tool in the short term.
  2. Concentration Risk and Diversification: While higher starting valuations and concentration risk are not ideal, these risks can be addressed through disciplined portfolio construction and systematic rebalancing to provide an attractive investment experience.
  3. Long-Term Plans vs. Short-Term Narratives: Generally, long-term plans should not be altered in response to short-term narratives, popular fears, or even higher starting valuations.
  4. Asset Allocation Discipline: Pick a stock-to-bond ratio you are comfortable with, and only make changes to the ratio if your circumstances change. Cash and bonds are necessary to help you weather inevitable market declines.

Closing Perspective

History suggests that the next market disruption will likely come from an unexpected source (in the jargon, an unknown unknown, as opposed to a known unknown like higher starting valuations or the national debt). Such events tend to matter little to the plans of long-term stock investors except as opportunities to rebalance and invest at more attractive prices.

Plus, the alternatives of trying to invest in private real estate deals or a private operating business can subject you to even greater costs, risks, and, potentially, a permanent loss of capital as opposed to the normally temporary declines a long-term stock investor may experience.

We continue to follow an approach that has worked over full market cycles in that it has provided the best chance to help investors achieve their most precious financial goals. We do not assume “this time is different,” nor do we adjust strategy to accommodate the fears or fashions of the moment. We avoid abandoning markets during periods of stress, and we avoid overcommitting to any single “new era” narrative—AI included.

We wish you and your family a healthy, happy, and prosperous 2026. As always, we are here to answer questions and discuss your plan at any time. Thank you for the trust you place in us—it is a privilege to serve you.

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.

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At a Glance

  • Higher thresholds, but limited impact for high earners. The standard deduction and Child Tax Credit increased, though many new deductions phase out quickly at higher income levels.
  • Estate exemption remains elevated. The lifetime gift and estate tax exemption rose to $15 million in 2026, providing clarity for long-term gifting and trust planning.
  • New reporting and deduction rules require coordination. Crypto transactions now generate Form 1099-DA, certain new deductions apply through 2028, and IRA contributions remain available before the April filing deadline.

2025 Tax Changes: What to Review Before Filing Your Return

Filing your tax return might seem routine. In reality, small rule changes can have significant planning implications — especially for higher‑income households balancing investment income, business interests, charitable giving, and multi‑generational wealth strategies.

The 2025 tax year introduced several structural changes affecting income reporting, deductions, and estate planning, stemming from the One Big Beautiful Bill Act (OBBBA), passed in July. While many headlines highlight broad taxpayer benefits, some provisions phase out quickly at higher income levels. For affluent families, the technical details, not the headlines, determine the real impact. Understanding how these changes fit into your overall financial plan ultimately shapes the outcome.

A Boost for Traditional Deductions

The OBBBA made several taxpayer-friendly provisions permanent, starting with a higher standard deduction. For 2025, the standard deduction increases to $15,750 for single filers, up from $15,000 in 2024. For married couples filing jointly, the deduction rises to $31,500, up from $30,000.

The legislation also expanded the Child Tax Credit, increasing it to $2,200 per qualifying child, compared with $2,000 under prior law.

For higher‑income households who typically itemize, the increased standard deduction may have limited practical impact — particularly when charitable contributions, mortgage interest and property taxes remain significant. Still, the higher threshold can reduce the marginal benefit of smaller itemized deductions and may influence charitable “bunching” or timing strategies.

New Tax Deductions to Be Aware Of

The OBBBA introduced several new deductions for 2025. Many have income phaseouts that limit their usefulness for higher earners, but they may still be relevant for certain family members or key employees in privately owned businesses.

  • Personal deduction for seniors: If you were born before Jan. 2, 1961, you can take a $6,000 deduction ($12,000 if married filing jointly) in addition to your standard or itemized deduction. This deduction is phased out if your modified adjusted gross income (MAGI) is between $75,000 ($150,000 for joint filers) and $175,000 ($250,000 for joint filers).
  • Tax deduction for tips: Often described politically as “no tax” on tips and overtime, the reality is more nuanced. In practice, there is now a deduction for voluntary cash or charged tips earned in industries where tipping is customary. From 2025 through 2028, eligible single filers can deduct up to $25,000 in tipped income, though the deduction begins to phase out for individuals with MAGI above $150,000.
  • Tax deduction for overtime pay: A similar deduction applies to a portion of qualified overtime pay from 2025 through 2028. In most cases, this refers only to the premium portion of overtime—for example, the extra “half” in “time-and-a-half” pay—rather than the worker’s full hourly wage. For single filers, the deduction is capped at $12,500 of eligible compensation for those with MAGI below $150,000. The deduction is phased out above that amount and is zeroed out once above $275,000.
  • Car loan interest deduction: If you financed the purchase of a new vehicle in 2025, you may be eligible to deduct up to $10,000 in interest paid on that loan, provided the vehicle was built in the United States and is used for personal use. To determine if your car fits the bill, look at your vehicle identification number (VIN). Cars built in the United States will have a VIN that starts with a 1, 4, or 5. The deduction phases out for single filers with MAGI above $100,000. Given the income limits and the fact that many higher‑income households either pay cash or lease vehicles, this provision may have a limited impact in affluent planning contexts. In future years, lenders will be required to report auto loan interest payments directly to both taxpayers and the IRS. For this year, you may need to do a little digging through your loan statements, or you can request a summary of interest paid from your lender.

Gift and Estate Tax Exemptions: Long-Term Clarity

The OBBBA provided clarity to a crucial estate planning rule. The lifetime estate and gift tax exemption was previously scheduled to sunset on December 31, 2025, potentially reducing the exemption from nearly $14 million to approximately $6 million. Instead, the higher exemption has been made permanent. Here’s where things stand now:

  • The estate and gift tax exemption rose to $15 million in 2026 and is indexed to inflation going forward.
  • The annual gift tax exclusion is $19,000 per recipient in 2026.
  • While it’s too late to make a tax-free gift for 2025, now is a good time to begin planning gifting strategies for 2026.

 

While permanence provides welcome clarity, it does not eliminate planning considerations. Families with estates approaching the exemption threshold should continue evaluating lifetime gifting strategies, trust structures, and long-term liquidity planning. Asset growth, legislative risk, and multi-generational objectives still warrant proactive review.

Tax Reporting on Cryptocurrency

Beginning in 2025, the IRS requires reporting of digital asset transactions. If you sold or exchanged digital assets through a platform such as Coinbase, you should receive a Form 1099‑DA, a form created specifically for digital asset reporting.

Capital gains taxes generally apply to crypto sales and trades. Digital assets received as compensation may be taxed as ordinary income.

Investors holding digital assets outside centralized platforms should pay particular attention to basis tracking and transaction documentation, as reporting discrepancies may increase audit risk.

It’s Not Too Late to Fund Your IRA

While the window for 2025 401(k) contributions closed at year‑end, you may still make 2025 traditional or Roth IRA contributions until the April 15 filing deadline.

The contribution limit for IRAs remains $7,000, with an additional $1,000 catch‑up contribution available for individuals age 50 or older.

Higher‑income households considering backdoor Roth contributions should coordinate carefully to avoid unintended pro‑rata tax consequences.

Planning Ahead Matters

Tax rules change regularly. What matters more is how those rules integrate with your long‑term investment strategy, liquidity needs, and estate planning objectives.

Reviewing your situation before filing allows for greater flexibility — whether that involves IRA funding decisions, charitable contributions, gifting strategies, or managing realized gains.

If you would like to review how these 2025 changes apply to your specific circumstances, we are happy to schedule a conversation.

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.

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At a Glance

  • For high‑net‑worth families still accumulating assets, the decision of when to claim Social Security is not merely a retirement timing question—it is a capital allocation decision.
  • Claiming earlier or later affects lifetime after‑tax income, portfolio withdrawal rates, Medicare premiums (IRMAA), and the ability to execute tax strategies such as Roth conversions in low‑income years.
  • Break‑even analysis provides a useful starting framework, but the optimal claiming strategy must be evaluated in the context of longevity risk, taxes, and overall balance‑sheet management.

What Does a Social Security Break-Even Really Mean for High-Net-Worth Families?

To introduce the concept of break‑even, consider a race between two horses—Early Bird (No. 62) and Late Breaker (No. 70). Late Breaker is the stronger, faster horse, but to keep the race competitive, Early Bird is given a meaningful head start.

Given enough time, Late Breaker will inevitably catch up. The moment when both horses have covered the same total distance is the break‑even. If the race ends after that point, Late Breaker wins decisively. If the race ends before then, Early Bird finishes ahead.

This analogy mirrors how Social Security benefits accumulate. Claiming early provides a head start in the form of more payments, but at a slower pace. Delaying benefits produces larger, inflation‑adjusted payments, but it takes time for those higher payments to overtake the cumulative total received by an early claimant.

For high‑net‑worth families, however, the more important question is not which horse eventually wins the race—it is how this race fits within the broader capital allocation strategy. Social Security represents a government‑backed, inflation‑adjusted income stream with longevity protection. Deciding when to claim determines how much of that future income is effectively “purchased” and how much risk remains on the investment portfolio.

Another way to view delaying Social Security is as a form of longevity insurance. By waiting, you shift the financial risk of living longer than expected away from your portfolio and onto the federal government—while preserving flexibility in the early years of retirement.

How Does Social Security Break-Even Analysis Work in Practice?

In practice, there are more than two horses in the race and more than two claiming options. Social Security benefits can be claimed any time between age 62 and age 70. Each additional year of delay increases monthly benefits, up to age 70. Any two claiming ages have their own unique break‑even point.

Consider three common scenarios:

  1. Claim benefits at age 62.
  2. Claim benefits at full retirement age (67 for individuals born in 1960 or later).
  3. Claim benefits at age 70.

If benefits are claimed at age 62—60 months before full retirement age—the monthly benefit is permanently reduced by 30%. Using a $2,000 full benefit as an example, this results in monthly income of $1,400.

Claiming at full retirement age produces the full $2,000 monthly benefit.

Delaying until age 70 increases benefits by 24% due to delayed retirement credits, resulting in a monthly benefit of $2,480.

When cumulative benefits from these options are plotted over time, the break‑even points become clear—each representing the age at which delaying produces a higher total lifetime payout than claiming earlier:

What Is the Implied Return of Delaying Social Security Benefits?

Using the assumptions above:

  • The break‑even between claiming at age 62 and age 67 occurs around age 78.
  • The break‑even between claiming at age 67 and age 70 occurs around age 82.
  • The break‑even between claiming at age 62 and age 70 occurs around age 80.

 

Life expectancy is a critical variable, but for affluent households it is not the only one. Another way to evaluate delaying Social Security is through an internal rate of return lens. By delaying benefits, you are effectively exchanging near‑term cash flow for a higher, inflation‑adjusted income stream later in life.

From an internal rate of return perspective, delaying Social Security—particularly from full retirement age to 70—has historically implied a real return in the range of roughly 4% to 5%. For families with sufficient assets to self‑fund the early years of retirement, that return is competitive with high‑quality, low‑risk fixed‑income alternatives while also providing inflation protection and longevity insurance. Framed this way, the decision moves beyond a retirement rule‑of‑thumb and becomes a deliberate capital allocation choice.

What Other Factors Should High-Net-Worth Families Consider When Claiming Social Security?

Break‑even analysis is a helpful starting point, but it does not capture the full picture for successful families.

Taxation of benefits. Up to 85% of Social Security benefits may be subject to federal income tax, depending on other sources of income. Claiming earlier or later can materially affect the taxation of benefits when combined with portfolio withdrawals, earned income, or required minimum distributions.

Medicare premiums (IRMAA). Higher reported income can trigger increased Medicare Part B and Part D premiums through IRMAA surcharges. Coordinating the timing of Social Security with other income sources can help manage these thresholds over time.

Roth conversion opportunities. For many high‑income households, the years between retirement and required minimum distributions represent a valuable planning window. Delaying Social Security during these lower‑income years can create space to execute Roth conversions, potentially reducing future RMDs, lowering lifetime taxes, and mitigating IRMAA exposure. (See our related discussion on Roth conversions prior to RMDs and managing IRMAA during low‑income years.)

Lifestyle and flexibility. Some families prioritize higher income early in retirement to support travel, family support, or philanthropic goals. Others value the certainty of higher guaranteed income later in life. These preferences matter and should be incorporated into the analysis.

Ultimately, Social Security claiming decisions sit at the intersection of longevity, taxes, portfolio withdrawals, and Medicare planning. Break‑even analysis clarifies the math, but optimal outcomes require coordination with a broader financial strategy. This is an area where thoughtful, individualized analysis can meaningfully improve after‑tax results and long‑term financial flexibility.

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.

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The final weeks of the year tend to blur together in a whirlwind of pie orders, last-minute shopping, school concerts and cross-country flights. But amid the bustle, it’s worth pausing for some 2025 year-end financial planning. A few thoughtful steps now can help you optimize your tax situation, strengthen your savings, and position yourself for a confident start to 2026. Whether you’re a successful individual, business owner, or managing a complex financial life, the right moves in December can make the new year feel more organized and less stressful.

Mind the Evergreens

Balsam and holly aren’t the only evergreens worth considering as December rolls around. Some financial tasks never go out of season, including maximizing retirement contributions, making charitable gifts and managing capital gains and losses.

    • Retirement Accounts: December 31 is the final day to make 2025 contributions to your employer-sponsored retirement plan. This year, you can contribute up to $23,500 to a 401(k), plus an additional $7,500 catch-up contribution if you’re 50 or older. There’s a big change here for 2025: a higher catch-up limit of $11,250 for individuals ages 60 through 63. In 2026, the annual contribution limit rises to $24,500 and catch-up contributions increase to $8,000. The higher catch-up contribution for those 60 to 63 remains the same.

      IRAs and HSAs offer slightly more breathing room—their 2025 contribution deadline isn’t until April 15, 2026. But the earlier you contribute, the longer your investments can benefit from compounding.

      While you’re reviewing retirement accounts, consider increasing your contribution rate for next year or enabling automatic annual increases if you haven’t already. Small boosts add up meaningfully over time.

    • Capital Gains and Losses: If you’ve sold investments at a gain this year, you may be able to reduce your tax bill by realizing losses elsewhere in your portfolio. Through tax-loss harvesting, losses can offset gains, and if your realized losses exceed your gains, you can deduct up to $3,000 against ordinary income. Losses must be realized by year-end.
    • Charitable Contributions: If you plan to deduct charitable contributions for the 2025 tax year, gifts must be made by Dec. 31. (More on charitable strategy below.)

Give Thoughtfully (and Tax Efficiently)

The charitable giving landscape is set to shift in coming years. The recently enacted One Big Beautiful Bill (OBBB) permanently extends the higher standard deduction with further increases in coming years. Rules will change for itemizers as well. In 2026, if you itemize, you will only be able to itemize charitable deductions on contribution amounts that exceed 0.5% of your adjusted gross income. Finally, top earners will see the deduction value of gifting capped at 35% instead of the full marginal rate of 37% in 2026.

Together, these changes mean a more complex charitable giving environment. In some cases, smaller donations may not offer the same tax impact next year as they have in previous years—including this one. It may make sense to increase your giving this year to take advantage of the current rules, perhaps consolidating several years’ worth of giving into a single large gift.

A donor-advised fund (DAF) can be a strategic way to do this. By contributing to a DAF before Dec. 31, you receive an immediate tax deduction while preserving flexibility to recommend grants to charities over time.

Lock in Home Efficiency Tax Credits—While You Still Can

Thinking about upgrading insulation or installing solar panels? Two valuable credits are set to expire at the end of the year: the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit.

To qualify, improvements must be placed in service—fully installed and ready for use—by Dec. 31, 2025. The purchase date doesn’t matter, but the installation date does. If energy-efficiency upgrades are on your list, don’t wait to try and line up an installer who has the capacity to complete the work before year-end.

Enjoy Some Breathing Room

Beyond its effects on charitable giving, the OBBB also includes broader tax implications worth noting.

The bill preserves the income tax rates and brackets established in 2017 by the Tax Cuts and Jobs Act. Had those expired, the brackets would have reverted to the higher pre-2018 rates. What does this reprieve mean in practice? You may not need to rush to realize income—such as a year-end bonus—before Dec. 31 to avoid being taxed at a higher rate. The extra time could provide more runway for strategic planning.

Allow Yourself to Do Nothing

Year-end planning isn’t only about getting things done. It’s also about protecting your time, energy and emotional bandwidth. Between office gatherings, family obligations, travel and shopping, these weeks can feel overfull. And while holiday obligations can be fun, they can also be draining.

Be honest about what you can take on. Practicing saying “no” when you’re stretched thin is an act of self-care. Doing so often allows you to say “yes” to the experiences that actually bring you joy, like finding time to exercise, curl up with a good book or watch a cheesy Hallmark movie.

If You Want a Clear Year‑End Strategy, We Can Help

If you’re unsure which steps make the most sense for your situation—or want help coordinating taxes, savings, and charitable planning—we’re here to support you. A short conversation can help you make confident decisions before December 31.

If you'd like to review your 2025 year‑end plan, feel free to reach out.

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.