Published July 21, 2026 At a Glance SpaceX’s IPO was this summer’s most talked-about offering. OpenAI and Anthropic have both confidentially filed for public offerings. Additional marquee IPOs may be coming. An exciting company and an attractively priced stock are two different questions, and only one is something you control. Four questions worth asking before…

U.S. large-cap stocks just posted their best quarter since 2020. So is a market correction coming? The honest answer is yes — and no one can tell you when. Our 2Q26 letter explains why that shouldn’t change your plan.

Wars, elections, trade disputes, and geopolitical shocks can create significant market uncertainty, but reacting emotionally to headlines has historically been costly for long-term investors. A disciplined financial plan is designed to withstand periods exactly like these.

In recent months, two themes have dominated investor conversations: AI investing and the renewed belief in gold as a timeless safe haven. Both trends have resurfaced at the exact moments when crowd enthusiasm is high. That’s why we’re taking a closer look at the gold safety myths and the rising excitement around artificial intelligence as we enter the final stretch of 2025.

It’s our pleasure to report on the progress of your long-term financial plan through what proved to be a highly instructive first half of 2025. If markets seemed unusually dramatic, it’s only because they were, but not in ways unfamiliar to seasoned investors. Let me begin by restating a few principles that have guided us…

The first quarter of 2025 served as another vivid reminder that while history doesn’t repeat itself in investing, it often rhymes. We entered the year amid considerable volatility, as the largest technology stocks fell into bear market territory, triggering the seventh-fastest 10% correction in the S&P 500 since 1929. This correction gained momentum following President…

Over the years, I have spent more ink cautioning investors about the perils of bear markets rather than celebrating bull markets because discipline is tested in tough times. However, as evidenced by today’s somewhat stretched valuations, let’s talk about the other great pitfall: the fear of missing out (FOMO).

“The first rule of compounding is to never interrupt it unnecessarily.”
—Charles T. Munger
As we navigate a world of shifting dynamics, it’s wise to stay grounded in the fundamentals.

I am pleased to update you on our progress in the first half of 2024. Before examining the current market landscape, it is worth reflecting on what our disciplined approach has delivered so far.

While strong market performance is encouraging, it can also trigger a less favorable response within the investment community. On the opposite end of the spectrum from selling during market downturns, some restless investors might be tempted to chase after speculative trends, no matter how closely they resemble past “Fear of Missing Out” (FOMO) frenzies.