February 2025

The new month brings two major market-moving stories to digest. First is the advances in artificial intelligence (AI) by Chinese startup DeepSeek. It has caused some investors to question America’s lead in the AI race and American Exceptionalism more broadly. To answer that question, it’s important to look at this idea holistically.  U.S. advantages in research and development spending, capital markets depth, the dollar’s privilege as the global reserve currency, and more suggest U.S. exceptionalism will remain intact.

January 2025 – By Dan Zalipski CFA^®

They say the market climbs a wall of worry, and 2024 was quite the climb. The S&P 500 returned +20% for a second consecutive year, a feat last seen in the late 90’s.  As we entered 2024, the list of worries included high valuations, narrow leadership by the largest technology stocks, rising long-term interest rates, election/policy uncertainty, deficit spending, geopolitical unrest, and more.  Despite these worries, stocks rallied without so much as one garden variety, normal, 10% correction.