This month feels like a meaningful one to pause and reflect. America just celebrated its 250th birthday — a milestone that had me thinking not just about the country's history, but about the remarkable financial journey that has unfolded alongside it.
Two and a half centuries of wars, recessions, depressions, and recoveries. And through all of it, a market that has rewarded those who stayed patient and stayed invested. That's the thread running through this entire issue.
I'm also excited to introduce our Road to 250 series, which will continue in upcoming issues — exploring the people, decisions, and turning points that shaped American markets, and what they mean for your financial life today. I hope you find it as inspiring as I do.
As always, I'm here if anything is on your mind.
Warmly,
Chris
Year-to-Date Through Mid-2026
Markets have delivered a strong first half overall, led by technology and growth stocks, though the story has varied considerably depending on where you look.
Data as of July 2, 2026 (last trading day before the Independence Day holiday). Past performance is not indicative of future results.
The Nasdaq's strong performance reflects continued enthusiasm for AI and technology stocks, while the Dow's more modest gain illustrates why the index you watch matters — it tilts toward established blue-chip industrials and financials rather than high-growth tech names. The S&P 500, with its broader 500-company coverage, sits squarely in between.
On the interest rate front, the Fed has held rates steady. A soft June jobs report pushed back expectations of a near-term hike, though a September move remains about a coin flip at this point. Chair Warsh has signaled that inflation concerns are easing, but the central bank isn't declaring victory yet.
The Long View: 250 Years of Markets in Perspective
America's financial story began in crisis. The Revolutionary War left the new nation deep in debt, and many doubted the government could honor its obligations. Alexander Hamilton's bold decision to consolidate and stand behind that debt became the foundation of American credit markets — and an early lesson that confidence in the system, even through uncertainty, is what allows markets to function and grow.
In the 250 years since, that lesson has been tested over and over again. Here's a brief look at a few of the most defining moments:
The Pattern Behind 250 Years
Each of these moments felt, at the time, like it might be different — like this crisis was the one markets wouldn't recover from. Each time, they did.
The long-term trajectory of American markets has been one of growth, built on innovation, productivity, and the willingness of investors to commit capital to the future. Short-term volatility has always been part of the story. But time in the market — not timing the market — has historically been what made the difference.
That truth is just as relevant today as it was in 1776.
Connecting History to Your Plan
The reason we revisit market history isn't nostalgia — it's perspective. When the next correction comes (and it will), having a sense of what markets have already survived makes it easier to stay disciplined and stay invested.
A few principles that have stood the test of time:
Diversification matters. No single era, sector, or index tells the whole story. The difference between the Nasdaq (+16%) and the Dow (+6%) year-to-date is a good current reminder of why spreading risk across asset classes and sectors has always been a core strategy.
Your time horizon is your greatest asset. For retirees and pre-retirees especially, understanding how long your money actually needs to work is essential — and often longer than people expect.
Plans are built for uncertainty. A well-constructed financial plan doesn't assume smooth sailing. It accounts for volatility, market downturns, and unexpected events — because history tells us those are not exceptions, they're the norm.
If you haven't reviewed your plan recently, the halfway point of the year is a natural time to do it.
Ready to take a look at where you stand heading into the second half of 2026? I'd love to connect.
Schedule a Mid-Year Review