What's The (Gold) Rush?
Gold has delivered eye-catching gains in recent years, surging past $4,000 per ounce this year and headlining financial media with talk of safe havens, inflation fears, and geopolitical uncertainty. This performance has increased investor enthusiasm, but history and research suggest caution.
By Investment Analyst Elizabeth Molique
Gold has delivered eye-catching gains in recent years, surging past $4,000 per ounce this year and headlining financial media with talk of safe havens, inflation fears, and geopolitical uncertainty.[1] This performance has increased investor enthusiasm, but history and research suggest caution.
At SJS, we believe investments should be grounded in fundamentals. Assets ought to generate earnings or possess inherent value beyond the hope of resale at a higher price. When the rationale for owning something is simply that someone else might pay more for it later, we’ve crossed into speculation - where value is propelled by hope or hype.
Gold is a unique asset. It doesn’t produce income like stocks or bonds. It doesn’t compound, doesn’t pay dividends, and for most investors, it has limited practical use. Its value is largely determined by sentiment by what someone else is willing to pay for it, which makes it inherently different from productive assets.
The supply of gold remains relatively stable; demand is less so. Gold supply is driven by mining and recycling, with lab-grown gold contributing in rare cases. Advances in lab-grown gold may increase supply in the future, with the impact on prices difficult to predict. Investor psychology, macroeconomic fears, and geopolitical tensions can all drive demand, and therefore price, in unpredictable ways. This volatility creates a mismatch with the narrative often attached to gold: that it is a reliable hedge against inflation. But historically, gold has not consistently behaved as an inflation offset. Its price movements are often more volatile than inflation itself, and its correlation with inflation is far from perfect.
Comparatively, the long-term value of stocks is driven by the profits and cash flows of the underlying businesses. The long-term value of fixed income is driven by contractual payments with businesses and other entities in exchange for providing financing. We think that there are more robust economic theories underlying why stocks and fixed income will increase over time than for gold.
Since 1969, gold has lagged U.S. stock returns. Its annualized return has been lower than the S&P 500 Index, while its standard deviation, a measure of risk, has been notably higher from April 1969 to October 2025.[1]
Source: Morningstar. Data spans from 4/30/1969 – 10/31/2025 for average annual return, standard deviation, and correlations. Inflation is represented by the US BLS CPI All Urban SA. Gold is represented by the LBMA Gold Price PM USD, the official benchmark price for gold set in US dollars each afternoon in London, used globally to standardize gold pricing. S&P 500 is represented by the S&P 500 TR Index. See Important Disclosure Information.
Gold is not new - it has been used as a currency and investment asset for thousands of years. Based on a 2025 study by Claude Erb and Campbell Harvey, gold has held its after-inflation value for the last 2,000-plus years; at the same time, its after-inflation purchasing power has not changed much, which implies a real return around 0%.[2]
This 2,000-plus year performance is in contrast to the past few decades, when gold has performed well. Even the recent performance has been uneven - a gold investor would have had to endure nearly 25 years of cumulative losses from the early 1980s to the mid 2000s. While no one knows what will happen, historical precedent does not lead us to be optimistic about the future prospects of gold.
Source: Morningstar. Gold is represented by the LBMA Gold Price PM USD, the official benchmark price for gold set in US dollars each afternoon in London, used globally to standardize gold pricing. The SPDR® Gold Shares ETF (GLD) was the first gold ETF launched in the U.S. on November 18, 2004. See Important Disclosure Information.
While gold has hedged against inflation and has preserved purchasing power for over 2,000 years, few of our clients have such a long investment horizon. Over shorter periods, gold has exhibited volatility comparable to stocks. Even though direct ownership of gold may not be our preferred strategy, there are several indirect approaches that can help create exposure to gold, serving as useful portfolio diversifiers during periods of speculation.
One option is to invest in companies connected to gold supply and demand, such as mining firms. In a well-diversified portfolio, ownership of these companies is typically already included as part of broader market exposure. Another approach is to access gold exposure through alternative investment strategies - such as buying & selling gold futures within a diversified investment strategy as well as providing price certainty to investors through insurance-like instruments - that have historically been profitable. These methods can be particularly beneficial in times of heightened inflation or when inflation expectations are rising.
When considering investing in gold, it is important to remember historical lessons. During the California Gold Rush in the mid-1800s, the reported wealthiest individual in California was not a gold miner, but a businessman who profited from selling mining supplies and publishing news about the rush.[3][4] While gold remains a time-tested store of value, we believe that successful investing requires a balanced approach that considers both historical insights and practical portfolio strategies that are not solely focused on golden opportunities to strike it big.
Important Disclosure Information & Sources:
[1] Source: LBMA. Gold is represented by the LBMA Gold Price PM USD, the official benchmark price for gold set in US dollars each afternoon in London, used globally to standardize gold pricing.
The S&P 500 TR Index tracks the price changes of 500 leading publicly traded US companies.
Inflation is represented by the US BLS CPI All Urban SA, which measures the average change over time in the prices paid by urban consumers for a market basket of goods and services in the US, seasonally adjusted.
[2] “Understanding Gold”. Claude B. Erb and Campbell R. Harvey, 07-Oct-2025, papers.ssrn.com.
[3] “California Gold Rush”. History.com Editors, 28-May-2025, history.com.
[4] “Samuel Brannan: Gold Rush Entrepreneur”. PBS, pbs.org.
Past performance does not guarantee future results. Diversification neither assures a profit nor guarantees against a loss in a declining market. There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results.
Indices are not available for direct investment. Their performance does not reflect the expenses associated with management of an actual portfolio. Index performance is measured in US dollars. The index performance figures assume the reinvestment of all income, including dividends and capital gains.
MarketPlus® Investing models consist of registered investment companies. Investment values will fluctuate, and shares, when redeemed, may be worth more or less than original cost.
Statements contained in this document that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
SJS Weekly Market Update
SJS Investment Services creates a weekly market update to summarize performance characteristics for major stock and bond indices.
Each week, SJS Investment Services creates a Weekly Market Update to summarize performance characteristics for major stock and bond indices. Please click on the below image to view the most recent Weekly Market Update PDF.
Past Weekly Market Updates:
Important Disclosure Information:
Past performance does not guarantee future results. There is no guarantee investment strategies will be successful. Diversification neither assures a profit nor guarantees against a loss in a declining market. Indices are not available for direct investment. Their performance does not reflect the expenses associated with management of an actual portfolio. This material has been prepared for informational purposes only.
All returns represent total return (including reinvestment of dividends) for stated period provided by Morningstar Direct.
Equity indexes are as follows: US Market (Russell 3000 TR USD Index measures the performance of the largest 3000 US companies representing approximately 98% of the investable US equity market. It is market-capitalization weighted.); US Large Cap (S&P 500 TR USD Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor's chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted.); US Small Cap (Russell 2000 TR USD Index measures the performance of the small-cap segment of the US equity universe. It is a subset of the Russell 3000 and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.); Global Market (MSCI ACWI GR USD Index measures the performance of the large and mid cap segments of all country markets. It is free float-adjusted market-capitalization weighted.); Intl Development (MSCI EAFE GR USD Index measures the performance of the large and mid cap segments of developed markets, excluding the US & Canada equity securities. It is free float-adjusted market-capitalization weighted.); Emerging Markets (MSCI Emerging Markets GR USD Index measures the performance of the large and mid cap segments of emerging market equity securities. It is free float-adjusted market-capitalization weighted.); US Real Estate (DJ US Select REIT TR USD Index measures the performance of publicly traded real estate investment trusts(REITs) and REIT-like securities. The index is a subset of the Dow Jones US Select Real Estate Securities Index (RESI). The index is designed to serve as proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate.); Intl Real Estate (S&P Global Ex US REIT TR USD Index measures the performance of publicly traded REITs and REIT-like securities, excluding those in the U.S., and is a sub-index of the Dow Jones Global ex-U.S. Select Real Estate Securities Index (RESI). The index is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate.
Fixed Income indexes are as follows: US Aggregate – (Bloomberg Barclays US Aggregate Bond TR USD Index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. It rolls up into other Barclays flagship indices, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt.); Global Aggregate (Bloomberg Barclays Global Aggregate TR USD Index measures the performance of global investment grade fixed-rate debt markets, including the U.S. Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, Global Treasury, Eurodollar, Euro-Yen, Canadian, and Investment Grade 144A index-eligible securities.); US Short Treasury – ICE BofAML 1-3Y US Trsy TR USD Index measures the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least 1 year and less than 3 year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion. It is capitalization-weighted.); US Interm Corp & Govt (ICE BofAML 1-5Y US Corp&Govt TR USD Index is a subset of BofA Merrill Lynch US Corporate & Government Index including all securities with a remaining term to final maturity less than 5 years. The BofA Merrill Lynch US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities. Treasury Yields are as follows: US Treasury T-Bill Constant Maturity Rates (These rates are commonly referred to as "Constant Maturity Treasury" rates, or CMTs. Yields are interpolated by the Treasury from the daily yield curve. This curve, which relates the yield on a security to its time to maturity is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of indicative, bid-side market quotations (not actual transactions) obtained by the Federal Reserve Bank of New York at or near 3:30 PM each trading day. The CMT yield values are read from the yield curve at fixed maturities, currently 1, 2, 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10 year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.)
Style Returns: Style box returns are based on the Russell Index Style - Russell 1000 Value Index (Measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), Russell 1000 Index (Measures the performance of the largest 1,000 securities in the Russell 3000 based on market cap and current index membership), Russell 1000 Growth Index (Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), Russell Mid Cap Value Index (Measures the performance of those Russell Mid Cap companies with lower price-to-book ratios and lower forecasted growth values), Russell Mid Cap Index (The Russell Midcap Index includes the smallest 800 securities in the Russell 1000), Russell Mid Cap Growth Index (Measures the performance of those Russell Mid Cap companies with higher price-to-book ratios and higher forecasted growth values),Russell 2000 Value Index (Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values), Russell 2000 Index (The Russell 2000 includes the smallest 2000 securities in the Russell 3000), Russell 2000 Growth Index (Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values).
Sector Returns: Sectors are based on the Russell Sector Classification methodology. Return data are calculated by Morningstar Direct using constituents and weights as provided by MSCI for the All Country World Index.
Market Indicator Indexes are as follows: Inflation - (The Consumer Price Index for All Urban Consumers: All Items (CPIAUCSL) is a measure of the average monthly change in the price for goods and services paid by urban consumers between any two time periods. It can also represent the buying habits of urban consumers. This particular index includes roughly 88 percent of the total population, accounting for wage earners, clerical workers, technical workers, self-employed, short-term workers, unemployed, retirees, and those not in the labor force.); Unemployment - (The unemployment rate represents the number of unemployed as a percentage of the labor force. Labor force data are restricted to people 16 years of age and older, who currently reside in 1 of the 50 states or the District of Columbia, who do not reside in institutions (e.g., penal and mental facilities, homes for the aged), and who are not on active duty in the Armed Forces. This rate is also defined as the U-3 measure of labor underutilization. The series comes from the 'Current Population Survey (Household Survey)').
Suggested Reading
The Power of Moments: Creating Meaningful Experiences in Life and Wealth
At SJS Investment Services, we believe the client experience is about more than numbers on a page. Our mission is to empower you to build better lives. Recently, our internal SJS Book Club explored The Power of Moments by Chip and Dan Heath, a book that examines why certain experiences stand out — and how we can intentionally create more of them for our clients, colleagues, and communities.
At SJS Investment Services, we believe the client experience is about more than numbers on a page. Our mission is to empower you to build better lives. Recently, our internal SJS Book Club explored The Power of Moments: Why Certain Experiences Have Extraordinary Impact by Chip and Dan Heath, a book that examines why certain experiences stand out — and how we can intentionally create more of them for our clients, colleagues, and communities.
Defining Moments Do Not Happen by Accident
The Heath brothers highlight that defining moments — the ones we remember long after they occur — rarely happen by chance. They are built. According to the authors, powerful moments often share four key elements:
Elevation: Experiences that are uplifting beyond the everyday routine.
Insight: A sudden realization or new understanding – an “aha” moment.
Pride: Recognition of effort, achievement, or growth.
Connection: Deepening relationships and things we both care about.
These principles apply as much to our personal lives as they do our professional and client relationships.
Creating Impactful Moments at SJS
The discussions within our SJS Book Club reinforced how closely these ideas align with the work we do. Each relationship represents an opportunity to create defining moments that bring clarity, confidence, and peace of mind.
We strive to design SJS Moments for our clients including:
Moments of Elevation: Celebrating progress when you achieve long-term goals, such as selling a business or reaching retirement readiness.
Moments of Insight: Helping you see the complete financial picture with clarity, turning uncertainty into understanding.
Moments of Pride: Recognizing the discipline and decision-making that build lasting wealth and secure legacies.
Moments of Connection: Building trust and long-term relationships grounded in shared purpose and transparency.
Why Meaningful Moments Matter
The essence of The Power of Moments is simple yet profound: how people feel during an experience determines how they remember it. For SJS, that insight is especially relevant. Every client interaction — from a planning conversation to a portfolio review to talking about the family dog — has the potential to create a lasting impression.
By being intentional about those experiences, we aim to ensure you feel supported, informed, and confident at every stage of your financial journey.
Building a Culture of Learning and Connection
Our book club discussions reflect our commitment to continual learning and improvement for the benefit of our clients and our team. As we deepen our understanding of what makes certain experiences special to who we serve, we strengthen our ability to create a meaningful, lasting impact through our work.
At SJS Investment Services, we do not just manage wealth — we help build moments that matter.
If you’d like to learn more about creating meaningful moments in your life, we encourage you to read the The Power of Moments by Chip and Dan Heath.
Important Disclosure Information & Sources:
The Power of Moments: Why Certain Experiences Have Extraordinary Impact. Chip Heath & Dan Heath, 2017, Simon & Schuster.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training.
SJS Book Club: The Good Life
Our purpose at SJS is to empower you to build a better life. What a better life–a good life–means varies from person-to-person. While our focus is on finances and investments, our purpose extends far beyond money.
To more deeply understand what a better life entails, the SJS Book Club recently read The Good Life: Lessons from the World's Longest Scientific Study of Happiness by Robert Waldinger and Marc Schulz.
By Katie Cristofoli and Bobby Adusumilli
Our purpose at SJS is to empower you to build a better life. What a better life–a good life–means varies from person-to-person. While our focus is on finances and investments, our purpose extends far beyond money.
To more deeply understand what a better life entails, the SJS Book Club recently read The Good Life: Lessons from the World's Longest Scientific Study of Happiness by Robert Waldinger and Marc Schulz. The Good Life summarizes findings from the ongoing Harvard Study of Adult Development, which has followed hundreds of people in the US for over 80+ years. The study combines physical exams, health metrics, psychological evaluations, and brain imaging (among other data points) throughout the participants' lives.
We believe this book beautifully combines academic research, philosophical and religious teachings, and relatable experiences on topics ranging from family, health, and work.
Here are a few insights that will stick with us:
“Good relationships keep us healthier and happier. Period.”: The book emphasizes that the single biggest factor in improving our long-term health and happiness is cultivating warm relationships. These relationships span across our family, friends, work colleagues, and communities. The better our relationships, the greater joy we typically experience over time, the healthier we will likely be, and the more protected we can feel and resilient we may be in our toughest moments.
Life–even a good life–is complicated, requires hard work, and is never perfect: Strong relationships take constant effort and intentionality–they don’t just happen. Loneliness is very harmful to our physical and mental health, and quick fixes (particularly in our world of constant technology and distractions) almost never suffice. Feuds with others take a terrible toll on us, and finding a way to forgive–even if that means not continuing a relationship–is essential. We can’t avoid the hardships in life or outrun our fate, but the more we nurture our positive relationships, the better chance we have to get through tough times and to thrive.
Money can be helpful but not sufficient for a better life: Across various surveys, younger adults tend to say that becoming rich is one of their top goals in life. We commonly see this with our interns and younger clients. We try to teach them ways to earn money, save, and invest smartly. In our experience, you can develop these traits and habits in nearly any occupation. When younger people ask us for career advice, we emphasize that it takes time and experience across multiple roles to find what you are most excited about; we also echo the sentiment of Maya Angelou: “Don’t make money your goal. Instead pursue the things you love doing and then do them so well that people can’t take their eyes off you.”
Giving helps us be part of something bigger than ourselves: Early on in life isn’t the only time that we can evolve. Life presents a series of opportunities for new, formative experiences. Giving–whether it is time, energy, knowledge, resources–is one of the best ways that we can change for the better. Especially when giving our time or attention, we are essentially giving our lives, which is the most valuable possession we can offer. It is important to have a balance and not over-extend yourself, but generally, as the authors write, “The more you give to others, the greater your abundance.”
We encourage you to check out The Good Life website and watch the “What Makes a Good Life? Lessons from the Longest Study on Happiness” TED video from Robert Waldinger.
SJS Investment Services Recognized In CNBC's 2025 FA 100 List
SJS Investment Services is proud to be #11 on CNBC’s 2025 Financial Advisor (FA) 100 list, an annual ranking of registered investment advisory (RIA) firms within the United States.[1]
SJS Investment Services is proud to be #11 on CNBC’s 2025 Financial Advisor (FA) 100 list, an annual ranking of registered investment advisory (RIA) firms within the United States.[1]
“We are truly honored to be recognized by CNBC,” says SJS Founder & CEO Scott J. Savage. “This is a reflection of our team’s unwavering commitment to helping our clients achieve their financial goals and the trust they place in us.”
CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for the 2025 FA 100 list. The methodology consisted of first analyzing a variety of core data points from AccuPoint Solutions’ proprietary database of registered investment advisors. This analysis started with an initial list of 40,563 RIA firms from the Securities and Exchange Commission regulatory database. Through a process by CNBC and AccuPoint Solutions, the list was eventually cut to 1,015 RIAs with those firms meeting CNBC’s proprietary criteria.
CNBC staff sent an email survey to all those firms that met the initial criteria to gather more details. SJS completed this survey in July 2025. The CNBC team verified various data with the SEC regulatory database. CNBC and AccuPoint also considered additional information including:
Advisory firm’s regulatory/compliance record
Number of years in the business
Number of certified financial planners
Number of employees
Number of investment advisors registered with the firm
Ratio of investment advisors to total number of employees
Total assets under management
Percentage of discretionary assets under management
Total accounts under management
Number of states where the RIA is registered
Country of domicile.
AccuPoint once again applied CNBC’s proprietary weighted categories to further refine and rank the firms, ultimately creating the list of the top 100 firms. CNBC receives no compensation from placing financial advisory firms on their list. Neither SJS Investment Services nor any of its employees provided any payment to CNBC or AccuPoint in exchange for rankings. Additionally, an advisor’s appearance on this ranking does not constitute an individual endorsement by CNBC of any firm. Further methodology information can be found on the CNBC website.[1][2]
If you would like to learn more about how we work with families, business owners, and organizations, please reach out to us. We are always here to listen and assist.
Important Disclosure Information & Sources:
[1] “CNBC’s Financial Advisor 100: Best financial advisors, top firms for 2025 ranked”. Kate Dore, Kelli Grant, 01-Oct-2025, cnbc.com.
[2] “How we determined CNBC’s Financial Advisor 100 ranking for 2025”. Kelli Grant, 01-Oct-2025, cnbc.com.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. There is no guarantee investment strategies will be successful.
A Cautionary Tale of Concentration & Exuberance
The value of investment markets lies in the unknowable future. No one knows exactly what comes next - despite what some may claim. What we do know, grounded in academic research, is that valuations matter.
By Chief Investment Officer Tom Kelly, CFA.
The value of investment markets lies in the unknowable future. No one knows exactly what comes next - despite what some may claim.
What we do know, grounded in academic research, is that valuations matter. Today, the S&P 500 Index (a proxy for U.S. stocks) is pressing against historical highs in Forward Price-to-Earnings (P/E). U.S. stock markets are also currently significantly richer than their international counterparts, based on historical data.
Source: Morningstar. Stock markets are represented by the following indices: US - S&P 500 Index; International Developed - MSCI World ex USA Net Return USD; Emerging Markets - MSCI Emerging Markets Net Return USD. 12-Month Forward P/E ratio is a stock valuation metric that divides a company's current stock price by its projected earnings per share (EPS) over the next 12 months. See Important Disclosure Information. *Interquartile range reflects the "middle 50%" of the range of historical valuations from the 25th to 75th percentile.
We also know that concentration reduces diversification across securities, leaving portfolios more exposed to the performance of a handful of stocks - for better or worse. Currently, concentration in the S&P 500 is close to as high as it has been.
We’ve seen valuations and concentration like this before. In the late 1990s, technology companies dominated the market. When the dot-com bubble burst in 2000, the S&P 500 index earned -9% (-1% annualized) over the following ten years beginning in January 2000, a stretch many still call “the lost decade.” During that same period, International Developed stocks eked out a 17% gain (2% annualized), while Emerging Markets stocks surged 154% (10% annualized). Diversification proved its worth.1
Since then, the S&P 500 has more than recovered, compounding over 14% annually and outpacing other international stocks by a wide margin.1 Understandably, this success leaves some investors wondering, "Why not invest solely in a S&P 500 Index fund?" But imagine opening your portfolio statement after ten years and seeing a negative number. Not a pleasant memory for those who lived through it.
Given ever-present uncertainty, the best we can do for you is to continue to hone the art of matching your goals and risk profile with a portfolio design that you won’t abandon in a down market. That philosophy is why we resist the temptation to chase what has worked most recently. What matters most is building a portfolio you can stick with, through good times and bad.
So far this year as of September 30th, the S&P 500 is up 15%. International Developed and Emerging Markets stock indices have returned 25% and 28%, respectively. We’ll gladly take these results of this global exposure. While our portfolios are not immune to market movements, diversification remains a core principle of MarketPlus® Investing.1
We are not predicting a crash in U.S. stocks. They may very well continue climbing, fueled by AI developments. But risks include both those we can see and those we cannot yet imagine. Continually reviewing valuations and investment market expectations when shaping portfolio design is one of the many ways we strive to help you cut through the noise of the markets and focus instead on time-tested strategies designed to help you achieve your long-term goals.
Source: Morningstar. Market concentration is measured by the Herfindahl–Hirschman Index (HHI), which in this case is calculated by squaring the market share of each firm in the S&P 500 index and then summing the resulting numbers. See Important Disclosure Information.
Important Disclosure Information:
1 US Stocks are represented by the S&P 500 index, which includes 500 leading U.S. listed companies, covering approximately 80% of available market capitalization. International Developed stocks are represented by the MSCI World ex USA Net Return USD Index, which covers approximately 85% of the free float-adjusted market capitalization in each of 22 of 23 developed markets countries - excluding the USA. Emerging Markets stocks are represented by the MSCI Emerging Markets Net Return USD, which covers approximately 85% of the free float-adjusted market capitalization in each of 24 emerging markets countries. Data from Morningstar.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Indices are not available for direct investment. Index performance does not reflect the expenses associated with management of an actual portfolio. Index performance is measured in US dollars. The index performance figures assume the reinvestment of all income, including dividends and capital gains.
MarketPlus® Investing models consist of institutional quality registered investment companies. Investment values will fluctuate, and shares, when redeemed, may be worth more or less than original cost.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
Am I Eligible For Medicare & How Do I Enroll?
Medicare Open Enrollment (October 15 – December 7, 2025) is the time to review your current healthcare coverage and make changes for the year ahead.
By Senior Advisor Andrew Schaetzke, CFP®
Medicare Open Enrollment (October 15 – December 7, 2025) is the time to review your current healthcare coverage and make changes for the year ahead. Determining when you must enroll in Medicare can be complicated. Depending on your situation, you may be automatically enrolled or you may have to proactively enroll.
To help simplify the process, we’ve included two guides that outline key decisions and considerations, including:
Eligibility before age 65
Eligibility with fewer than 40 work credits
Applicable premiums
Impact of age on enrollment
Automatic enrollment events
Initial Enrollment Period rules
Coverage start dates
Please feel free to reach out to your SJS advisor at any time to support you in the process. We are happy to help talk through any questions so you can feel confident about your Medicare choices for this coming year.
Please click on the images below to view the PDF.
Important Disclosure Information & Sources:
This resource was created by fpPathfinder. SJS pays an annual subscription in order to license resources from fpPathfinder.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal professional or tax professional for specific advice.
Suggested Reading
SJS Investment Services Recognized In The Forbes / SHOOK 2025 List Of America's Top RIA Firms
SJS Investment Services has been recognized in the Forbes / SHOOK 2025 list of America’s Top RIA (Registered Investor Advisor) Firms.
SJS Investment Services has been recognized in the Forbes / SHOOK 2025 list of America’s Top RIA (Registered Investment Advisor) Firms.[1]
“The fourth annual Forbes/SHOOK Top RIA list highlights firms with proven records of safeguarding and growing client wealth,” the publisher writes in its introduction to this year’s Top RIA Firms webpage.[1]
“This honor is a testament to the trust our clients place in us and the dedication of our team. As we celebrate 30 years, we remain committed to guiding families and businesses with clarity and purpose,” says SJS Founder & CEO Scott J. Savage.
As detailed on the methodology webpage, the Forbes / SHOOK 2025 list of America’s Top RIA Firms, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone, virtual and in-person due diligence interviews, and quantitative data. The algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices and approach to working with clients.
Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receive a fee in exchange for rankings. SHOOK Research received 50,063 nominations based on thresholds, invited 28,522 firms to complete their online survey, performed 24,647 telephone interviews, conducted 6,781 in-person interviews at advisors’ location, and conducted 1,596 virtual interviews. Additional information about the list methodology can be found on the Forbes website.[2]
In April and July 2025, SJS Investment Services responded to an email survey provided by SHOOK Research, providing quantitative information including AUM size, revenue, typical client relationship size, and minimum account size for new business. Neither SJS Investment Services nor any of its employees provided any payment to Forbes or SHOOK Research in exchange for rankings.
If you would like to learn more about how the SJS team works with families, business owners, and institutions, please feel free to reach out to us. We are always here to listen and assist.
Important Disclosure Information & Sources:
[1] “America’s Top RIA Firms”. Sergei Klebnikov & SHOOK Research, 01-Oct-2025, forbes.com.
[2] “Methodology: America’s Top RIA Firms 2025”. R.J. Shook, 01-Oct-2025, forbes.com.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market. Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training.
Suggested Reading
SJS Quarterly Outlook: October 2025
In this Outlook, we share an update on today’s markets and the new “Big Beautiful Bill,” plus stories about our SJS Book Club, new team members, and interns.
SJS Welcomes Elizabeth Molique to Chicago Office
Elizabeth began working at SJS in August 2025 as an Investment Analyst in the Chicago office, primarily supporting Tom Kelly, SJS’s Chief Investment Officer. Her responsibilities include investment research, portfolio analysis, performance monitoring, and client/advisor support.
Originally from Arizona, Elizabeth interned at SJS' Arizona office in 2024, gaining early exposure to investment research and client service. She also fulfilled roles as a data management intern at a real estate firm in Madrid and as a financial modeling intern at an annuity development company.
She recently graduated from Trinity University in San Antonio, Texas, where she earned a degree in Mathematical Finance and Spanish. While at Trinity, she was a member of the varsity Swim & Dive team, competing in sprint freestyle and butterfly events. She also studied abroad at Universidad Complutense in Madrid.
Elizabeth is passionate about investments and committed to continuous growth in the financial industry. She is currently pursuing the Chartered Financial Analyst (CFA) designation to deepen her expertise in portfolio management, financial analysis, and ethical investing. She thrives on learning, analyzing markets, and identifying long-term value.
Outside of work, Elizabeth enjoys traveling, especially to Spanish-speaking countries, and discovering new cuisines and restaurants. She also has a deep appreciation for art, which was sparked by a class she took at the Museo del Prado in Madrid.
From Capitol Hill to Main Street: How the Big Beautiful Bill Impacts Your Business
As we discussed in our last blog post, Congress passed the long-anticipated One Big Beautiful Bill Act (OBBBA). True to its name, this legislation covers a wide range of tax and financial provisions. And for business owners in particular, the impact is meaningful [1].
By Senior Advisor Andrew Schaetzke, CFP®
As we discussed in our last blog, Congress passed the long-anticipated One Big Beautiful Bill Act (OBBBA). True to its name, this legislation covers a wide range of tax and financial provisions. And for business owners in particular, the impact is meaningful [1].
We know new legislation brings new questions. That’s why we’ve cut through the fine print and highlighted the updates that matter most for business owners and entrepreneurs. Here are some of the most important features of the bill:
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The 20% deduction for Qualified Business Income (QBI) under Section 199A is now permanent for pass-through entities. This includes expanded phase-out thresholds for service businesses—and even a $400 minimum deduction for those with at least $1,000 in QBI [6].
Why it matters: This offers long-term planning clarity for LLCs, S Corps, partnerships, and sole proprietors—especially those concerned about prior sunset provisions.
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The rules for Qualified Small Business Stock (QSBS) under Section 1202 just became more flexible—and more favorable.
50% of gains are excluded if the stock is held for 3+ years
75% of gains are excluded if held for 4+ years
100% exclusion still applies after 5+ years
In addition, two key thresholds have expanded:
The gain exclusion cap is now the lesser of 10x basis or $15 million (up from $10 million), with both figures indexed for inflation
Companies with up to $75 million in assets (up from $50 million) are now eligible [2]
Why it matters: This modernized framework may make QSBS more accessible and more beneficial for founders, early-stage investors, and business owners considering equity-based succession strategies. The new tiered holding periods also allow for partial exclusions on shorter timelines—a notable change from the traditional 5-year requirement.
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Starting January 19, 2025, 100% bonus depreciation is back for non-real property. The prior phase-down schedule is scrapped [2].
Why it matters: This allows businesses to immediately write off the full cost of qualifying assets, boosting after-tax cash flow and incentivizing investment.
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100% bonus depreciation now extends to certain production and refining facilities—split proportionally between operational and administrative areas [4].
Why it matters: Capital-intensive industries may see significant tax savings, particularly when upgrading or expanding plant infrastructure.
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Section 179 limits increased to $2.5 million, with phase-outs starting at $4 million [2].
Why it matters: Small and mid-sized businesses have more flexibility to expense capital investments—without worrying about hitting outdated limits.
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Domestic research and experimentation costs no longer require amortization, reverting to pre-2017 rules. Businesses may also retroactively expense R&D costs dating back to 2021. (Note: Foreign R&D still requires 15-year amortization.) [3][4]
Why it matters: This is a major win for innovative companies—especially those in engineering, technology, and manufacturing—who have been burdened by post-TCJA amortization rules.
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Corporations may now only deduct charitable contributions above 1% of taxable income, though the existing 10% cap remains. Unused deductions can be carried forward [3].
Why it matters: This change could alter how C corporations structure philanthropic commitments—especially those with lower taxable income.
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The excess business loss limitation is no longer temporary. Carryforward rules are clarified and locked in, adding predictability [2].
Why it matters: Business owners facing irregular income years will need to plan carefully—but the permanence of the rule helps with long-term modeling.
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The pass-through entity tax (PTET) strategy—where states allow entities to pay income tax at the business level—remains intact [2].
Why it matters: This is still a viable workaround for state and local tax (SALT) deduction caps, especially in high-tax jurisdictions.
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The interest expense limitation is now permanently based on EBITDA, rather than EBIT [2].
Why it matters: This provides more flexibility for capital-intensive businesses, especially those leveraging financing to fund growth.
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Employee Retention Credit (ERC) claims for Q3 and Q4 of 2021 can no longer be filed after January 31, 2024 [4].
Why it matters: If you missed the deadline, no further claims can be submitted. If you filed already, consult your tax advisor on potential audit exposure.
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The Opportunity Zone program is now permanent, with a rolling 10-year designation window starting in 2027 [2][5].
Why it matters: This helps create more long-term predictability for tax-deferred (or tax-free) investing in designated areas—potentially aligning with broader growth or real estate strategies.
So What Does This Mean for Business Owners?
Whether you're operating a closely held business, running multiple entities, or preparing for a transition, the long-term clarity in this bill creates real planning opportunities.
From expanded deductions and restored expensing rules to clear guidance on loss limitations and investment incentives, OBBBA offers a more stable tax planning environment.
We’re Here to Help You!
If you’re wondering how these updates may affect your business or personal financial plan, let’s talk. Your SJS advisor is ready to collaborate with your CPA or legal team to help you structure decisions around these new provisions—strategically, and in sync with your broader goals.
Important Disclosure Information & Sources:
“H.R.1 - One Big Beautiful Bill Act”. 119th Congress, 01-Jul-2025, congress.gov.
Mayer Brown, “One Big Beautiful Bill Act Introduces Significant Domestic and International Tax Changes” July 9, 2025.
RSM US, “New Tax Law Introduces Big Changes for Exempt Organizations,” July 14, 2025.
Doeren Mayhew, “Breaking Down ‘The One, Big, Beautiful Bill Act,’” June 10, 2025.
Bi-Pacific (BIPC), “One Big, Beautiful Bill … Simplified,” July 2025.
Tax Foundation, “199A Deduction: Pass-Through Business | Big Beautiful Bill,” June 2025.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
SJS Investment Services Recognized in Financial Advisor Magazine’s 2025 Registered Investment Advisor Ranking
SJS Investment Services has earned recognition in Financial Advisor Magazine’s 2025 Registered Investment Advisor (RIA) Ranking, an annual ranking of registered investment advisory firms in the United States.
SJS Investment Services has earned recognition in Financial Advisor Magazine’s 2025 Registered Investment Advisor (RIA) Ranking, an annual ranking of registered investment advisory firms in the United States.[1]
“Being acknowledged by one of the industry’s most respected publications is always an honor,” states SJS Founder & CEO Scott J. Savage. “This ongoing recognition reflects the trust and partnership of our clients, the dedication of our team, and the strength of the values we’ve upheld for 30 years.”
The Financial Advisor (FA) Magazine’s 2025 RIA Survey & Ranking ranks firms based on assets under management (AUM) as of December 31, 2024. FA Magazine organizes firms from largest to smallest according to the AUM reported by those that voluntarily complete and submit their survey by the specified deadline. To qualify for the ranking, firms must be registered investment advisors, file their own ADV statement with the SEC, and provide financial planning and related services to individual clients. The survey does not include hybrid RIAs or corporate RIAs.
SJS completed the survey in April 2025, utilizing data as of December 31, 2024. There is no fee to apply or secure placement within the ranking. For additional information regarding the 2024 RIA Survey & Ranking, please visit the Financial Advisor Magazine website.[1][2]
If you’d like to learn more about how we help families, individuals, and organizations pursue their goals with clarity and confidence, please reach out to us. We are always here to listen and assist.
Important Disclosure Information & Sources:
[1] “FA RIA Survey & Ranking 2025”. Financial Advisor Magazine, July 2025, fa-mag.com.
[2] “2025 RIA Survey & Ranking: AI Wars”. Eric Rasmussen, 11-Jul-2025, fa-mag.com.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. There is no guarantee investment strategies will be successful.
Hyperlinks to third-party information are provided as a convenience.
Unpacking the Impact of the Big Beautiful Bill
While many of us were enjoying fireworks and family time over the July 4th holiday, something else quietly lit up the sky in Washington—Congress passed the long-anticipated One Big Beautiful Bill Act (OBBBA). True to its name, this sweeping piece of legislation covers a wide array of tax and financial provisions designed to impact Americans at nearly every stage of life.
By Managing Director, Senior Advisor Jennifer Smiljanich, CFP®
While many of us were enjoying fireworks and family time over the July 4th holiday, something else quietly lit up the sky in Washington—Congress passed the long-anticipated One Big Beautiful Bill Act (OBBBA). True to its name, this sweeping piece of legislation covers a wide array of tax and financial provisions designed to impact Americans at nearly every stage of life.
We know “big” legislation can bring big questions. So, in true SJS fashion, we’ve pulled out the key highlights to help you better understand what this new law might mean for your financial picture.
Tax Brackets: The lower individual federal tax brackets enacted with the 2017 Tax Cuts and Job Act (TCJA) were retained, avoiding tax increases for about 62% of taxpayers.[1]
Deductions for Tip Income and Overtime Pay: The law allows for up to a $25,000 deduction for tips and overtime pay through 2028, except for highly compensated employees.
Increased Standard Deduction: The standard deduction level was increased by $1,000/$2,000 for individual/joint filers, helping many filers simplify their returns. Certain seniors also may benefit from up to a $6,000 additional deduction for tax years 2025-2028.
State and Local Tax (SALT) Cap Increases: Filers in higher tax states may benefit from the increase in the SALT deduction cap from $10,000 to $40,000 through 2029, with phase outs for high income filers.
Mortgage Interest Deduction: A deduction is retained for home mortgage interest deductions for debt up to $750,000.
Auto Loan Interest Deduction: Provides up to a $10,000 potential deduction for interest on the purchase of US-made vehicles through 2029, with a phase out for higher income filers.
Estate and Gift Tax Exemptions: The law provides for higher estate and gift tax exemptions of $15 million in 2026, and then adjusted for inflation.[2] These exemptions were set to revert to much lower levels at the end of 2025.
Newborn Accounts: Children born between 2024-2028 may now be eligible for a $1,000 government-funded savings account; taxpayers may contribute up to $5,000 a year to this account, which may grow tax free until the child reaches age 18.
529 Plans: Tax free withdrawals for more education-related expenses are now possible, including for certification and licensing expenses. Amounts up to $20,000 annually may be used for K-12 curriculum and expenses, dual enrollment fees for college courses, and standardized testing fees.[3]
Child Tax Credit: There is an enhanced child tax credit of $2,200 through 2028.
Charitable Donation Deductions: Starting in 2026, donors will be allowed to deduct $1,000/$2,000 (single/joint filers) if they don’t itemize their taxes. For those that do itemize, a portion of their charitable deduction will be disallowed starting in 2026. There may be an advantage to accelerating donations into 2025.[2]
Repeal of Electric Vehicle Tax Credits: Deductions for electric cars will phase out by September 30, 2025.[4]
Whether you're planning for your kids’ education, looking at new tax-saving opportunities, or simply wondering how this bill fits into your long-term financial goals, we’re here to help you make sense of it all.
And if you're a business owner, stay tuned—our next blog post will break down what this legislation means for your business and how to help you prepare for what’s ahead.
As always, your SJS advisor is just a call or email away—and we’re more than happy to collaborate with your tax professional to navigate these changes thoughtfully. From 2025 and beyond, we’ll continue to keep an eye on the fine print so you can focus on the big picture.
Important Disclosure Information & Sources:
"Big Beautiful Bill" House GOP Tax Plan: Preliminary Details and Analysis
How Trump’s ‘Big, Beautiful’ Bill Will and Won’t Change Your Taxes - WSJ Laura Saunders, July 4, 2025
EV Tax Credit 2025: How It Works, Eligible Cars - NerdWallet
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
SJS Quarterly Outlook: July 2025
In our Quarterly Outlook, we reflect on 30 years of SJS with a letter from our Founder & CEO, share our latest investment insights, and highlight our continued commitment to community through SJS Cares. Plus, download a copy of our featured SJS Personal Information Organizer, which can serve as a comprehensive record of your essential family, financial, and personal information.
Why Responsible Flexibility Matters at SJS
At SJS, we embrace the fact that great work can happen in the office or remotely. With four office locations and team members working across the country, flexibility isn’t just a benefit—it’s a strategic strength.
By Scott J. Savage, Founder & CEO
When I launched SJS back in 1995, the goal was simple: give clients big-firm expertise with the warmth of a small-town handshake. That “people-first” mindset has guided every decision since—including how we structure the workday and culture for our team members.
Over the past few years, one lesson has come through loud and clear: the best talent isn’t confined to a single ZIP code, and the healthiest careers aren’t defined by a single cubicle. That’s why we formalized Responsible Flexibility—a work-life balance philosophy that lets our team deliver exceptional results while living fuller, more resilient lives.
At SJS, we embrace the fact that great work can happen in the office or remotely. With four office locations and team members working across the country, flexibility isn’t just a benefit—it’s a strategic strength.
But flexibility doesn’t mean “anything goes.” It’s built on clear communication, trust, and shared values. We stay connected across time zones, align regularly in person, and ensure that client service never skips a beat. Each role is different, and flexibility may look different depending on the work. What doesn’t change is our expectation of professionalism, collaboration, and excellence.
Flexibility isn’t about working less—it’s about working smarter, with space to be present in all areas of life. Our responsible flexibility approach helps us:
Attract and retain top-tier talent
Expand access to diverse perspectives
Support our team’s well-being and work-life integration
Stay agile, resilient, and always client-focused
I often say that SJS is a business built on relationships—and that starts with our own people. We hire selectively because we’re serious about culture. We look for humble, driven professionals who want to grow and give back. We support lifelong learning, encourage community involvement, and create space for what matters most.
At the end of the day, I want the people who work here to be able to do excellent work and still make it to the school play, the family dinner, or the walk around the block that clears your head. Family comes first. Always has, always will.
Our purpose is to empower you to build a better life. That starts with our clients, but it also starts at home—with our team. We take care of our people so they can take care of you.
If you’re a professional looking for meaningful work—or an individual looking for a long-term financial partner rooted in small-town values with major market expertise—we’d love to talk.
Important Disclosure Information:
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training.
How To Know A Good Innovation From A Bad One
It’s no secret that the pace of innovation these days is supersonic. We all see the online videos of near-daily rocket launches and miraculous landings. And everyone seems to be asking the same question: how do we discern a good “innovation” from a not-so-good one?
By Founder and CEO Scott J. Savage
It’s no secret that the pace of innovation these days is supersonic. We all see the online videos of near-daily rocket launches and miraculous landings. We witness artificial intelligence (AI) advancements that astound us and, if we’re honest, may make us a little uncomfortable. Everywhere we look, new technology is invading our lives. And everyone seems to be asking the same question: how do we discern a good “innovation” from a not-so-good one?
Throughout our history, embracing innovation and change has been a big part of who we are. In 1940, the Investment Advisors Act was passed, requiring specific investment advisors to register with the SEC and adhere to fiduciary standards.[1] Believe it or not, it took more than fifty years for that new way of doing business to catch on. The registered investment advisor (RIA) model was completely foreign to the broker/dealer, commission-based salespeople who made up most of the industry at the time.
Even though we adopted the RIA model at our founding in 1995, we were among the first. That’s something we’re proud of. Back then, it was still considered a bold move—but we believed it was the right way to serve clients, and we still do.
MarketPlus® Investing has its roots in innovation. Historically, that’s played a role in defining the “Plus.” It’s about looking at the world, the nation, and the financial markets to find the innovations, evaluate them, and decide which ones meet our standards. Few make the cut.
On the plus side, the investment managers we partner with provide us—and therefore you—access to investments most people don’t even know exist. Advancements in technology, the size of SJS, the nature of our clients, and our relationships have opened doors to rare investment opportunities that are off-limits to most firms. Embracing innovation continues to set us apart.
An innovation we’re less favorable about? The trend toward private equity and its impact on our industry. Private equity-backed consolidators are buying up RIA firms at a rapid pace. That’s an innovation that doesn’t interest us in the least. In fact, we see it as a step backward for clients. We assure you that SJS will remain fiercely independent, which means putting your needs—not the interests of outside investors—first.
These are just two examples. The fly on the wall in our office witnesses regular conversations about innovations we find—and that find us. What technologies are a no? What are a wait-and-see? Which ones are a yes? How do we adapt? In every one of those conversations, you are top of mind.
Not all innovation is created equal. The good ones stand the test of time and improve outcomes. The bad ones? They usually reveal themselves soon enough. Our job is to know the difference—so you don’t have to worry about it.
Let’s stay ahead together. Reach out to your advisor anytime to continue the conversation! We’re here to answer your questions and help you stay confidently ahead—no matter what’s coming next.
Important Disclosure Information & Sources:
[1] “Laws and Rules”. U.S. Securities and Exchange Commission, sec.gov.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
Statements contained in this report that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
Walking the Tightrope: The Fed, the Market, and Your Bonds
Interest rates don’t always make headlines, but when they do, they tend to shake everything else. That’s because rates sit at the heart of the economy: they influence borrowing costs, savings yields, and business investment.
By Senior Advisor, Director of Institutional Investment Management Kirk Ludwig, AIF®.
Interest rates don’t always make headlines, but when they do, they tend to shake everything else. That’s because rates sit at the heart of the economy: they influence borrowing costs, savings yields, and business investment. When rates rise, borrowing slows down and saving money becomes more attractive. When rates fall, money moves more freely, boosting spending and growth. The Federal Reserve adjusts short-term interest rates to keep this balance in check - more like walking a tightrope than pulling a lever. One wrong step, and they risk leaning too far in either direction.
Lately, that balancing act has gotten tougher. One day, markets are reacting to sticky inflation. The next, it’s fears of slowing growth (i.e., recession). Economic data keeps shifting, headlines flip week to week, and forecasts feel outdated the moment they’re made. With so much in flux, the Fed held interest rates steady at its last meeting, opting to wait for more clarity. Tariffs could end up raising prices and slowing growth at the same time - a combination economists refer to as stagflation. It’s not a word we throw around lightly, but it explains why the Fed isn’t rushing into a decision.[1] Sometimes, staying put is the most thoughtful move.
It’s a challenging environment for policymakers, but it’s just as noisy for investors. And in times like these, clarity isn’t the most realistic goal. Preparation is.
That’s why, at SJS, we don’t try to guess the next move. We focus on building portfolios that can withstand evolving markets. Our fixed income strategy (bonds) is designed for a wide range of outcomes:
Short-duration bonds to help in an environment where prices stay elevated and yields potentially rise.
Inflation-protected bonds to assist in times of unexpected or prolonged inflation.
Longer maturity holdings that benefit if growth slows and yields fall.
A diversified mix of credit bonds, including investment-grade corporate bonds, as well as selectively-chosen high yield bonds and private credit to capture higher yields.
We don’t build portfolios to match the news. We build them to withstand it.
We’ve seen many economic cycles. Each one brings its own uncertainty, but this one feels especially dynamic. With so many moving parts, the outcome may look very different from what anyone expects. That’s why we don’t build portfolios around predictions; rather we build them to adapt. Time and again – we believe thoughtful diversification, discipline, and a clear process prove more effective than chasing headlines.
So yes, the Fed may be walking a tightrope. And yes, markets may stay moody.
But your bond portfolio? That should stay steady.
Important Disclosure Information & Sources:
[1] “Federal Open Market Committee”. Board of Governors of the Federal Reserve System, federalreserve.gov.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
MarketPlus® Investing models consist of institutional quality registered investment companies. Investment values will fluctuate, and shares, when redeemed, may be worth more or less than original cost.
Statements contained in this report that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
Scott Savage Recognized in Forbes/SHOOK 2025 Best-In-State Wealth Advisors Ranking
We’re proud to share that Scott J. Savage, Founder and CEO of SJS Investment Services, has once again been recognized by the Forbes / SHOOK 2025 Best-In-State Wealth Advisors ranking.
We’re proud to share that Scott J. Savage, Founder and CEO of SJS Investment Services, has once again been recognized by the Forbes / SHOOK 2025 Best-In-State Wealth Advisors ranking. [1]
“This recognition is a reflection of the trust our clients place in us and the dedication our entire Team brings every day,” Scott shared. “For nearly three decades, our mission has been to serve with integrity, clarity, and commitment—and this award reinforces the strength of that mission.”
The Best-In-State Wealth Advisors Ranking Methodology, developed by SHOOK Research and published by Forbes, evaluates thousands of advisors across the U.S. through a rigorous process. [2] Candidates are assessed based on both qualitative and quantitative criteria, including assets under management, revenue trends, service models, and client retention. Notably, portfolio performance is not a factor in the selection process. This year, SHOOK Research reviewed nearly 48,000 nominations, conducted over 27,586 interviews (in person, by phone, or virtually), and selected the top advisors based on a holistic review of their practices.
As part of the selection process, SJS provided data through SHOOK Research’s survey, offering insights into AUM growth, client relationship size, and our firm’s approach to service. Most importantly, neither Forbes nor SHOOK Research receives compensation in exchange for placement on the ranking.
We’re honored to be included in this group and are deeply grateful to our clients for their continued trust. If you’d like to learn more about how Scott and the SJS Team support families, business owners, and institutions with thoughtful wealth management and fiduciary guidance, we welcome the conversation. Please connect with SJS today!
Important Disclosure Information And Sources:
[1] “Best-In-State Wealth Advisors”. Sergei Klebnikov & SHOOK Research, 08-Apr-2025, forbes.com.
[2] “Methodology: Best-In-State Wealth Advisors 2025“. R.J. Shook, 08-Apr-2025, forbes.com.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
Hyperlinks to third-party information are provided as a convenience.
SJS Outlook: Q1 2025
SJS Q1 2025 Outlook includes a market update, team highlights, SJS book club insights and important information on the social security fairness act.
SJS 2024 Annual Report
The SJS Annual Report provides updates on the SJS Team, MarketPlus Investing®, SJS purpose, mission, & values, multi-family office services, and SJS community involvement.
