Philadelphia Wealth & Asset Management, Registered Investment Advisors https://validator.w3.org/feed/docs/rss2.html March 25, 2026 – The global economy is currently caught in an unprecedented tug-of-war between the inflationary pressures of fiscal dominance and the powerful, deflationary gravity of artificial intelligence. Understanding which of these monumental forces will ultimately dictate the coming decade is the central macroeconomic question facing markets today. February 25, 2026 – While artificial intelligence is driving real business capabilities, the massive infrastructure costs and uncertain long-term profitability have triggered wild fluctuations in stocks tied to AI themes. Rather than reacting to these daily market swings, ignore the volatility and keep your focus on identifying the true long-term winners as they begin to demonstrate tangible financial success. March 18, 2026 – College basketball March Madness begins this week, and betting markets are off and running. Investors are in the midst of their own market fixation as winners from last year are struggling to put points on the board this year. Major stock market averages rebounded cautiously this week as investors gauge the potential impact on growth and inflation from the Midde East conflict. Stock market futures are indicated lower this morning as we await a Federal Reserve decision and forward-looking commentary. February 18, 2026 – As the Winter Olympics wind down over the next week, several medals have been won by merely staying on course. Sometimes just finishing the race, even backwards, can advance an Olympic contender to the next level of competition. Staying on course, keeping an eye on risk, and making adjustments along the way are just as important in an investment strategy. March 11, 2026 – While escalating geopolitical tensions in the Middle East are fueling short-term volatility, it is critical to rely on a strategically balanced and diversified portfolio to weather these immediate storms. Furthermore, as the AI revolution triggers a generational repricing of technology, this disciplined allocation ensures your wealth is protected from vulnerable “asset-light” software companies and positioned to capture growth in tangible, “asset-heavy” physical industries. February 11, 2026 – Much like Sunday’s snoozefest of a Super Bowl, the market is trapped in a defensive struggle characterized by flat retail sales and deepening fears of AI disruption in software. As the Fed signals a continued pause on rate cuts, it is time to take a page from the consumer’s playbook and use this volatility to scoop up high-quality companies at discount prices. Wealth Management Inquiry: Outstanding Wealth Management Services Since 2001 Factors to Consider When Choosing a Wealth Management Firm March 4, 2026 – Major stock market averages stumbled this week as the Middle East conflict rattled investors. However, markets recovered from yesterday’s morning lows, and the S&P 500 is down less than 1% year to date. This comes after the S&P 500 has been trading near all-time highs recently and after three strong years of market returns. Four of eleven S&P 500 sectors are down this year, although 7 sectors are in positive territory and five sectors are up 10% or more. The effects of this Black Swan event remain to be seen, depending upon the extent and duration of the conflict and its impact on energy supplies, economic growth and inflation. Stock market futures are indicated positive this morning. April 1, 2026 – Markets rebounded strongly yesterday on the last day of the first quarter based upon hopes for an end to the Middle East conflict. Most sectors bounced solidly, except for utilities and energy, which had previously posted robust gains. While stock market indices had been skimming into correction territory recently, the S&P 500 posted its biggest one-day gain yesterday since last May. Stock market futures are indicated higher this morning. Why TBA? People Tom Blair – 401(k) Specialist February 4, 2026 – Punxsutawney Phil saw his shadow on Groundhog Day this week, forecasting 6 more weeks of winter. Phil’s accuracy is only about 30% over the past decade and about 39% dating back to 1887, but it rivals more sophisticated models. This week the technology sector caught a chill, although other sectors of the stock market are starting to thaw out. Form ADV & CRS Information News Home January 28, 2026 – Supported by the upcoming “One Big Beautiful Bill Act” (OBBBA) fiscal stimulus and broadening earnings growth, the first half of 2026 offers a favorable market backdrop even as Big Tech faces intense scrutiny regarding tangible AI returns. However, we anticipate conditions will become more challenging later in the year, as the accumulation of lofty consensus earnings expectations and potential macroeconomic friction creates a riskier environment for investors. January 21, 2026 – The “Sea of Tranquility” on Earth’s Moon was the site of the historic Apollo 11 landing in July of 1969, marking humanity’s first steps on another celestial body. The area was named for its seemingly calm, dark plains and potentially smooth landing potential. We started out the new year in a relatively tranquil phase for markets, but that has faded for now as new tariff threats have emerged. Hopefully, this is resolvable and short-lived, but bond yields around the world are backing up leading to a pullback in equity markets. January 14, 2026 – Following a strong, three-year bull market, we view the start of 2026 as a pivotal shift where sticky inflation, mixed earnings, and rising geopolitical tensions are replacing the era of easy, momentum-driven gains. While the near-term economy remains resilient, the market will need to see confirmation in upcoming earnings releases to continue its march higher. January 7, 2026 – 2025 ended up as the third year in a row of strong stock market returns. The new year has also seen a solid start for equity markets worldwide after markets drifted lower toward the tail end of 2025. 2026 will be a convergence year. It marks the 250th anniversary of the founding of the United States, the 100th anniversary of the founding of Route 66, and a Chinese New Year cycle that has not been seen in 60 years. If inflation, interest rates and corporate earnings converge on a favorable path, we could see solid market returns for the full year, although there are also several potential potholes to navigate. August 21, 2025 – This Friday we will receive commentary from the Federal Reserve after its annual gathering in Jackson Hole, Wyoming. The central-bank gathering has sometimes been a venue for marking shifts in Fed policy. Last year Fed Chairman Powell used it to signal that rate cuts were coming, and followed through the next month. The Snake River, which runs through Jackson Hole, provides an apt backdrop for the Fed’s meeting where the waters can be turbulent and winding. In the meantime, technology stocks have retreated this week and a number of consumer-focused companies have provided both encouraging and uncertain signals. August 2023 Economic Update – Towering Deficits and a Ratings Downgrade; Do They Matter? Jeffrey Kachel – CFO, Principal & CTO James M. Meyer, CFA® – Chairman of the Board October 27, 2025 – With President Trump making news overseas, and Canada facing more tariffs, Wall Street will focus on the earnings of five big major tech companies this week. In the short-term, meaning between now and year-end, the prospect of continued solid earnings and lower short-term interest rates should keep stocks moving higher. But there are always warning signs. The biggie is debt. Too much debt burst the balloon in 1929 and again in 2008, the two biggest calamities of the last century. Debt levels aren’t quite threatening yet but they are moving in the wrong direction and bear watching. August 25, 2025 – The Fed’s shift in policy, as stated by Jerome Powell last Friday, moves away from a focus on inflation and more toward insuring full employment. Such a shift suggests more short-term rate cuts and a willingness to tolerate some inflation as long as it stays below 3%. A willingness to tolerate a bit more inflation may sound innocuous but it could lead to unanchored long-term inflation expectations and keep 10-year Treasury yields elevated. If so, the euphoria expressed in Friday’s market rally may have been a bit too exuberant. August 18, 2025 – The noise of front-page news doesn’t seem to coincide with record stock prices. War, ICE raids, violent storms and tariffs may be the topics of the Sunday talk shows, but the stock market cares more about earnings and interest rates. Earnings are rising and interest rates are stable. Will that continue? Earnings growth should slow a bit as the full impact of tariffs hits. While the Fed Funds rates should start to decline this fall, markets will focus on changes in the 10-year Treasury yield more than the Fed Funds rate. November 17, 2025 – Last week saw massive rotation out of technology leaders into value stocks long forgotten in this year’s rally. Tech investors were spooked by a growing chorus of concerns around circular investing and stretched balance sheets. Some of the fears are real and some probably exaggerated. Given the strong performance over the last two years, some consolidation was clearly called for. Is the correction over? There certainly hasn’t been any panic or capitulation yet. If one looks closely, the big companies doing the best, experienced only modest declines in their stock prices. Those whose promises might have been exaggerated started to pay the price. That purge probably has more room to go. Christopher M. Crooks, CFA®, CFP® – Chief Investment Officer, Senior Portfolio Manager July 17, 2025 – Stocks rebounded after President Trump clarified his stance on Federal Reserve Chair Jerome Powell. While consumer and producer price indexes suggest some inflation moderation, particularly in services, certain tariff-exposed goods continue to see price increases. Despite these pressures, the U.S. economy shows underlying strength, exemplified by strong bank earnings and robust consumer spending, though the long-term impact of escalating tariffs remains a key uncertainty. September 18, 2023 – Markets are directionless, torn between better economic activity and an increase in storm clouds from labor unrest to China. What is crucial is the future trend for interest rates. Investors will parse this week’s FOMC meeting for clues, but probably won’t get a much clearer picture for their efforts. Christopher E. Gildea – CEO, Senior Portfolio Manager Client Service Chad M. Imgrund – Sr. Research Analyst Financial Advisors Shawn M. Gallagher, CFA® – Sr. Portfolio Mgr. Market Commentary Signup March 27, 2025 – A couple of weeks ago, NCAA college basketball March Madness was just getting underway. After several surprise upsets and some chaos among millions of brackets, we now know which teams are in the Sweet Sixteen final games. Over the past 40 years, only three men’s teams have had a long streak of winning years making it into the finals. As in the stock market, last year’s darlings may not be this year’s victors, but good companies can reinvent themselves and market volatility can work both ways. December 19, 2024 – The Federal Reserve lowered its key interest rate by a quarter percentage point yesterday, but signaled that only two more rate cuts may be coming in 2025 instead of the four cuts widely expected. Fed Chairman Powell said it is like “driving on a foggy night or walking into a dark room full of furniture: you slow down, you go less quickly.” That hawkish and more uncertain tone was not well received by markets. While the stock market is typically volatile on Fed decision days, the 10-year yield backed up to 4.5% and stocks dropped about 3% following the Fed’s remarks. Markets have been strongly positive this year, but a pause on this news provides a chance to focus on better valuations. Stock market futures are indicated positively this morning. Michael J. Adams – Senior Portfolio Manager Daniel P. Rodan – Sr. Portfolio Mgr. August 12, 2024 – Last week’s volatility exposes the heightened level of uncertainty in today’s financial markets. This week, the largest retailers report earnings and may offer some clarity into consumer spending trends. But uncertainty is likely to remain elevated until we get closer to the November elections. May 30, 2025 – Amidst a volatile market, significant economic risks such as high interest rates and trade policy are creating a tense environment where stock market gains may be capped. Key sectors, like housing, are already showing signs of strain from elevated rates, while the bond market remains turbulent. Therefore, a diversified and defensive investment strategy is recommended, emphasizing fundamental analysis and valuation discipline for stocks while holding high-quality bonds to navigate the expected volatility. FAQs December 8, 2023 – Markets rallied yesterday but remained in tepid anticipation of today’s employment report and next week’s CPI report. The November employment report came in close to expectations with gains of 199,000. Not sure from the early read how much those numbers were enhanced by the end of the auto and Hollywood strikes. Markets reacted negatively to the report as month-over-month wages increased slightly more than anticipated. The unemployment rate fell to 3.7% as the labor participation rate rose to a pre-pandemic high. Contact Nicholas R. Filippo – Principal, Chief Marketing Officer Webinar Home Page Promo Robert T. Whalen – Principal