Warren Buffett’s reign as Chief Executive Officer (CEO) of Berkshire Hathaway came to a close on the last day of 2025. Buffett will be succeeded by Greg Abel, previously Vice Chairman of Non-Insurance Operations at Berkshire. Buffett stepped down after more than half a century, 60 years to be exact, at the helm of one of the largest investment conglomerates in the world.

In 1965, Buffett took over a struggling Berkshire, once a textile company, and transformed it into one of the most successful holding companies’ globally, strategically investing in companies with simple business models trading at intrinsic discounts.

Fourth quarter earnings season unofficially kicks off this week with a dozen banks and asset managers in the S&P 500 slated to report. Results will come from some big names, including JPMorgan Chase (JPM) on Tuesday; Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C) on Wednesday; and Blackrock (BLK), Goldman Sachs (GS), and Morgan Stanley (MS) on Thursday. After these and the rest of the results are in, we believe there could be a continuation of an impressive streak of quarters with double-digit earnings growth, expanding profit margins despite tariffs, and another quarter of strong earnings growth from the technology sector and

2025 was a good year for most fixed income markets but we’re approaching 2026 with caution. All-in yields are still attractive for most markets, but spreads (the additional compensation for owning riskier debt) are low, suggesting investors aren’t getting paid to take on a lot of credit risk right now. Federal Reserve (Fed) policy will be key, though, in determining returns in 2026, but with a new Chair expected at the helm by May, rate volatility could remain elevated. Each year, fixed income investors should reasonably expect coupon-type returns, plus or minus price appreciation based upon changing interest rates. But, with our

Reflecting back on 2025, a day has not gone by without investors debating AI’s impact, promise, or peril. Headlines were dominated by AI related stock news, yet the most enduring growth story was found beneath the surface — the steady and compounding build out of the physical infrastructure needed for AI to flourish. From power grids, high-performance networks, and data centers, the massive demand spike for infrastructure is turning what was once known as an income-focused utility model into a high-demand growth engine. According to McKinsey & Company, data centers globally are projected to need $6.7 trillion in cumulative cap