All That Glitters…Could Actually Be Gold

Precious metals surged out of the gate to begin 2026, not dissimilar to how they closed out 2025. Gold has already made two record highs this year alone, is currently trading above $4,600 per ounce, and is up over 6% in 2026. Silver is also breaking new records regularly, and more than doubled gold’s gain in 2025 after slightly lagging in 2024. Platinum joined the party in 2025, also doubling the performance of gold, after having done next to nothing in the previous four years. Precious metals mining stocks, measured by the Philadelphia Stock Exchange Gold and Silver Index¹,

Municipal bonds enter 2026 as a compelling option for investors: attractive yields, strong fundamentals, and structural changes that continue to reshape the market. After a volatile 2025, marked by Treasury market dislocations and record muni issuance, the outlook for this year suggests more stability — and opportunity.

Return Expectations

We think a 4%-5% return is a reasonable return expectation for the national municipal market in 2026, supported by a stable Treasury rate environment and attractive tax-equivalent yields. While last year’s returns fell slightly short of the 5% target, current valuations and cur

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