I could sit and watch a stream or river all day long. There is constant movement, and yet, the water is always right there in front of me, covering the same ground, falling over the same rocks and touching the same boundary on each side. The water isn’t in a hurry. It shapes rock by returning to the same line again and again. That felt like a useful reminder for investing but really, for life – we make real progress by showing up with purpose and relentless consistency, not by forcing outcomes. It’s a lesson that I seemingly must learn over and over again, but also continues to inform my approach to good, sound financial planning.
Market and Economic Overview
The third quarter brought plenty of headlines around interest rates, inflation reads, and geopolitics, yet the market’s tape told a different story. U.S. stocks advanced through the quarter, with the S&P 500 posting gains in July, August, and September and notching several new record closes in September. It didn’t move in a straight line, but it did move – and more than the headlines alone might suggest. For context, late September trading steadied after inflation data came in as expected. Day-to-day swings will keep coming, but they don’t change the core job of a long-term plan.
Developed markets outside the U.S. also showed strength. Part of their performance stems from a weaker U.S. dollar, which amplifies returns in dollar-terms for overseas equities. This has also supported returns in emerging markets, which have surpassed U.S. equities. The theme continues to be that different markets lead at different times, and spreading risk across geographies helps steady the journey.
Planning Moves That Matter
Just like the water in my favorite stream, we’re focusing on things that compound quietly and that make meaningful changes over time:
- Cash segmentation for spending needs – matching an appropriate amount of known withdrawals to high-quality cash vehicles (money markets, Treasuries, short-term bonds or other ladders) so the rest of the portfolio can do its long-term work.
- Rebalance with intent – trim what has run, add to what’s lagged inside your target ranges, and redeploy new cash strategically into the asset classes most out of balance.
- Year-end tax work – harvest losses where appropriate, manage capital gains distributions, and pair giving with taxes: direct appreciated shares to donor-advised funds, consider QCDs if you’re taking RMDs, and review state-specific opportunities before December 31.
- Purpose-built buckets – where it fits, we’ll keep leaning into liability-driven investing that ties assets to time horizons instead of a single, generic “risk number.”
If your cash flow, goals, or time frames have shifted recently, let’s update the map now rather than after January 1.
Money and Meaning
Optimizing your money is obviously important but not if it comes at the expense of optimizing your life (I’m speaking to myself here). Recent On Adventure conversations offered a thread worth carrying into Q4.
- Bob Becker spoke about finishing Badwater 135 at age 80 – not with bravado, but with gratitude, routine, and a stubborn gentleness that kept him moving when it got ugly.
- Lisa Smith-Batchen (will be released on October 3) reminded us that the best crews and mentors hold a mirror to your ‘why’ when your legs want to quit.
- Wells Jones talked about drawing a line in the sand – not as a dare, but as a promise to live aligned with what matters.
Nature is saying the same thing right now. The light changes. The trail looks different. The real work is to keep showing up with intention. Money is just one of the tools that helps you do that – to buy time, fund experiences with the people you love, support causes that reflect your values, and create margin for the kind of adventures that make you feel most alive.
Thank you for your trust. If something in your world has changed – a new goal, a liquidity event, a move, college bills, eldercare planning – let us know and we’ll adjust the plan together.
