Market Commentary
Our portfolio managers give you their analysis of current economic trends
within their targeted area of investment
- Core Strategy
- Will Wurm

Q1 2025 : First Quarter 2025 Review and Outlook
Summary: In context, at present levels, the S&P 500 has declined approximately 19% from its peak in February, less than the average recessionary decline of 23%, typically recovering within a year, and more than the frequent average correction of 13%, typically recovering in four months. As of now we are not in a recession, and it would be premature to declare it unavoidable as this is a reaction to a trade policy which could and most likely will be revised more positively.