Our perspective on recent market volatility
With markets reacting to developments in the Middle East and oil prices moving higher, we wanted to briefly share our perspective on what is happening and how we are thinking about the situation.
With markets reacting to developments in the Middle East and oil prices moving higher, we wanted to briefly share our perspective on what is happening and how we are thinking about the situation.
Markets are not pricing that reality. Investors still treat the AI build-out as marginal cloud spend or another overhyped software cycle. They debate whether Big Tech is “exhausting its available capital” or whether capex “must mean revert,” as if infrastructure were optional and competition courteous. They are using valuation models from the wrong century for the wrong game.
We hope you had a wonderful holiday season and were able to enjoy some quality time with friends and family. As we begin the new year, we wanted to share a brief update on how markets finished the fourth quarter, reflect on the strong results from 2025, and outline our outlook for the year ahead.
Historians are likely to regard Donald Trump’s presidency as a pivot—as significant as any in U.S. history comparable to the Jacksonian turn, the New Deal, or the Reagan Revolution. Yet Wall Street remains strangely somnolent, pricing in neither the durability nor the depth of what is unfolding.
We have some exciting news to share with you. After much thought and reflection, Baun & Pate Investment Group has a new name: Aspire Wealth Partners.
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