2025 Q3 Review

In his 2025 Third Quarter Review, Chief Investment Officer Trey Willerson examines a period marked by strong equity market performance, shifting interest rate expectations, and complex geopolitical events that have thoroughly tested investor sentiment. Willerson outlines the market forces driving this year’s momentum and the crosscurrents that long-term investors should consider as valuations approach historic peaks.

Read the latest review as Willerson explores:

• Q3 Market Performance & Resilience highlighting how U.S. and international equities posted strong quarterly and year-to-date gains despite major geopolitical, strategic, and domestic tensions.
• Yields & the Federal Reserve detailing the Fed’s continued easing cycle, the market’s reaction, and the ongoing tug-of-war between monetary policy and rising government debt levels.
• Profit Margins & Corporate Earnings reviewing multi-decade-high margins, powerful earnings growth, and the outsized impact of the “Magnificent 7” driven by significant AI-related investment.
• Concentration & Valuation Risks examining historic levels of index concentration, elevated valuations across major benchmarks, and what these trends may signal for investors heading into 2026.