The two most common investment topics I continue to be questioned about in 2025 are Artificial Intelligence and digital assets. Coincidentally, my Chief Compliance Officer informed our firm of the exam priorities this year. You guess it, top on that list: AI and digital assets. So, look, two things can be true at the same time: one, these are higher risk / higher demand strategies which the regulators are focusing on, and two, investors are very interested in learning about and potentially owning in their portfolios. From this advisor’s perspective, times like this feel like a balancing act — navigating the intersection between investors’ FOMO over the next hot trend and regulators’ growing unease about what could become the next market risk. Here'ss my recommendation, which is consistent with any new investment consideration: do your diligence so you are making an informed decision, and if you choose to invest, start with a smaller allocation and monitor how it performs within both your overall portfolio construct as well as through market cycles. You may be thinking why not invest a larger and more concentrated position? As a friend of mine who owns a farm here in Atlanta likes to remind me: "Pigs get fed, yet hogs get slaughtered."

As we are filming this video in mid-November 2025, the government is in the process of opening up again after the longest shut down in history. From purely a portfolio perspective, this may provide a year-end catalyst to drive market returns even higher. And why not, as traditionally November and December have been two of the best months of the year for the equity markets, and returns have been even better in years when stocks were already having a good year. Check this out - since 1928 the S&P 500 has averaged a gain of 4.8% in the final two months of years when the index was up 10% or greater through 10/31 - no guarantees, but it’s very compelling! 1

In December, besides Christmas - which happens to be my personal favorite holiday - I am interested in the Fed's messaging and potential interest rate decisions at their final meeting of the year. In their October meeting, they were almost unanimous in their decision to lower rates, will we receive a similar outcome in December? For now, I wish everyone an excellent Thanksgiving holiday, and I look forward to seeing you again in December.

1 The Bespoke Report, November 7, 2025, page 18