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Donna Cournoyer

Donna Cournoyer
In Reading Recommendations

Media for the New Year

The new year can act as a catalyst to expand horizons and vary daily routines. So far in 2026, I’ve expanded my regular news diet to incorporate balanced and diverse points of view from foreign-domicile media sources.

Here are three podcasts that I’ve been tuning into regularly, which you might find helpful:

  • BBC News – Newshour: the British Broadcasting Corporation (BBC) is the UK’s national public service broadcaster, founded in 1922 and operating as a chartered corporation, independent from government influence. This podcast is “long-form”, with daily episodes running about 45 minutes.
  • Reuters World News: the Reuters news agency was established in London in 1851 and acquired by the Thomson Corporation of Canada in 2008. This podcast is “short-form”, with daily episodes running about 10 minutes.
  • FT News Briefing: The Financial Times (FT) was founded in London in 1888. The British company Pearson, which had owned the FT since 1957, sold it to the Japanese holding company Nikkei a decade ago. This podcast has a financial markets orientation and is “short-form”, with daily episodes running about 10 minutes.

These daily productions can be accessed using a web browser, but you may find following via a podcast app more convenient. My favorite podcast app is Pocket Casts, which can be downloaded to your phone using the Apple App Store or through Google Play.

-RK

Donna Cournoyer
In Investment Strategy

Dealing With Dissonance

Many of us are feeling a degree of dissonance today—an uncomfortable gap between what we sense in the world around us and what we know we should do with our long‑term financial plans.

Some clients have expressed a version of the following sentiment: “I’m worried about where the country is heading. Maybe we should reduce risk until things settle down.”

This reaction isn’t irrational. It’s human. When the social or political climate feels tense, uncertain, or discouraging, it’s natural to want to create stability somewhere—and the easiest lever to reach for is the investment portfolio. Wanting safety when everything feels unsafe is an understandable impulse.

But as understandable as it is, history tells us that making portfolio decisions based on fear, dismay, or frustration with the state of affairs has consistently been a poor long‑term strategy. Not because the feelings are wrong, but because they rarely correspond to actual economic fundamentals.

In this article, I want to do three things:

  1. Acknowledge the emotional reality many people feel today.
  2. Explain why pessimism and portfolio management don’t mix well.
  3. Offer a more constructive framework for evaluating your financial future—one grounded in economic resilience, not political anxiety.

Why We Feel Dissonance

When external events feel chaotic or divisive, we instinctively brace ourselves. Our brains have evolved to treat negative information as a call to action. In other words, the more unsettled we feel, the more likely we are to seek swift, protective measures.

In personal finance, this often leads to two common urges:

  • The desire to reduce risk (“Let’s lower stock exposure for now.”)
  • The urge to protect gains (“The market has done well; maybe we should step aside before things turn.”)

These feelings do not arise because of portfolio conditions—they arise because of life conditions. And the danger is that we adjust our portfolios based on emotion, rather than based on data and long-term requirements.

This is the core of the dissonance: the world around us can feel worse even while the economy and markets continue to function, adapt, and grow.

Why Acting on Pessimism Is Historically Counterproductive

  • Feelings do not predict financial outcomes. Researchers have repeatedly found that consumer sentiment, political sentiment, and investor mood frequently diverge from actual market performance. At various times in history, Americans have felt deeply pessimistic about the nation’s direction—even during periods of strong corporate earnings, rising GDP, and resilient labor markets. Markets care about productivity, innovation, interest rates, earnings, global demand, cash flow, corporate reinvestment, and labor efficiency—not the daily emotional climate of society.
  • Major market gains often occur during times of maximum discouragement. Some of the strongest market performance has happened in years when public confidence was especially low. Market behavior is forward‑looking, and investors who wait for “things to feel better” often end up missing out on significant positive returns.
  • The long‑term track record of disciplined investors tends to be strong. Over any extended timeframe—20, 30, 40 years—the U.S. stock market has shown remarkable resilience. It has grown through wars, recessions, inflationary cycles, political polarization, technological disruption, global crises, and periods of profound national division.

What Actually Deserves Your Attention Right Now

  • The broader health of the U.S. economy. Even in times when the social mood is sour and politics are polarized, economic fundamentals can remain robust. Employment, consumer spending, corporate investment, productivity growth, innovation, and global demand all play central roles in shaping market performance. Today, many of these fundamental economic indicators are trending in a positive direction.
  • The resilience and adaptability of companies. Most successful companies are not fragile—they are adaptive organisms. They evolve in response to changing consumer preferences, technological shifts, supply chain challenges, and cost pressures. And the stock funds selected for your portfolio tend to emphasize large, well-managed, profitable companies.
  • Your personal financial plan—not the news cycle. Your investment strategy is built to support your retirement timeline, spending needs, risk tolerance, tax situation, and estate planning goals. Adjustments should be made in the context of these factors, and not in reaction to political developments.

How to Navigate the Dissonance Productively

  • Acknowledge the emotion without acting on it. It’s OK to feel unsettled. The goal is not to eliminate the feeling—just to prevent it from dictating your financial decisions.
  • Use data, not moods, as decision inputs.
  • Reaffirm your long‑term purpose. Your portfolio is designed to support your life for decades, including years when the world feels off‑kilter.

If you’re experiencing dissonance today, you are not alone. Susan, Donna, Alex and I are here to address your concerns and help you stay the course with your investment strategy and your financial plan.

-RK

Donna Cournoyer
In College Planning

January Reset for College Planning

January is one of the most important months in the college planning process. It is a natural time to take a breath and reset, evaluate where you are and create a clear strategy for the months ahead.

Whether you are a junior gearing up and getting into the nitty gritty of it all, or a senior facing decision points, there are opportunities at this stage in the year to set yourself up for success in both admission outcomes and affordability.

Here are some focus points to help you get the year started on the right track.

1. Financial Aid and FAFSA deadlines

Deadlines are critical for these applications to maximize your financial aid. Also, some schools require the forms for merit scholarships even though they are not need-based.

  • Families should be completing the FAFSA and CSS Profile (if required) if they have not already- early submission ensures you do not miss priority windows for university grants
  • Check for other college-specific deadlines such as unique scholarship opportunities separate from merit scholarships

2. Review Academic Progress and Mid-Year Grades

Reflect on your academic progress and be sure to have a plan for the second half of the school year.

  • Mid-year grades matter- colleges use them to confirm academic consistency, make decisions for students who were deferred in the early action process, and evaluate the academic rigor for juniors
  • Check in with teachers if you have any concerns about finishing the year strong to get extra support

3. Evaluate and Focus on Extracurricular Activities and Their Impact

Think ahead about what else you would like to get involved with before college for your own growth and interest and to help with your college applications.

  • Reflect and consider what you want to focus on for spring and summer
  • Do you want to take on a leadership role? Start an impactful project? Set up an experience for summer that will be meaningful for you and your college application?

4. Make a Standardized Testing Plan (Juniors)

Spring is a common testing window. Start making your plan now for spring.

  • Decide on testing or test optional
  • If you take tests, which will you take? SAT, ACT, or both?
  • What will be your test prep? Also, how many attempts will you make?

5. Plan for Spring College Visits Now

College open houses fill up for February and April breaks.

  • Sign up for open houses early and make your hotel reservations early if needed
  • Create a spreadsheet or list of items to compare for each college such as costs, student environment, geography, academics, unique features, etc.

6. Refresh Your College List

Your college list will likely evolve, and that is a good thing. It is a good time to re-evaluate based on these items:

  • Your academic interests
  • Your academic performance
  • Information from your research on the college
  • Likelihood of a merit scholarship (important affordability factor)
  • Geographical location
  • A “best fit” both financially and for the student’s overall experience and comfortability

7. Create Your Student and Family Timeline for the Next Six Months

Having an organized plan and roadmap of upcoming deadlines and “to dos” will help the whole family stay on track and reduce stress.

Some Items for Your January to June Timeline:

  • Testing dates and prep plan
  • Financial aid application deadlines
  • Campus visits
  • Application items for seniors
  • Setting up activities for spring and summer
  • College List review of your top criteria and schools
  • Family meeting times- set time aside during these busy years to create a calm space for discussing your college plans
  • Anything else that needs to be done!

January is a great time to set up expectations and success for the coming year. Thinking about your strategy now and following your own plan and committing to steps will go a long way to being successful in finding the right college fit for the student and the family’s financial situation.

Start your plan NOW knowing you will have a momentous year ahead, approaching the exciting “move-in” day when you see your efforts pay off!

-DC

Donna Cournoyer
In Investment Strategy

What Comes Next?

One question at the forefront of many investors’ minds, particularly at the start of a new year is: how might things unfold in the year ahead?

There are cognitive, cultural, and practical reasons why this question is more relevant to us in January than at other times of the year.

From a cognitive perspective, most people find it easier to simplify continuous time into “mental containers”. Chunking time into blocks (like one year) gives the brain manageable units for memory, planning, and comparison.

Culturally, society reinforces annual cycles. Many institutions – from government and schools to private sector employers – organize life around yearly cycles, so we tend to internalize these rhythms and learn to think in this format automatically.

From a practical perspective, year-long blocks match human-scale planning. A year is short enough to imagine, plan for, and track, but long enough to realize meaningful change.

It is important to recognize that, for planning purposes, what happens in the financial markets over the long term is far more important than what occurs tomorrow, next month, or in any one particular year.

Return Expectations

  • Stocks: given three very strong years of stock market returns (nearly 23% annualized from 2023 – 2025), it’s prudent to expect lower returns for stocks going forward: a 7% – 10% return range is a reasonable expectation for 2026. Note that over the very long term (past 100 years) stocks have returned an annualized 10.5%, according to Siblis Research. Also note that JP Morgan Asset Management’s well-regarded research team projects stocks will return a bit under 7% over the next 10-15 years. These are two important reference points to consider when forming an expectation for stock returns in the year ahead.
  • Bonds: return prospects for intermediate-term bond funds are sound:10-Year Treasury bond yields remain above 4%; the Bloomberg US Aggregate Bond Market Index’s yield to maturity is close to 4.5%; and JP Morgan expects 5.2% return for investment grade bonds in the years ahead. So, targeting a 4% – 5% return range for high-quality bonds is a reasonable expectation for 2026.
  • Cash: 3-Month Treasury bill yields are a good reference point for forming a return expectation on cash invested in very short-term, high-quality securities or money market funds. T-Bills currently have an annualized yield of 3.6%, and yields are likely to decline if the Federal Reserve continues to bring down short-term interest rates. So a 2.5% – 3.5% return range on invested cash is a reasonable expectation for 2026.

Risks

  • Policy Risk: Surprise economic policies from the Trump administration, including the potential for imposition of higher tariffs for political purposes, pose a major potential risk for financial markets in 2026.
  • AI Risk: Investors are optimistic that the vast resources that technology-focused companies are plowing into Artificial Intelligence will pay off quickly; if positive AI-related sentiment cools (for whatever reason) it likely would mean downward adjustments for tech company shares and probably a broader-based slump for the stock market a whole.
  • Labor Market Risk: Many households and workers feel that the jobs market is not working particularly well. In 2025, there was a sizable increase in the unemployment rate. It wouldn’t take that much more labor market deterioration for economists to start worrying about the increased possibility of recession.
  • Financial Market Risk: The risk of a steep and extended stock market decline in any given year resulting from problems in the financial markets should never be ruled out. However, current economic conditions are more likely to support growth and positive financial market returns. Instead of girding for the next crash, it’s more constructive to mentally prepare for episodes of stock selling and price fluctuations which typically happen over the course of a year.

The previous bullet point is worth expanding upon. The chart below, courtesy of JP Morgan Asset Management, is one to keep in mind. It shows that annual returns for US stocks are usually positive and often satisfactory, but that intra-year downdrafts are part of the investment landscape.

Annual Returns and Intra-Year Declines for the S&P 500, 1980 – 2025

Source: JP Morgan Asset Management

The key take-aways from the above chart are:

  • During the course of any given year, the S&P 500 Index of large-company US stocks falls, on average, by 14.2% (red dots show intra-year declines)
  • Going back to 1980, annual stock market returns have been positive in 35 of 46 years, or three-quarters of the time
  • The average annual return for large-company US stocks over the past 46 years has been 10.7% (grey bars show full-year returns)

-RK

Donna Cournoyer
In Market Updates

December 2025 Market Recap: It’s a Wrap: 2025 Market Review

Often from Christmas through year end, investors are treated to a “Santa Claus Rally”, where stock prices rise. But 2025 followed the atypical pattern from 2024: stock prices fell during the final days of the year.

The waning-days-of-2025 drop marks the 13th time the benchmark S&P 500 index fell by more than 1% over that span since 1952.

As catalogued in our Review last year at this time, a “Santa Slump” does not necessarily foreshadow poor returns for the year ahead.

Bespoke Investment Group found that, in the twelve months following a year-end decline of more than 1%, stocks tended to do better. Large company stocks’ median performance after Santa Slum years, in fact, has been a gain of about 12%.

For 2025 as a whole, it was another strong year for U.S. stocks. In 2025, the S&P 500 index of large-company stocks rose nearly 18% and hit 39 new all-time highs along the way. This follows annual returns of 25% in 2024 and 26% in 2023.

Once again, the technology sector was a major contributor to these more-than-satisfactory gains. Tech was the top-performing sector in the S&P 500 during 2025, gaining nearly 25%.

Furthermore, the seven largest tech companies (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla), often referred to as the “Magnificent 7”, contributed about half of the S&P 500’s price return in 2025.

Outside of the US, stock returns were even more impressive. The MSCI EAFE (Europe, Australasia, and the Far East) index of foreign stocks rose by 31.6%.

One reason why foreign stock returns bested US stocks is that the US dollar fell by about 7.5% compared to other major foreign currencies. Dollar weakness boosts foreign stock returns, when those returns are measured in US dollars.

Even though bond returns lagged behind stock returns, bonds had a good year, too.

A key driver of the positive performance for bonds has been declining interest rates, which helped to push up bond prices. Over the course of 2025, 3-Month Treasury bill yields dropped by 0.7 percentage points, and 5-Year and 10-Year Treasury bond yields declined by 0.6 and 0.5 percentage points, respectively.

For 2025, high quality intermediate-term bonds, measured by the benchmark Bloomberg US Aggregate Bond Index, returned 7.2%. For short-term bond funds, where prices are much less influenced by changes in interest rates, results were less impressive, with returns landing in the 4-6% range.

Here’s a snapshot of US stock and bond performance in 2025; the 5-year average annual return for each asset class is included for comparison purposes.

Source: Moore Financial Advisors & Morningstar

-RK

Donna Cournoyer
In Investment Strategy

Clichés for Investing

I love a good cliché. So, let’s not beat around the bush. Let’s bite the bullet, cut to the chase, and talk turkey: some investors are really worried that we’re in the calm before the storm.

In conversations with clients during the past month, I’ve detected a higher than usual level of anxiety.

Perceived pernicious policy priorities pursued by the current administration, along with highly polarized politics and debased social dialogue are amping up concerns about what comes next.

The propensity to extrapolate is natural. If part of the picture (political-social) seems out of focus or out of whack, shouldn’t that eventually affect other parts (economic-financial) of the landscape? Possibly, but also neither necessarily nor probably.

But looking at the horizon through economic and financial market lenses, the outlook appears to be fairly constructive as we approach 2026.

For inveterate worrywarts (a group of which I am a card-carrying member), here are some recent economic and financial observations to keep in mind:

  • Jobs: the labor market is healthy; the Department of Labor’s weekly jobless claims data signals a labor market that is neither cracking or overheating; some economists describe the current situation as “no-fire, no-hire” and “softer”, which, though different from the exceptionally strong demand for labor situation after the pandemic, still remains supportive for the economy
  • Income: wage gains for workers are expected to continue in 2026 according to surveys conducted by groups like Payscale and Mercer, likely in the range of 3.0% – 3.5%, down slightly from 2025 (but outpacing inflation); Goldman Sachs expects real disposable personal income (a broader measure of spending power than wage gains) to grow more than 4% in 2026
  • Loan Delinquencies: about 5% of the US population is experiencing third-party collections (being pursued by an independent agency to recover overdue debts) which quite low by historical standards and an indication of consumer health
  • Trade: the US-led trade war started in March and accelerated in April; but trade deals were signed with different countries over the summer and into the fall, stabilizing trade relationships and improving prospects for economic growth
  • Demand: a recent study by the San Francisco Fed shows that strong economic activity and strong demand for goods and services accounts for the majority of price growth in the economy; this is an improvement over the post-pandemic situation, where inflation was primarily a function of supply chain issues and supply shocks
  • Taxes: The nonpartisan Congressional Budget Office estimates that changes in tax law are likely to boost economic growth by nearly one percentage point in 2026.
  • Profitability: US companies, in aggregate, remain very profitable; in Q3-2025, large US companies grew earnings by 12% compared to a year ago; the delayed impact of lower interest rates will be supportive for company profits in 2026; and high profitability is generally supportive of stock prices

Regarding investments, many asset prices are unquestionably high. We’ve experienced three strong years of stock market returns: 26% in 2023, 25% in 2024, and 18% year-to-date in 2025.

While lofty stock market levels present some potential vulnerability for portfolios, it’s important to keep in mind that pullbacks and corrections are a normal part of investing.

In Q1 2023, stocks dropped by 9%. From mid-July to mid-August 2024, stocks declined by 8.5%. In 2025, stocks hit a new all-time high in February and then proceeded to fall 19% by early April.

Crises that lead to deep bear markets and long-term asset impairments thankfully occur once in a blue moon.

Part of my approach as a financial advisor is to keep my ear to the ground for behavior, developments, and situations that may sow the seeds of the next crisis.

There are a few situations that I am keeping my eye on, including:

  • outsized borrowing by giant technology companies to fund AI-related investments
  • the push by large investment firms to “democratize” access to private investments
  • recent appearance of fraudulent activity (including at Tricolor and First Brands) that have resulted in sizable corporate bankruptcies

But for now, investors likely will be well-served to continue to go with the flow, and there is a reasonably good chance that in December 2026 we’ll be able to say, “all’s well that ends well”.

Donna Cournoyer
In College Planning

Gift Ideas for College Planning Families

This time of year, many of us are trying our best to be thoughtful and giving to both to our own families and those in need. This is a wonderful thing!

In the article that follows, our colleague Donna Cournoyer shares some ideas about what parents can give to college-bound children, and what college-preparing high schoolers might consider for their parents.

Hint: It’s not what you think.

Your first thoughts might be: 529 contributions, cash, a new laptop, a university sweatshirt, money for books, dorm supplies, part-time job earnings, and more.

While all these items are important for both college students and their parents, I have something other things in mind—and they are free.

Time

The gift of time is a wonderful thing, always.

For college planning families, making the time to sit down together and focus on your college plan during this busy holiday season is truly valuable.

It is usually a time when both parents and students have a bit of time off from their regular work and school commitments and the world slows down to celebrate. (After the hectic lead up to your holiday schedule!)

Midway through the school year is also a good point for students to refocus on what is coming up in spring; SAT/ACT, college visits, creating the college list, and much more.

Making the effort to set a time for a detailed discussion as a family, rather than hope to be able to fit some time in this season, can be very beneficial to preparing for upcoming college planning items to be sure you stay focused and on track, and less stressed.

Consideration

When you are making your way through the college planning process, be sure to consider other points of view.

Students: Your parents are doing their best to provide a college education for you that comes at a cost. It is not easy to save and navigate both financing and finding the right fit for you at a college where you will connect and flourish. While it is often stressful to plan for college, try to be considerate of the commitment your parents are making to set you up for success.

Parents: Your students are likely as stressed as you, but in a different way. We all know the pressures related to what peers are doing; to getting good grades; to getting accepted; and generally to performing well in high school.

Your students will have ups and downs and may need a bit of a break or extra consideration at times as they try to do their best.

Perfection is not usually necessary to be a good candidate for college admission. Being considerate of your approach as you work together will go a long way toward facilitating this long-term process and having it unfold as smoothly as possible.

Dedication

Showing up for the process is key. Doing your best amid the emotional and complex process of college planning helps you both in the long run.

Parents and Students should commit to items that need to be taken care of, including:

  • researching colleges
  • estimating costs
  • finding a college with the right “fit”
  • scheduling open-house visits
  • contacting admissions reps
  • putting in study time
  • attending college fairs
  • getting involved
  • working on college essays
  • beginning and completing college applications
  • considering majors
  • thinking about post-college study or work

This is just a sample of what goes into college planning, and it can seem like a lot!

Start early and break down your planning into small, digestible steps and dedicate yourself to keeping up with the plan, within reason. Again, this will go a long way in the long run.

Patience

Finally, patience. We all know by now that this college process is one of the biggest investments and life events for families.

The more you find ways to stay calm, and be consistent in your preparation and approach, the more you can enjoy the excitement of this hard-earned and well-deserved milestone!

High school years are packed with more activities and events than ever before. Combine that with the fast-paced, news-bombarded world we live in, and it is important to take a breath. Literally.

Do whatever works best for you to gain peace of mind and remain calm – and keep it going.

Students and parents: You are both doing your best. Try to keep that in mind when unexpected things come up or when pressure builds. It is inevitable, but not unsurmountable.

Keeping a peaceful approach may seem optimistic, but if you try your best to keep your patience with each other and remember not to aim for perfection, or sweat the small stuff, you do have a perfect chance of making it to and through your college years!

Donna Cournoyer
In Financial Planning

Medicare & Retirement Plans Roundup

Information about Medicare premiums and retirement plan contribution limits for 2026 was recently determined by the Centers for Medicare & Medicaid Services and the Internal Revenue Service.

The bottom line is that Medicare recipients will pay more for their benefits next year, and those saving for retirement will be able to set aside more in tax deferred savings. The following roundup provides the updated information.

Medicare

The basic Medicare Part B (medical insurance) monthly premiums will rise to $202.90 for 2026, up from $185 for 2025.

But upper-income seniors will have to pay even higher Part B and Part D (prescription drug coverage) premiums if their modified adjusted gross income for 2024 exceeded $218,000 for joint filers and $109,000 for single filers.

For Part B coverage, seniors pay the $202.90 basic monthly premium plus a surcharge, depending on income.

For Part D coverage, the average monthly premium lands somewhere between $40 – $45 (costs vary significantly by plan) plus a surcharge, depending on income.

The tables below summarize the impact for upper income Medicare premiums.

Source: Centers for Medicare & Medicaid Services (cms.gov)

Some individuals may qualify for a Medicare premium surcharge waiver.

People whose financial circumstances have changed since 2024 because of divorce, retirement, death of a spouse, or other major life-changing event may apply for relief.

You can request relief by filing Form SSA-44 with the Social Security Administration.

Retirement Plans

Key dollar limitations on retirement plans and accounts are rising in 2026; summary points are provided below.

401(k) Plans

  • Contribution limit increases to $24,500, up $1,000 from 2025
  • People born before 1977 can put in an additional $8,000 “catch up” contribution
  • For people ages 60-63, the catch-up amount is $11,250
  • Change for catch-up contributions: starting in 2026, if you are age 50 or older and your income exceeds $150,000 in 2025, your catch-up contributions must be made post-tax to a Roth 401(k)

SIMPLEs

  • Contribution cap on most SIMPLEs rises to $17,000
  • People born before 1977 can put in an additional $4,000 “catch up” contribution
  • For people ages 60-63, the catch-up amount is $5,250

IRAs

  • Contribution limit for traditional IRAs and Roth IRAs increases to $7,500, up $500 from 2025
  • People born before 1977 can put in an additional $1,100 “catch up” contribution
  • Income ceilings on Roth IRAs go up: contributions phase out for 2026 at adjusted gross incomes of $242,000 to $252,000 for couples filing jointly, and $153,000 to $168,000 for single filers and heads-of-households
  • Tax deduction phaseouts for traditional IRAs are at higher income levels in 2026: from AGIs of $129,000 to $149,000 for couples covered by workplace retirement plans; $81,000 to $91,000 for single filers and household heads covered by such plans; if only one spouse is covered by a plan, the phaseout for deducting contributions for the uncovered spouse starts at $242,000 of AGI and ends at $252,000 of AGI
  • The Qualified Charitable Distribution (QCD) cap is $111,000, up $3,000 from 2025; people 70 ½ and older can transfer up to $111,000 from an IRA directly to charity; QCDs count as part or all of your yearly Required Minimum Distribution (RMD), but they are not taxable and are not added to your AGI or modified AGI
Donna Cournoyer
In Market Updates

November 2025 Market Recap: Silver Lining Ahead

November started out looking like a month not to remember, as the government shutdown continued, concerns mounted about the Federal Reserve backing away from interest rate reductions, technology stocks sank, and crypto prices cratered.

By mid-month asset price declines were mounting: US large company stocks were down by 4%; technology stocks had fallen by 9%; and Bitcoin had dropped by 23%.

However, the mood in the market became more positive as the month lengthened, perhaps helped by a holiday hiatus and the arrival of year-ahead forecasting season.

Wall Street research departments are delivering their best guesses for what might happen in the next twelve months. And many forecasters look for another year of double-digit returns for stocks in 2026.

By the time November drew to a close, many asset classes had posted modestly positive returns.

Here’s a snapshot of financial market performance for the month of November and Year-to-Date (YTD):

Source: Moore Financial Advisors & Morningstar

Donna Cournoyer
In Reading Recommendations

How (and Why) to Talk to Strangers

In The Power of Strangers: The Benefits of Connecting in a Suspicious World, journalist Joe Keohane explores a simple idea: that talking to strangers can make us happier, healthier, and more connected.

Keohane conducted his research through a combination of immersive personal experience and extensive academic investigation.

As a journalist, he embarked on a self-described “quest to master talking to strangers,” which involved actively engaging with people in a wide variety of settings—from cross-country train rides to international seminars.

In addition to his fieldwork, Keohane drew on a body of interdisciplinary research.

He consulted studies from psychology, sociology, anthropology, biology, and even theology to understand the roots of our fear of strangers and the benefits of overcoming it.

He explored how social interaction affects mental health, happiness, and cognitive function, and he incorporated insights from leading experts in these fields to support his findings.

In the prologue, Keohane asks the questions: “Why don’t we talk to strangers? When will we? What happens when we do?”

And he answers: “we become better, smarter, and happier people, and strangers—and by extension, the world—become less scary to us.”

Keohane quotes the philosopher Kwame Anthony Appiah: “When a stranger is no longer imaginary, but real and present, sharing a human social life, you may like or dislike him, you may agree or disagree; but if it is what you both want, you can make sense of each other in the end.”

Ultimately The Power of Strangers is an uplifting reminder of our shared humanity.

In an era marked by division and digital echo chambers, Keohane’s message is clear: reaching out to those we don’t know isn’t just good for our society, it’s good for our souls.

-RK

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