Co-Founders' Monthly Note For Financial Advisors

August 2026:

Standing Still Can Be Uncomfortable (And Also Wise)

Patience is easiest to admire in hindsight and hardest to practice when everyone else appears to be making money.

That pressure seems particularly strong when a highly anticipated company enters the public markets. Early gains create urgency. Headlines reinforce the excitement. Waiting can begin to feel less like discipline and more like an opportunity slipping away — and this summer, no debut generated more of that feeling than SpaceX.

What makes these moments difficult is that the discomfort is real. Nobody enjoys standing still while others appear to be moving. But the feeling of falling behind and the fact of falling behind are two very different things, and markets have a long history of rewarding investors who can tell them apart.

This month’s Co-Founders’ Note examines the excitement surrounding initial public offerings (IPOs), how the fear of missing out can influence investment decisions, and why a disciplined, repeatable investing process asks a different question than the crowd.

But first, here’s a summary of what transpired in the markets in July.