Co-Founders' Monthly Note For Financial Advisors

November 2025:

Don’t Get Your Popcorn There’s Little Drama in this Data

Markets have stayed calm as we enter the final stretch of the year. Stocks are steady, volatility is low, and bonds have regained momentum — a combination that can make it easy to relax. But calm is not the same as certain.

Even in stable markets, trends evolve beneath the surface. Our investing process is designed to track those shifts in real time, without assuming today’s conditions will hold tomorrow. That balance — participating in prevailing strength while staying prepared for change — is what allows compounding to continue through both calm and turbulence.

Patience doesn’t mean passivity. It means staying alert, systematic, and grounded when there’s little drama in the data. This month’s Co-Founders’ Note looks at how markets maintained their composure through October and why true stability in investing comes not from the environment, but from discipline.

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