Co-Founders' Monthly Note For Financial Advisors

December 2025:

When Sentiment is Screaming, Discipline is a Differentiator

The past few years have shown how quickly market regimes can shift — from a long stretch of falling rates, to the rapid tightening cycle, and the adjustments we’re seeing today.

These transitions don’t reward prediction; they reward process. When conditions change this quickly, discipline becomes the differentiator. A clear, systematic investing approach keeps decisions grounded in data instead of sentiment, and that matters most when the environment is moving faster than investor intuition can keep up.

Our role isn’t to guess what comes next. It’s to stay aligned with the trends that actually emerge and adapt as those trends evolve. That’s what we believe has the power to keep portfolios steady when cash feels comfortable, and what allows them to participate when other assets begin to strengthen.

Discipline — not timing — is what turns market transitions from a source of anxiety into an opportunity.
This month’s Co-Founders’ Note looks at how the changing rate landscape influenced T-bills and why a rules-based process helps investors stay aligned with what markets are doing, not what they’re supposed to do.

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