Co-Founders' Monthly Note For Financial Advisors

March 2026:

Don’t Be Caught Swimming Naked When The Tide Goes Back Out

Price tends to drive sentiment. When an asset rises quickly, we usually see a familiar pattern:

• Enthusiasm mounts
• Our inbox fills up with questions about potentially increasing allocation 
• Confidence feels justified, rising prices create narratives, and momentum begins to feel like validation

When prices decline, the tone shifts just as quickly:

• Urgency fades
• Skepticism replaces conviction
• Assets that felt compelling weeks earlier suddenly feel risky

The recent volatility in Bitcoin and the broader cryptocurrency market is simply the latest example of this pattern. It is not unique to digital assets. The same cycle has played out repeatedly across technology stocks, real estate, commodities, and precious metals over time.

This month’s Co-Founders’ Note examines what volatility reveals about risk, popularity, and positioning — and why we think risk management and investing process matter most when sentiment reaches extremes.

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