Happy New Year.
As the calendar gets to its shortest days, our ancient ancestors feared that daylight would continue to decrease until there was no light from the sun. They created festivals that emphasized light and celebration—urging people to be patient and wait; a reminder that the ebb and flow of light throughout the year was a metaphor for the peaks and valleys of life.
Every January 1st, Lisa and I write down our individual and joint goals for the year ahead and review what we had written the previous year(s). It’s fun to see what we accomplished, what we almost accomplished, and what never happened. This year, we started a little earlier. Our children have grown into adults, and the grandchildren have started towards school. We looked back five and ten years ago and thought about the tremendous change that goes on over longer periods of time in our family, most of which escapes our day-to-day ruminations. So, too, with our markets and country.
Over the last ten years, there has been so much change and progress that is only obvious over time, not on a daily basis. Enjoying this progress requires patience and trust in the future.
Healthcare: The Affordable Care Act allowed people to leave a job and pick up new healthcare regardless of preexisting conditions. This has made our workforce much more flexible than it was in the past. Telehealth allows doctors and patients to connect on routine items without having to drive to an office when they are sick. Medical imaging, cancer therapy, Immunologic Therapies, Diabetes care, CT, PET, MRI, and 3D scans have revolutionized the discovery and treatment of chronic conditions. GLP1 obesity drugs are improving the health of millions who suffer from conditions related to being substantially overweight.
Transportation and Technology: Ten years ago, we could never have imagined the transformation that has now occurred in automobile technology—backup cameras, blind spot warning indicators, electric cars by manufacturers other than Tesla, and GPS flight plan approaches. Things such as ridesharing, which has improved transportation, especially in large cities and towns, and the modernization and upgrade of roads and public transit, are of enormous benefit to many. Our 5G networks are faster than ever before and carry more data, pushing innovation and the expansion of the Internet of Things.
People: Remote work, especially since the COVID-19 pandemic, has been normalized resulting in the opportunity for a better work-life balance. Most of us communicate more through social media than we do by using the phone or even email.
Finance and Markets: Digital banking, cryptocurrencies, and online shopping have resulted in more options in all areas of personal finance. Despite close presidential elections, rising interest rates, a pandemic that killed millions worldwide and polarized politics, the 500 greatest American companies (S&P500) opened on January 1, 2015, at just under 2000 points. Today, it trades at just under 6,000 points, with a market capitalization of almost $51 trillion. Equally important is that the profit distributions (dividends) from those companies to investors grew from $29.12 (as of 12/31/14) to $71.98 (as of 6/30/24)1.
The ancients worried that the sun would never reappear in the eastern sky. We modern humans need to remember that change comes over time—rarely instantly. One small change can lead to massive transformation and unintended consequences. Time is the key component.
One last tidbit: Warren Buffet is arguably the greatest investor of all time. His net worth is estimated at $84.5 billion. Of that, $84.2 billion was accumulated after his 50th birthday and $81.5 billion came after he qualified for Social Security, in his mid-60s.
We wish you a year of peace, health and patience.
1. Ycharts, December 7, 2025