The Retirement Spending Myth Most Calculators Get Wrong

Planning for how retirees actually spend, not how calculators assume they spend.

Feb 13 • Jonathan Swanburg

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43% of Stocks Lost Money in a Great Market

When someone says, “Stocks have been doing well,” it is important to remember that not all stocks are the same, and investors with concentrated…

Feb 6 • Jonathan Swanburg

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January 2026

The Silver Trade and the Amnesia of Markets

In the first 28 days of 2026, silver is up roughly 50%.

Jan 30 • Jonathan Swanburg

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Fast, Fun, and Almost Guaranteed to Lose

Since smartphones became mainstream in the 2010s, we’ve been running an unprecedented experiment: a casino in every pocket.

Jan 23 • Jonathan Swanburg

Even the Best Investments Hurt

In June of 2007, Apple released the iPhone.

Jan 16 • Jonathan Swanburg

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Our Core Investment Beliefs

Every January, I like to restate our team’s core investment beliefs to provide context for everything I say and do throughout the rest of the year.

Jan 9 • Jonathan Swanburg

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The Comfort of Not Knowing the Price

A few weeks ago, I spoke with a manager at a large private credit fund that lends to non-public companies.

Jan 2 • Jonathan Swanburg

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December 2025

Ending 2025 With Gratitude

Since this is my last note for 2025, I figured I would simply say thank you.

Dec 26, 2025 • Jonathan Swanburg

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All the Right Reasons, All the Wrong Results

December is my favorite time of year to look back on previous expert predictions and remind myself that nobody knows anything.

Dec 19, 2025 • Jonathan Swanburg

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16 Things I’ve Learned in the Last 16 Years

Last year at this time, I wrote a note titled, 15 Things I’ve Learned in the Last 15 Years. Below is an updated list for my 16th year as a financial…

Dec 12, 2025 • Jonathan Swanburg

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Earnings, Not Headlines, Drove the Market This Year

If you ask someone why the stock market went up this year, you’re likely to hear a lot of theories: the President, the Fed, bubbles, or the Illuminati.

Dec 5, 2025 • Jonathan Swanburg

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November 2025

What a Tailless Puppy Taught Me About Thanksgiving

We are currently fostering a mom dog and her five puppies.

Nov 27, 2025 • Jonathan Swanburg

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