The current war with Iran continues to provide significant uncertainty, yet the equity markets ((S&P 500, Nasdaq, and Russell 2000)) have recently established new all-time highs. In addition, since last October, the S&P 500 is positive 6% (page 24 of Bespoke Report April 24), even as we’ve navigated significant headline risks, including private credit's potential demise, the U.S. military escalation, and broader global economic challenges, to name just a few.

You may be asking yourself, how does that happen?

You see, It’s common for investors to hesitate when deploying capital given the constant flow of information, most of it negative. I consistently remind investors that equity markets don’t follow social media, they don’t watch the local or national news, and they are agnostic regarding politics. It’s important that we don’t allow personal views or headlines to cloud financial decisions, as capital markets have truly made fools of even the most experienced investors.

Remember this: markets are forward-looking and have a unique ability to see through obstacles that may cloud our view...in the moment.

At least from an economic standpoint, we’ve been receiving some encouraging data, which likely correlates with the recent market highs. For example, we are witnessing a U.S. manufacturing resurgence, with 16 consecutive quarters of acceleration following 17 quarters of contraction (FED chart). We’ve also seen ADP’s weekly hiring estimates reach their highest levels since last August. Here’s one more: heavy truck orders just came in at their strongest levels since the latter half of 2021 (page 20 of Bespoke Report April 17, 2026).

On a personal note, I’m excited to head into the month of May as our firm celebrates its 7-year anniversary. On behalf of my team, thank you to everyone who has entrusted Regent Peak to advise your family. We are truly grateful for the confidence you've placed in us. I look forward to seeing you again in May!