What’s $1 Million Worth?
There’s a concept in economics called the marginal utility of money. It’s a fancy term but the idea is straightforward: each additional dollar delivers a little less impact than the one before it. The first million often changes your life. The fifth gives you more options. By the tenth or twentieth, the incremental gains matter […]
On Gold
Over the years, we’ve maintained a modest gold allocation in some client portfolios. It was never a “gold is the future” thesis. It was closer to an insurance policy: a recognition that markets and policymakers are human, and that confidence can swing faster than fundamentals. We’re reducing that gold exposure now and want to explain […]