Q2 market letter is out — what we changed in client portfolios, and what we deliberately did not.

Sequence risk, and why the first five years decide everything

Two retirees with identical average returns can end up decades apart. The difference is the order those returns arrived in.

An average is a summary, not a plan. Retiring into a poor first decade and drawing income from a falling portfolio is the single most reliable way to run out of money early, and it is almost entirely a matter of timing rather than skill.

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