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Mining Maelstrom: Why Rare Earths Are Making Headlines

Over the past several years, news reports have grown more intense about the precarious global supply of rare earth minerals. Yet outside scientific and national security arenas, many people may not fully understand the importance of rare earths. What are these mysterious materials and why are they receiving so much attention? Essential elements of everyday life Scientifically speaking, rare...

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Buffett Takes a Bow: 7 Lessons from an Iconic Investor

At the age of 94, Warren Buffett recently announced his retirement as CEO of Berkshire Hathaway, the massive holding company he has controlled since 1965.1 Buffett is a venerated investor due to his financial success and long track record of stock market outperformance. The value of Berkshire Hathaway shares grew by 19.9% per year (annualized) over the six decades from 1965 to 2024, compared...

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Markets in Review

After a challenging start to the quarter, marred by a tariff-induced sell-off in the first part of April, equity markets staged a remarkable turnaround in Q2 2025. After bottoming out on April 7th, both the S&P 500 Index1 and Nasdaq Composite Index rebounded strongly, surging by 28.3% and 37.8%, respectively, to close out the quarter, reaching new all-time highs in the process. This largely...

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En Garde!!! The Challenge With Forfeitures

You may have been reading in the news about the recent uptick in ERISA class action lawsuits relating to the use of forfeitures. This article will be relevant to your plan if you have employer contributions and apply a vesting schedule to those funds. What is a Forfeiture? An Employer may design its retirement plan so that contributions it makes for its participants are subject to a vesting...

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Addressing the Challenge of Uncashed Distribution Checks

Uncashed distribution checks present a persistent and often overlooked challenge for retirement plan sponsors. Despite the best efforts of plan administrators, some participants fail to cash their distribution checks, leading to administrative burdens, fiduciary concerns and potential compliance issues. A recent publication by Retirement Management Services (RMS) sheds light on this issue and...

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Divorce and the Retirement Plan

When a participant in a qualified retirement plan undergoes a divorce, the participant’s account balance may be an asset that is split with the former spouse. As the plan exists for the exclusive benefit of its participants, a court order is required to transfer the participant’s benefits to the ex-spouse. Once approved by the plan administrator, this court order is called a Qualified Domestic...

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Upcoming Compliance Deadlines

September 2025 15th: Required contribution to defined benefit plans, money purchase pension plans and target benefit pension plans. Contribution deadline for deducting 2024 employer contributions for those sponsors who filed an extension for Partnership or S-Corporation tax returns to extend the March 15, 2025, deadline. 15th: Due date for 2025 PBGC Comprehensive Premium Filing for defined...

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Social Security and Medicare 2025 Trustees Reports: It’s Time to Address Funding Concerns

Each year, the Trustees of the Social Security and Medicare trust funds provide detailed reports to Congress that track the programs' current financial condition and projected financial outlook. These reports have warned for years that the trust funds would be depleted in the not-too-distant future, and the most recent reports, released on June 18, 2025, show that Social Security and Medicare...

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Monthly Market Update (July 2025): 3 Things You Need to Know

It is unclear if anyone would have expected the equity market to be touching all-time highs if you had told them the economy would be navigating 15%-ish effective tariff rates. Let’s see what August brings. A notoriously difficult month to predict given thin liquidity. Here are 3 things you need to know: U.S. ‘tech-ceptionalism’ made a comeback with the NASDAQ (+3.7%) posting 14 record highs in...

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The AI Sushi Chef: Kura Sushi

The Wall Street Journal reported that almost 30% to 40% of the work being done at Salesforce is being done by artificial intelligence (AI) machines. As more companies start to embrace AI, we will see the ramifications of it more clearly. And there is no better example of a traditional business embracing AI than Kura Sushi. 1. Automated Conveyor Belt System Kura Sushi's innovative delivery system...

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Benjamin Graham’s Basic Tenets for Being a Successful Investor and Ours Too!

1. Margin of Safety Explanation: The margin of safety principle emphasizes investing in securities priced significantly below their calculated intrinsic value. This creates a buffer against errors in judgment or unexpected market events. Implementation: Determine the intrinsic value using various valuation methods such as discounted cash flows (DCF) or net asset value calculations. Only buy when...

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Tax Impact of One Big, Beautiful, Bill

On July 4, 2025, President Donald Trump signed the “One, Big, Beautiful Bill” (OBBB) into law, introducing major updates to the U.S. tax code for 2025 and 2026. Politicians on both sides of the aisle have developed a habit of bundling major legislation into large, complex bills to appeal to a wide range of constituents, from moderates to hardline conservatives. They then use budget...

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Coastal Flooding Affecting Our California Beaches & Way of Life

In past blogs, I have discussed coastal flooding due to climate change and examined vulnerable areas, such as Balboa Island in Newport Beach. Yet, other seaside communities, such as Stinson Beach, just north of San Francisco, could lose the majority of their fabled beach to erosion by 2085 if sea levels continue to rise. According to the International Panel on Climate Change (IPCC), sea levels...

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How Are Markets Adjusting to the New Trade Regime?

Written By: Brent Miller, Senior Portfolio Manager Q2 2025 was a period of significant recovery for U.S. equity markets, following a turbulent start to the period marked by trade tensions and economic uncertainty. After bottoming out on 4/7/25, both the S&P 500 and Nasdaq Composite rebounded strongly, surging by 28.3% and 37.8%, respectively, to close out the quarter and reaching new...

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Monthly Market Update (June 2025): 3 Things You Need to Know

The 2nd quarter (Q2) began with a truly historic selloff after the Liberation Day tariff announcements on April 2. The S&P 500 saw its 5th biggest two-day decline since WWII, down more than -10%. That decline had only been rivaled around Black Monday 1987, the height of the GFC, and the initial pandemic turmoil. But by the end of June, the S&P 500 ended up +10.9% for Q2 (its best...

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