Clients have been asking us about the national debt for more than twenty years, through every milestone along the way, and the question is almost always some version of the same one: What does this mean for my investments?

What's notable is that expectations rose, not fell, as the conflict unfolded, a pattern that stands in contrast to how earnings estimates typically behave during periods of stress. But the more interesting story isn't what prices did. It's what's underneath them.

You've probably seen the headlines lately. Words like "redemption requests" and "liquidity concerns" showing up alongside private credit funds. So let's break it down, what's happening, why it matters, and what it means for your portfolio.

You open the news, see another conflict unfolding, and your first instinct is to check your portfolio. When geopolitical tensions rise, it's natural to worry about your investments. But here's what's worth knowing: history tells us a different story.

On the surface, financial planning and farming couldn’t look more different. One lives in spreadsheets, projections, and long-term models. The other depends on soil biology, weather patterns, and natural systems. And the longer I live in both worlds, the more similar they feel.

There’s been a noticeable rise in clients asking the same question lately: “Are we in a bubble?” So let’s take the question seriously, the way we would if you and I were sitting across the table from each other.