Double, Double Toil and Trouble
Kelly:
Hello, everyone, and welcome to this week’s bi-weekly update. I’m Kelly Heppe, joined as always by my brilliant partner, Tom Bow. With Halloween and Day of the Dead just around the corner, let’s kick things off with a little seasonal flair:
Double, double toil and trouble; fire burn and cauldron bubble.
Tom:
Speaking of bubbles—my career as a financial advisor began during the tech bubble of the early 2000s, and one lesson from that era still rings true: be cautious about overexposure to a single stock or sector.
Our colleague Mark Keller at Confluence points out we’re in the midst of two gold rushes—one literal, with central banks buying gold as the dollar weakens, and one metaphorical, as investors chase artificial intelligence.
Strategas adds an interesting perspective, suggesting that if this is a bubble, it may still have room to run. They also differentiate between “good” and “bad” bubbles, depending on whether the investments are in productive assets and how they’re financed. In the case of AI, the key question is whether companies can harness it to drive real productivity and earnings growth. We’ve included links below for those who want to explore further. Kelly?
Kelly:
We’ve also been watching the Federal Reserve, which is expected to cut interest rates next week amid signs of economic softening and persistent inflation. Market volatility remains elevated, driven by mixed earnings, geopolitical tensions, and uncertainty surrounding the ongoing government shutdown.
And don’t forget—our final Experts Unplugged event of the year is next week, featuring Mark Keller. It’s your last chance to engage directly, so be sure to register and submit your questions in advance.
Wishing everyone a happy and safe Halloween and Day of the Dead. Looking forward to seeing you soon—take care!
Out of Office, Into Strategy! 🧠✨
Please note that our team will be out of the office on Tuesday, November 4th and Wednesday, November 5th for an offsite strategy meeting. During this time, we will have limited access to email and voicemail. Our office manager will be available during this time to address urgent needs.
We appreciate your understanding as we take this opportunity to collaborate and plan for the year ahead.
JOIN US: OCTOBER 29TH 12:00 MT
Join us for the final Experts Unplugged of the year, featuring Mark Keller, CEO & CIO of Confluence Investment Management. Mark will break down the latest market and economic trends and share his perspective on what’s ahead in 2026.
Call us to register if interested.