Investment Committee Commentary

The Bulls are Running

The bull market rally continued to gain momentum in the third quarter. The S&P 500 and Nasdaq just posted their strongest Q3 since 2020 and their best September since 2010, according to Bloomberg. As we noted last month, September has historically been the weakest month of the year for equities, but 2025 defied that trend. The S&P 500 advanced 3.5% in September, while the Nasdaq surged 5.6%. Some in the financial media have compared the current market to the dot com bubble, stoking fears of an eventual crash. We believe that comparison overlooks key differences. In the late 1990s many companies were unprofitable and traded on hopes of future growth. Today, profit margins are near record highs and earnings strength

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