Us vs Them

Hey, Tom here.

I’ve got an exciting announcement coming soon—big things are happening around here. While I can’t share all the details just yet, what I can say is this: I’m grateful for you.

This week, we’re diving into a market phenomenon you need to know about—one that’s taking shape right now.

Let’s get into it.

Confidence-Inspiring Wealth Management

Right now, our team is fielding calls from clients across the country whose financial lives haven’t stopped—even amidst this year’s volatility.

When you work with Fjell, you don’t just get asset management expertise. You don’t just get wealth planning expertise.

You get a team of trusted financial professionals who know you—your goals, your strategy, and what needs to happen to keep you on track, no matter what’s happening in the world.

Wealth management isn’t about reacting to headlines on Wall Street, Washington, or the World—it’s about serving you, protecting your wealth, and relentlessly pursuing your goals.

Right now, we have three openings for our full-service wealth management. These will fill fast.

If you value what I write here, you’ll love the care and attention our team brings to your financial future.

We’d love to learn about you—your situation, your goals—and show you what makes us different.

Book your complimentary discovery call today.

It’s about the money… sort of.

Twenty-four years ago, my dad got a call from a client:

This happened the week after one of the darkest days in American history.

9/11.

On that morning, 2,977 Americans lost their lives, and the trajectory of America—and the world—changed forever.

If you were investing then, you remember. The markets closed for four days. When they reopened on Monday, September 17, they went into free fall.

And that’s when Jim called.

Amidst the chaos, while others were fleeing, he stepped in to buy.

It wasn’t a massive investment, but the buy was about something bigger than money.

Jim wasn’t just an investor—he was a U.S. Veteran. And while his military career was long behind him, he knew he could still use his money to support something that mattered deeply to him.

His country.

I’ve seen incredible investments throughout my career, and this one stands towards the top. Not because of how big it was or the return that was generated, but because of the principles which formed the decision to buy in one of the darkest times in our country’s history.

As Americans, we have access to the best capital markets in the world and the most successful companies.

It’s a miracle.

Your college freshman can download Robinhood and, in 10 minutes, own shares in the greatest businesses ever built.

You don’t need money to get rich in America—you need access to it.

Our capital markets are just a download away for tens of millions of Americans.

The rest of the world knows this too, and US markets have been just too good to ignore.

Over the past 20 years, the S&P 500 and Nasdaq have crushed most international markets.

And what’s happened as a result?

Global investors have steadily increased their allocation to U.S. markets, not necessarily because they love the US, but rather American business, and their tantalizing combination of profits and growth, have been too good to ignore.

For some international investors, U.S. stocks make up 60% of their portfolio.

Now, imagine opening your brokerage account and seeing that 60% of your money was in the OMX Stockholm 30, an index for the top 30 traded Swedish stocks.

You better believe that you’d be checking in on Sweden to ensure they are stewarding your hard-earned cash you have invested there.

This brings us to a key point about investing principles.

President Trump has taken an aggressive America First stance early in his tenure, rattling markets and investors.

Welcomed or not, the landscape your portfolio is traversing is different.

Because every investor has diverging opinions of what’s going on.

And by everyone, I mean you, me, your neighbor and your seventh cousin in Munich. We’re talking about hundreds of millions of people around the globe that invest in our country.

We’re all wondering where this is going, what risks to avoid, and what will be the opportunities coming out of this volatility.

With that backdrop, I believe people, particularly foreigners, are simply saying, “I don’t like this, I’m out.”

There are principles of investing.

And then there’s principled investing.

Now, I don’t want to overstate the “principled” factor—it’s nearly impossible to quantify.

What I am referencing here as I write this is my decade of experience investing professionally, the narrative from mainstream market news, and the steady stream of research from Wall Street.

Last week, UBS released a report suggesting that a 5% shift from European investors away from U.S. equities could pull $1 trillion out of American markets.

To complicate the narrative here, U.S. investors can invest abroad, too.

And many do.

Richard Bernstein wrote a great piece in the FT this week on the value of certainty, and how uncertain investing is at the moment.

I know the question you are asking—what should you do?

Uncertainty is the norm right now and investors are both heading home or going overseas in an attempt to chase liquidity, causing international markets to significantly outperform US markets.

This dynamic is worth watching.

I’ve sat through many meetings with asset managers over the years attempting to predict the day when global markets will outperform the U.S. There is plenty of market history to know that this relationship ebbs and flows.

For the past two decades, the U.S. has dominated the investing landscape:

• Does the U.S. have the most $1T+ companies in the world? Yes.

• Does the U.S. lead economically? Yes.

• Are U.S. assets cheap compared to the rest of the world? No.

• Are people frustrated at what the US administration is doing? Well… judging by tanking Canadian tourism numbers, seems like it.

You are investing alongside global investing, and their decisions impact you.

You don’t have to agree with them on principle, but you do need to understand their motives.

If investors dislike what’s happening here, they will leave.

If they like what’s happening, they will return.

It’s about the money, but it’s not about the money.

Two ways I can help you:

• BluePrint — Not everyone wants/needs full-service wealth management, but we believe everyone needs a financial plan. That’s why we built BluePrint—a professional, customized financial planning service designed to give you clarity and direction. As I always say, fail to plan, plan to fail. If you don’t have a financial plan, now’s the time. Let’s start with a quick conversation.

• Bergen — Our team is actively working with clients to navigate market volatility, refine financial plans, and coordinate distributions for taxes. We’re in the trenches, solving their most pressing financial challenges, providing expert advice and perspective—so they can maximize their outcomes and sleep well at night. If you have $500,000+ in investable assets and want a new team of dedicated financial professionals in your corner, let’s talk.

Thanks for your time this week.

See you next week.

Tom

What our clients say about us: