Q2 2026 Wrapped! Markets, Money & Good News

The second quarter of 2026 is officially in the books! In this episode, Austin Wilson, Jessica Hinks, and Chase Rose are breaking down what actually happened in the markets, what drove the movement, and what it all means for your financial plan going forward. They also share what clients are asking right now, what you should be watching for, and even highlight a few pieces of good news from around the world!

For the video version, show notes, and resources, visit thewealthmindsetshow.com/s2e41

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Transcript

You're listening to The Wealth Mindset Show, where Hixon Zuercher Capital Management's team of finance professionals, portfolio managers, and a life coach come together to tackle complex topics in finance and retirement planning so you don't have to. From investment strategies and wealth management to tax planning, retirement income, and aligning your money with your values and purpose, the Wealth Mindset Show offers the tools to drive.

Austin Wilson:

All right. Hey, hey, hey. Welcome to the Wealth Mindset Show where the Hixon Zuercher team will have conversations on managing wealth, navigating retirement, and making smart decisions for a secure, meaningful future. I'm Austin Wilson, chief investment officer at Hixon Zuercher Capital Management, and I'm joined by two of my esteemed colleagues, some of our amazing advisors at Hixon Zuercher, Chase Rose and Jessica Hinks. And we are excited to be able to talk about some market stuff today. We're reflecting on Q2. We're excited about Q2 being in the books. It was a volatile, crazy... There was a lot that happened in Q2 if we remember which we're going to talk about. But we're going to talk about that after we talk about life. So what are you guys go up to?

[1:01] - Life Updates: Hixon Zuercher Team Event & Caterpillar Races

Chase Rose:

Yeah. Well, we enjoyed a good family night, the Hixon Zuercher family night.

Austin Wilson:

We did.

Chase Rose:

We spent some time out at Anchored Sports here in Findlay. Got to swing some drives and some batting cages and cornhole boards and putt putt, all that kind of stuff.

Jessica Hinks:

I just can't stop smiling because of the video I watched 17 times with you both falling on your faces at the baseball game.

Austin Wilson:

So we went to a slugger baseball game, one of our new semi-pro team, and we were voluntold.

Chase Rose:

Voluntold, for sure.

Austin Wilson:

To do some sort of, it was like a-

Chase Rose:

A caterpillar race.

Austin Wilson:

We called it a caterpillar race where two guys, three guys versus three girls versus three players had to run in the middle. One of them run in the middle and the other two put their arms-

Chase Rose:

Two guys held hands, one guy straddled in the middle and tried running and it did not-

Austin Wilson:

It did not go well. I was in the middle, which is my fault.

Jessica Hinks:

We're playing it. We're playing it.

Austin Wilson:

We live in the era that everyone has a phone, so this was well documented.

Chase Rose:

Went on IR with the shoulder injury after Austin fell right on top of me.

Austin Wilson:

Well, and now some laundering has to be done in those clothes.

Chase Rose:

Absolutely.

Austin Wilson:

Absolutely.

Jessica Hinks:

I'd like to point out, I did not participate because I did not see this piece.

Chase Rose:

But you wish you did.

Jessica Hinks:

The girls team, they executed flawlessly.

Austin Wilson:

They did. They won and they won some koozies.

Jessica Hinks:

They sure did.

Austin Wilson:

They won some koozies. So what else is going on, Jess? Summer.

Jessica Hinks:

Yeah, normal summer life. Both my children got holes in one at putt putt at the family day yesterday as well. So excited to talk about Q2 markets.

[2:29] - How Did Markets Perform This Quarter?

Austin Wilson:

Yeah. All right. Well, Q2 markets it. Wrapped up another quarter. June 30th is in the books. Q2 is in the books. So halfway through 2026. So let's talk about how the markets did in the second quarter. So this is data as of 6/30.

Chase Rose:

Why don't you tell us, Austin, you're the expert.

Austin Wilson:

I'm going to tell you. So the Dow, so this is Dow Jones Industrial Average, 30 large company stocks, price weighted index. Not near as relevant as it used to be.

Chase Rose:

Ridiculous.

Austin Wilson:

It's ridiculous. Yes. But it's old and people still like to look at it.

Chase Rose:

Sure.

Austin Wilson:

Dow Jones industrial average was up 13.38%. S&P 500 was up 15.20%. Small cap stocks measured by the Russell 2000 were up 21.57%. NASDAQ, which would be tech stocks, 21.6%. And international stocks as measured by the EFA up 8.11%. So you may say, wow, those numbers are really good for a year, much less a quarter. And I would say yes. However, if you think of where we started the quarter, which would have been right in the midst of all of the Iran uncertainty, markets were down about 10% then. So yes, it was a good quarter, but that really just, it got us, yes, above where we were before, but not as much as you would think within your headline numbers.

[3:47] - What Actually Drove Markets: AI, Memory Stocks, IPOs, + More

Jessica Hinks:

So aside from us starting from a low point coming to new highs, anything else stand out to you or seem unordinary, Austin?

Austin Wilson:

I mean, it's interesting of what worked and what didn't work. I should also mention bond market was marginally positive, but not much. 0.67% return there. But what worked and what didn't work? There was a lot of emphasis on artificial intelligence continuing to be a major factor of what was working. And particularly as we're looking at the second quarter, it was things like memory stocks. Memory stocks have just taken off. And why that is is because... So this industry is a component of technology for generations it seems like. They've been viewed as very cyclical, very sensitive parts of stocks because yeah, as soon as things get really good, companies bring a bunch of supply online and then supply outweighs demand and prices come down and then it just goes in very large cycles with huge swings.

So companies like, Micron's one of the biggest examples. Sandisk is another one. SK Hynix is a Korean company that just went public today, by the way, on the NASDAQ. Their ADR came today. So why are these companies being up three, four, 500%? Well, that's because there might be a little bit more staying power, a little less cyclicality to their business than there used to be. But this is the area of the market that certainly did the best in the second quarter. Micron being a standout example. In fact, it did so well that it used to be a value stock and got rotated and rebalanced out of the value index.

Chase Rose:

Wow.

Austin Wilson:

Which is pretty wild after it was up-

Jessica Hinks:

How often does that happen by the way?

Austin Wilson:

Once a year in the Russell 1000 value and growth.

Jessica Hinks:

Okay.

Austin Wilson:

They do an annual rebalance there. So why are these companies being treated so favorably by the market? Well, that's because their business model is being a little less cyclical, like I said. So they're actually starting to get into longer term pricing contracts with their customers. And they can do that now where they weren't able to do that before because demand is so much higher. And demand is obviously higher because if you're looking at a data center build out around the world and artificial intelligence driving so much demand, their products are going to be more and more in demand. So as the demand goes high, they can pretty much charge whatever they want. Their pricing is just off the charts. And if you're locking your customers in on longer term locked in pricing contracts, you're locking in revenue and earnings therefore for years.

Chase Rose:

Absolutely.

Austin Wilson:

So what it looks like right now is where these industries looked to have very short cycles where tons of supply would come online, then prices would fall. Now we're going to be able to have prices not falling as much and demand is probably going to remain pretty consistent through the rest of the decade. Eventually we do know that eventually supply is going to catch up. It's unclear as to when that is. So there might still be a year or two left of this. And there's actually still some pessimism into the pricing of these companies. Micron, for example, I think it still trades on a forward PE basis at eight times earnings. Now, that's because the earnings estimates are just that high, but still, if you would price that at a normal market multiple, you're almost three times higher, which is pretty unbelievable.

Chase Rose:

Yeah, absolutely.

Austin Wilson:

So that's one of the crazy things that drove the markets in the second quarter, just AI data center build out, memory stocks in general. And that's been crazy.

Chase Rose:

Yeah. And when you think about artificial intelligence, obviously you think of the huge mega cap, large cap stocks like NVIDIA and Micron, like you mentioned, AMD, but actually the small cap sector is leading the US large cap market this year up over 20% year to date. So do you have any explanation as to why that might be?

Austin Wilson:

Yeah. Well, it's a little bit of a catch-up trade. And if you think about what had happened the last few years, small caps had lagged so badly to large caps that they usually trade their usual premium to large cap peers in terms of valuation was much lower than normal. So they usually trade at a premium just because there's a lot of uncertainty and stuff like that. But that premium that they have traded at the discount to where it normally trades at was much bigger. So there was a bit of a catch-up to just get small caps back to where they should be. In addition to what we're seeing really in the markets right now is not just in the tech space, but across the entire market, earnings growth is dang good. Earnings growth is really good. We're looking at upper teens probably for the S&P 500, which is just absolutely fantastic. But we're looking at in the small cap space, even better earnings growth.

Chase Rose:

Well-

Austin Wilson:

Maybe even in the 20s.

Jessica Hinks:

I think it's interesting that you mentioned that this was a catch-up for small cap simply because I've always heard that small cap was actually a leading indicator because they tended to rebound first outside of recessions. They tended to decline first into recessions. It seems maybe the opposite happened here.

Austin Wilson:

It is a little bit different, a little counterintuitive, but that also could be indicative of the-

Chase Rose:

Indicative.

Austin Wilson:

Yeah, indicative. Indicating a broadening of the rally. So it seems like over... So think about 2022 is when this bull market started. We call it the AI bull market. That's when ChatGPT was launched and everyone started using it every day. 2022. Well, starting out of that, it was NVIDIA and all of the mega caps that rallied. And then you had some of the other chip manufacturers join the rally last year and then this year it's the memory trade. It's like nothing melting up to the point where that section continues to go for years and years and years higher because one area will rip and then it'll cool off. The other area will rip and then it'll cool off. I mean, mega caps haven't really done that great, but the rest of the markets have done so well that the indices are actually up.

But the small cap cyclicality is certainly real. But if you think that small caps are doing well and they are cyclical and maybe leading, that could be saying that, hey, maybe we don't have as rough of a patch ahead. There might be a little less uncertainty. And certainly we're seeing that in earnings estimates come through because earnings, as we know, over the long term, earnings are what drives stocks. And we're in a... I actually wrote a blog about this. Maybe we'll link it in the show notes, but maybe not like a bubble... Maybe for stocks anyway. We could be in an earnings bubble because it's like when's the last time we had 20% earnings growth plus for small caps, almost 20% for large caps? All these things happening at one time is crazy.

Jessica Hinks:

Yeah. I like to point out though that a bubble is usually something growth without reason. Whereas earnings, am I wrong to say you can't just have fake earnings? Earnings can't bubble because revenue is there.

Austin Wilson:

We're not saying a bubble in terms of a bubble that might pop, but in terms of maybe we're pulling ahead a lot of our future earnings into a very short period of time and then things will slow down.

Jessica Hinks:

Okay.

Austin Wilson:

So that's the way I'm thinking about it.

Jessica Hinks:

Compressed contract.

Austin Wilson:

It's a compressed. So maybe we're getting 20% earnings right now, which is double the historical rate, but that 20% earnings isn't probably sustainable for a long period of time. So maybe that'll taper off to 15 next year and 10 and then it might even go down a little bit below average over the long term it's going to remain pretty consistent. So that is one of the things that certainly happened and just the AI trade has been very, very strong. Another one is obviously Iran. So on March 30th, which would be almost the very end of the first quarter, we got a good truth social post from the president saying, "Hey, we're talking with Iran and we're going to work on a ceasefire."

The market's just bounced off of that really hard and that's certainly what we're seeing here in terms of market performance. But what happened in this whole Iran situation was an energy crisis essentially. So the Strait of Hormuz, very important for global oil trade. Around 20% of global oil traffic goes through there, around 90 tankers per day in terms of oil tankers, that cut down to about zero for a long period of time. So that put a major spike in energy prices around the world. And what that has done is it's now flowed through to things like inflation. So we're sitting here looking at inflation now where it was at the low twos. We're back over four. So 4% for CPI, obviously not what the Federal Reserve wants. They lie.

We're like, "Oh, we're getting feeling pretty good around this too. We can give you a couple interest rate cuts. This is great." Inflation in the force, the Fed's a lot less likely to be doing any interest rate cutting anytime soon. In fact, a lot of people have actually penciled in a hike or so this year. It depends on how that... If you start to see the energy situation resume back to where it was, you might have a little bit less likelihood of a hike, but we're certainly not going to be getting any cuts anytime soon. So that is a change that happened really between the first quarter and the second quarter.

Chase Rose:

Thinking about bonds as well, you mentioned some of the geopolitical conflicts and how it affected energy prices and energy prices comes inflation and when inflation comes around, higher interest rates normally follow as well.

Austin Wilson:

And it's not good for bonds.

Chase Rose:

Exactly. And it's good to see though that bonds were still positive for the quarter because rates did come up ever so briefly. Or not briefly, but marginally. But I think bonds are still paying a decent enough rate where it can offset the volatility with the prices that comes up.

Austin Wilson:

That's exactly where it came from. Any actual total return you get from bonds right now or over that particular period of time, it came from not price appreciation because bonds were probably marginally negative in terms of price appreciation. But because starting yields were higher, you're actually locked in a pretty good income.

Chase Rose:

We focus a lot. It was probably a year or two ago when rates were peaking and starting to come down. We look at the, I believe it's the aggregate rates, whatever the interest rate is for the aggregate bond index, the forward five-year return on average is highly correlated to whatever that rate is at that point in time.

Austin Wilson:

It's like a 0.9 R squared, like at a really good fit.

Chase Rose:

Exactly. And so moving forward, I mean, bonds have been well since that point and they're continuing to truck along.

Austin Wilson:

Yeah. They're doing their job. They're doing their job. They did not face a 10% correction when the equity market did at the end of Q1. And that is certainly something that was welcome. In a diversified portfolio, they did what they're supposed to.

Chase Rose:

Absolutely.

Austin Wilson:

From here, where does it go? Obviously inflation has picked up. And if inflation continues to go higher, it's also bad for interest rates would go up, bond prices would go down. And again, more likelihood of the Fed hiking rates than cutting rates certainly at this point. Along with that, we got a new Fed chair during the quarter. So that's big news. So Kevin Warsh has a storied history. He was a Fed governor at one point, but he's done some stuff in the private world. He's very wealthy. He was appointed by President Trump and there was a lot of discussion on how dovish he was going to be, which dovish meaning probably more likely to cut rates and loosen things up rather than tighten things.

Well, he had his first meeting and of course rates were not changed. That was not unexpected. That was going to happen no matter what. But he actually came off across sounding pretty hawkish, saying they're really going to be focusing on inflation, which is really what his job is. His job is one of his levers. So obviously they want full employment and that's one part of the levers that the Fed has. The other one is going to be, of course, we're trying to manage price levels and make them relatively stable over a period of time. And higher inflation's not super good for that. So that was a change then we had also was a new Fed chair.

Chase Rose:

Great.

Austin Wilson:

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Chase Rose:

Yeah.

Austin Wilson:

SpaceX went public.

Jessica Hinks:

A lot of clients asking about SpaceX. You should listen to the quarterly video, Chase and I. On the monthly video we did just-

Austin Wilson:

Absolutely. So SpaceX went public. It was the largest IPO of all time. At one point, so Elon Musk became a trillionaire because of this.

Chase Rose:

he kind of already was. On paper though, he is officially.

Austin Wilson:

On paper, he is officially a trillionaire. I mean, when you're talking hundreds of billions or trillions, I mean-

Jessica Hinks:

Let me make sure I'm getting this right. So we have a thousand million-

Austin Wilson:

Is a billion.

Jessica Hinks:

... is a billion. A thousand billions is a trillion?

Austin Wilson:

Correct.

Jessica Hinks:

Yeah. And he has two of those, I think. Something like that.

Austin Wilson:

Yeah. He's over 1 trillion. It's unbelievable. And actually he has more value of his net worth tied up in SpaceX than he does Tesla nowadays, which is unbelievable.

Chase Rose:

It is.

Austin Wilson:

So SpaceX is public. There's a whole episode about that. Go listen to that because there's some wild stuff. The valuation for the company, absurd. There is no way based on today's information that that company is anywhere reasonably valued. Now, of course, that's not what we price stocks at.

Jessica Hinks:

Are you saying it's 220 peak or it's 150 current price?

Austin Wilson:

Yes. Both. This is not a recommendation to short SpaceX by any means, but compared to what we would expect based on fundamentals, it's really crazy. It's really stretched by any means. But of course we price stocks based on what we expect in the future. And there are some very bullish people out there who really think that this could change communications because of Starlink and everything will be on Starlink throughout the whole world and it'll just be crazy. And space is going to become a major thing and we're going to start making money on it instead of losing money. They're losing money hand over fist in general. Another drama around this is the index providers. So Standard Reporters, S&P 500 people. I don't think the Russell, but I think Standard Reporters and the NASDAQ both really had to take a look at this is a very in demand stock.

People are going to want exposure to this. Let's get it in our index. And so that'd be like the S&P 500 or the NASDAQ. And they loosened up some of their rules on getting this company into these indices. And that's not something that has historically been common. And I think that it's an interesting thing. If you think about people buy passive, for example, they buy an index fund thinking, well, yeah, I mean, I'm just going to buy the market. And that is one thing, but an index fund actually has always had some level of oversight of what goes into it. One of the things for the S&P 500 in particular was profitability. The S&P 500 didn't generally let unprofitable companies or sustainably unprofitable companies in the S&P 500. SpaceX is extremely unprofitable. It's going to be amazing.

Jessica Hinks:

Can you do a podcast just on this topic, please? I would actually love to learn more about how these indices led in certain companies and why exceptions are made. That'd be very interesting.

Austin Wilson:

I'm going to put on my tinfoil hat and say that the why is money related. Shocking?

Chase Rose:

Yeah.

Austin Wilson:

But yeah, someone's making money by having SpaceX in there for sure. So anyway, more things to talk about. But that's one of the main things of course with SpaceX. And then obviously geopolitical stuff. We had good news at the beginning of the quarter with Iran and there was a ceasefire and the ceasefire actually lasted a little while and since has fallen apart and we're back in limbo. Ships were going back through the Strait of Hormuz.

Chase Rose:

No, they're not.

[19:54] - Q2 Financial Planning Trends

Austin Wilson:

They got up to maybe 20 ships, 20 oil tankers per day, down from 90 but up from zero, and that's probably slowing back down as well. So stay tuned. There's more volatility coming and that's not uncommon, but it is not necessarily always fun to watch. So that is my spiel on the asset management side, the investment side of things. But I bring my friends who know more than me about financial planning to talk about things that, what are clients asking about? What are people talking about?

Chase Rose:

Go ahead.

Jessica Hinks:

It's actually been quiet. And you might think that there's a lot happening in the stock market and people must be asking about it, but I think people have a lot of recency bias, myself included. And if we've been experiencing a really good market, we expect a really good market to happen in the future. So therefore we aren't concerned. The questions normally come a missed volatility. And we did have that little blip in March from the Iran conflict and oil. It was very explainable. People watched the news. They knew why so there wasn't a lot of questions or concern. So I'm just trying to remind people, keep front of mind what volatility feels like and also remind people that volatility isn't always so short. 2020, 2022, April the tariff 2025. March, the Iran conflict in 2026. Those are all the significant drops, but they all are bounded so fast.

Chase Rose:

Very fast.

Jessica Hinks:

And that's not always normal. So during periods like this when I don't get a lot of questions, I just like to remind and educate.

Austin Wilson:

We know that things will be good over the long term, but it's not always great all the time in the short term.

Chase Rose:

Absolutely. And as far as to elaborate more on the financial planning side, we don't often change trajectory because of what's going on in any given quarter. We make long term changes when there is a need, a financial planning need to make those changes. So one quarter's worth of performance isn't really going to change the plan a whole lot, but it's nice to know what's going on.

[21:32] - What Investors Should Be Reviewing

Austin Wilson:

Yeah, absolutely. Couple other things that people should be reviewing at this point in time on your guys' front?

Chase Rose:

Well, just contributions. We're at the midpoint in the year, so just keep an eye on how you've contributed up to this point. See how much room you have to go and what you plan on contributing through the rest of the year. Just the mid-year check-in on different things like beneficiaries, your estate plan, insurance, things of that nature. Never hurts to reach out to your advisor to just get an update on where you're at.

Austin Wilson:

Or just talk to Chase because he's a good guy.

Chase Rose:

Yeah. That doesn't happen as often, unfortunately.

[22:04] - Good News in The World from Q2

Austin Wilson:

That's all right. All right. So next on to our back by popular demand section for every quarter.

Jessica Hinks:

Did someone actually request this?

Austin Wilson:

I can't release it.

Jessica Hinks:

Is there a comment section?

Austin Wilson:

There's a lot. Maybe there is, but maybe there's not. But we're talking about some good news that happened in the world in the last quarter and Chase is going to kick it off.

Chase Rose:

Yeah. We don't have a teleprompter, so I might look like I'm reading off a page because I am. So good news number one, scientists found that levels of harmful forever chemicals in seabird eggs have dropped by as much as 70% over the past few decades. So that's great.

Austin Wilson:

Good job world.

Chase Rose:

They believe this decline is a direct result of environmental regulations and restrictions that reduce the production and use of these chemicals. And then on another note about birds, thousands of flamingo chicks were born in Turkey after conservation efforts helped them recover from previous climate related habitat losses. So a lot of positive-

Austin Wilson:

Flamingos or turkeys?

Chase Rose:

Flamingos in Turkey or turkeys in... Flamingos in Turkey. That just sounds really messed up. That's where they are. That's where they are.

Austin Wilson:

It's not like a -

Jessica Hinks:

I was really confused at first.

Chase Rose:

But you did get me there for a second. I was very confused where we were going with that.

Austin Wilson:

And in earth and environmental news, apparently two super puff planets, which are lighter than cotton candy were discovered. Crazy. They're bigger than Jupiter. They are super lightweight among the lowest density giant planets ever detected. And they orbit a dwarf star, which is about 1,100 light years from earth.

Chase Rose:

That is a casual Sunday stroll.

Jessica Hinks:

How can these scientists say Pluto is no longer a planet and they can call these candy fluff balls planets?

Austin Wilson:

We were raised with Pluto as a planet. We were raised with Pluto as a planet. I'm taking, you're either adding the pups or you're taking away Pluto. I don't know, you're messing with me here, people.

Jessica Hinks:

Yeah.

Chase Rose:

That sounds really tasty though. I want to travel 1,100 light years to try-

Austin Wilson:

The SpaceX IPO.

Chase Rose:

Maybe you'll have to get to Mars first.

Austin Wilson:

That's right. That's right.

Jessica Hinks:

And celebrity news. I doubt a lot of podcast listeners are Swifties, but Taylor Swift and Travis Kelsey got married, Chases, I forgot, and donated $26 million to charity in honor of their wedding.

Austin Wilson:

Must be nice.

Jessica Hinks:

And in health news, blind people can get a new hope and seeing again. So apparently scientists have developed a new lab grown eye cell that helps restore vision. So this was done with mice who had damaged retinas and they repaired the blood vessel in the eye. So it can definitely offer a lot of hope for people who are either going to have deteriorating vision or lost vision entirely. And I'd be curious if it can just help. Well, I was about to say if it could help me, but LASIK already exists. Tea chicken.

Chase Rose:

I'm just curious how they find mice with damaged retinas. Do they damage the retinas themselves? It's terrible.

Jessica Hinks:

Don't tell any of your local PETA friends.

Chase Rose:

Yeah, I'm really kidding.

[25:02] - Looking Ahead to Q3

Austin Wilson:

All right. So Q3, it's coming. We're going to wrap it up by talking about what is happening in Q3. What are we watching? We're watching earnings. That's the big thing we're going to be watching. Expectations are high and they're high for good reasons because they've come in so far very, very strong, almost across the board. We are going to continue to watch the consumer as well because we've probably talked about this before, but we are in a, we would call a bifurcated or a K-shaped economy where we've got two kind of groups of the economy. Those who are maybe the homeowners and those with financial assets like equities, probably feeling pretty darn good about the world because their stocks are up, their home prices are up, their job's probably doing pretty well. And then those with a little bit less means sometimes feeling things like inflation a lot more. So a very stark divide in terms of how people are feeling and that's led to some pretty bad consumer sentiment. So watch the consumer, watch earnings. Those are the things I'm watching. What are you guys watching?

Chase Rose:

Well, you had mentioned it earlier. We had great news coming out of Q1 into Q2 as far as the Iranian conflict. We talked about President Trump's truth social post and how markets reacted to that. Ceasefire was achieved temporarily.

Austin Wilson:

Temporary.

Chase Rose:

And it no longer is the case. So we'll certainly keep an eye on the geopolitical conflict area moving forward because who knows where that's going to happen.

Austin Wilson:

Absolutely. Jess?

Jessica Hinks:

Yeah, no other comments from me.

Austin Wilson:

Well, that is Q2. It's a wrap. It's in the books. If you found value in our conversation, don't forget to subscribe to The Wealth Mindset Show. Otherwise, we will catch up next episode. Thanks. Bye.

Thank you for joining us at The Wealth Mindset Show, where we tackle the complexities of finance and life planning to help you align your wealth with your values. We hope today's conversation provided value and clarity as you navigate your financial journey. Your hosts work for Hixon Zuercher Capital Management and all opinions expressed by them or any podcast guest are solely their own and do not reflect the opinions of Hixon Zuercher Capital Management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast. There is no guarantee that statements, opinions, or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment and any investor attempting to mimic index performance would incur fees and expenses that could reduce returns. Securities investing involves risks, including the potential loss of principle, and there is no assurance that any investment plan or strategy will be successful.