Fall 2026 Newsletter

Vector illustration - Growth Concept, people soaring into spaceSpotlight: Soaring Investment Management

Though I’ve had high-level conversations with most of you about my move to Soaring Investment Management, I’m excited to dive into more detail regarding the partnership, the new structure, and what it means for you moving forward.

First, I’m thrilled to introduce my new partner, Lisa Mesquit, CFP®, CFA, who founded Soaring Investment Management seven years ago. Lisa and I first met in an advisor group and connected almost instantly—we realized we’d each built our practices on the same foundation of independence, fiduciary responsibility, and deeply personal client relationships. From the start, we found we shared a single purpose: to help our clients achieve their goals by tackling the real-world challenges that stand in the way.

We were also specific about who we wanted to serve. Lisa initially focused on serving Air Force families, while my own practice began with SCPMG physicians and their families. Over time, the reach of each of our practices expanded beyond those niches to include people who simply valued our approach to personalized planning, our disciplined portfolio management, and our focus on long-term advisor relationships. And through it all, we’ve shared the belief that great advice blends rigorous analysis with heart—and that independence gives us the freedom to always put clients first.

Investment philosophy

One of the first things Lisa and I bonded over was investing. Some of you know that I’ve been deeply influenced by Larry Swedroe’s perspective on factor-based investing. Lisa’s investment approach—a disciplined, research-based process designed to deliver clarity and confidence in all market environments—dovetails perfectly with this thinking.

Swedroe is a champion of the concept that “finding the right combination for your asset allocation and risk tolerance is essential” and that well-designed, factor-based strategies that focus on factors with evidence of persistence, pervasiveness, robustness, and survival through transaction costs—while also offering intuitive explanations for why their premiums should persist—have historically provided higher returns than market-based strategies.

This philosophy has guided much of my own research and portfolio design. I’ve seen firsthand that factor-based portfolios, particularly when they are carefully aligned with a client’s goals and risk tolerance, tend to outperform traditional benchmarks over time. I’m thankful that Lisa and I see eye to eye on the subject!

Succession & continuity

Our partnership also provides a concrete succession and continuity plan for our firm and our clients. While I’m not planning to retire anytime soon, it’s important to me that the client experience you’ve come to expect will continue, no matter what the future brings. I know and trust Lisa to serve you well in the event that I can’t. We also plan to grow our team, bringing in and mentoring a new generation of advisors who will be ready to serve our clients—and their children and grandchildren—with the same care and attention.

Working with Lisa, I know that every decision we make will be driven by one thing: your best interests. I’m grateful for your continued trust and look forward to what’s ahead!

Inflation causing price rising up, overvalued stock or funds, consumer purchasing power reducing concept, air balloon tied with product price tag flying high rising up in the sky.The ‘Dirty’ Word: Inflation

Inflation isn’t a four-letter word, but it can sure feel like it. These days, it seems like everyone loves to rant about the cost of living. And for good reason. Inflation is, indeed, up, and this can have a very real impact on your wallet.

The headlines on inflation tend to focus on the Consumer Price Index (CPI), partly because it’s simple and widely reported. The CPI measures price changes, but only for certain ‘baskets’ of goods and services, such as food, rent, and transportation. This is different from core inflation (which removes volatile food and energy prices) and from the Federal Reserve’s preferred gauge, the Personal Consumption Expenditures (PCE) Deflator which reflects how people actually shift their spending when prices change. The Fed likes the PCE because it’s more accurate (though admittedly less headline-friendly).

For most people, none of these measures are as important to you as this: your personal rate of inflation. That’s the rate at which your cost of living is rising. For example, if you have a 30-year fixed-rate mortgage, that major expense is largely immune to higher interest rates. If you drive an electric car or have solar panels at home, you’re less likely to feel the pain of rising gas or energy prices. And if you’re a long-time partner physician at SCPMG, healthcare costs for you and your spouse are essentially covered for life, insulating you from one of the most inflation-prone cost hikes there is. What you may be feeling is the hit of higher food prices (both at the grocery store and at restaurants), energy costs (especially if you don’t have solar), education and childcare costs, auto insurance rates (if you have teen drivers, ouch!), and travel which, sadly, is more expensive than ever. The key is understanding and managing the areas where inflation is impacting your own budget most.

Inflation always shines a bright spotlight on the Federal Reserve. That is because the Fed’s job is to keep prices stable while supporting strong employment, which is easier said than done since these two objectives often work against each other. When more people are working, prices often rise. And  when unemployment goes up, inflation usually cools. The Fed tries to strike that balance by adjusting interest rates and other levers that affect borrowing and spending. Ultimately, their goal is to balance inflation so we can all spend a little easier.

The good news is that if you’re an SCPMG physician (or if you’ve already hung up your white coat), the combination of your pension and your well-diversified investment accounts is designed to help keep inflation at bay over the long term. Together, these income streams help provide stability and growth, preserving your purchasing power even as your cost of living increases over time. Your strategy is designed to plan around inflation, which can make all the difference in the long run.

I spend a lot of time thinking about inflation (probably more than most people!). If you’re ever curious or concerned, just give me a call. I’m always happy to talk about it.

Asset allocation dividing an investment portfolio among different asset categories.Portfolio Performance 

We have certainly seen some volatility this year, brought about mainly by political uncertainty and shifting expectations for interest rates. As always, we were ready to take advantage of that turbulence, and we did so selectively when opportunities arose. The result: both our equity and fixed income models have outperformed their benchmarks year-to-date.

Barcelona

So far this year, our long-term portfolio has again outperformed its benchmark (net of all fees). I attribute much of that success to the disciplined decision we made at the end of 2024 to reduce risk and hold a bit more in reserve. This strategy freed up capital to deploy strategically during the market turbulence in April. When equities pulled back sharply, we were positioned with liquidity to buy into quality assets at more attractive valuations.

International stocks and gold continued to provide strong diversification benefits, while our focus on high-quality U.S. companies helped mitigate volatility. Within Barcelona, our sidelined assets stayed allocated to gold, short-term momentum strategies, and high-quality bonds. This structure allowed us to stay defensive when needed while retaining the ability to reinvest quickly when opportunity knocked.

Barcelona was built for moments like this: to show resilience when markets are unsettled and to lean in when conditions turn favorable. That’s exactly what it did.

Boise

Our fixed income model, Boise, has also outperformed its benchmark year-to-date (net of all fees), reflecting its conviction and flexibility. Earlier in the year, we believed that going slightly out the risk curve (the tradeoff between risk and return among investments) would be rewarded, and that’s precisely what happened.

Our managed fixed income accounts—both those run through PIMCO and our in-house allocations—took advantage of opportunities in credit and duration. While the benchmark benefited from aggressive duration exposure early in the year, we were able to adjust even more effectively as rates stabilized, capturing additional yield.

Boise is designed to provide balance when equities are volatile by focusing on high-quality holdings and liquidity. This year’s performance shows that careful, tactical risk-taking can enhance returns without compromising that core stability.

Looking ahead

We’re now back in the same valuation range we saw in 2024, with my model showing the S&P 500 trading more than 30% above fair value. While markets have seemed almost impervious to bad news lately, at these levels they have less resilience to absorb surprises. Expensive markets can stay expensive for a while, but they tend to react more sharply when expectations aren’t met. For that reason, I anticipate setting aside a bit more ‘dry powder’ in the coming months—so you may see a slightly larger allocation to cash and short-term investments early next year. It’s a way to maintain flexibility and protect gains while we wait for more compelling buying opportunities.

Staying disciplined, adaptive, and grounded in the fundamentals have enabled us to navigate the recent volatility effectively and efficiently. I’m happy to see the models play their part in helping you achieve your long-term investment goals.