Chart is for illustrative purposes only. Past performance is not necessarily an indication of future results.
The S&P 500, in its current form, was introduced in 1957, building on Standard & Poor’s earlier 90-stock index, launched in 1926. Over the decades, it has endured recessions, wars, inflation, political division, corrections and bubbles — yet its long-term trajectory has remained upward. Its history is defined not by continuous gains, but by resilience: the capacity to absorb shocks and recover over time.
That lesson feels especially relevant as the U.S. marks its 250th anniversary. Like the market, the country’s history has never been smooth or free of conflict. Yet the broader American story is also one of endurance and long-term progress.
We believe the message is simple: wealth building is a long-term mindset. Setbacks are inevitable, but history suggests that staying patient, disciplined and invested matters far more than trying to time every rise and fall of the market.
All investments involve risk, including the possible loss of principal. Certain investments have specific or unique risks that should be considered along with the objectives, fees, and expenses before investing.
Asset allocation and diversification cannot ensure a profit or protect against a loss.
The S&P 500 Index: The S&P 500 Index is a stock‐market index that tracks the performance of 500 of the largest publicly traded U.S. companies, weighted by their market capitalization, and is widely used as a benchmark for the overall U.S. equity market. Investors cannot invest directly into an index. Log-scale: A log scale makes very small and very large values easier to compare on the same chart—so the move from 10 to 100 takes the same space as the move from 100 to 1,000, because both represent 10x increases.
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Views expressed are those of the author stated and do not reflect views of other managers or the firm overall. Views are current as of the date of this publication and subject to change. This information contains projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Information contained herein has been obtained from sources believed to be reliable but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
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MARK-962348-2026-07-07