Our most significant allocations remain in gold, silver, and emerging-market bond funds. Precious metals continue to act as a store of value during periods of currency uncertainty and elevated global debt levels. While Bitcoin has been volatile since its late-2025 highs, central banks around the world continue to accumulate gold as a reserve asset and diversification tool. For over two millennia, gold has served as a monetary anchor during periods of fiscal and economic stress.
Risk management remains our top priority. We are not buy-and-hold investors by default—we focus on what is working now and adjust as trends change. When risk rises, we will move to a defensive posture to protect capital.
Emerging-market equities are trending higher, and emerging-market bonds (EMBs) are also strengthening. From a risk-adjusted standpoint, we currently favor emerging-market bonds over stocks. As developing economies grow and stabilize, improving credit quality can support bond prices and income potential. For that reason, emerging-market bonds represent one of our largest portfolio weightings at this time.
Global demographics and debt levels continue to shape the macro environment. Many developed countries are facing aging populations and slower growth, while others continue to expand. Fiscal pressures and rising debt burdens remain long-term challenges for many governments, including the United States. These factors can influence currencies, interest rates, and asset performance over time.
For 2026, our highest-conviction themes remain precious metals and emerging-market bonds. That said, our views are driven by trends—not ideology. When trends change, allocations will change. We monitor markets daily and focus on assets showing persistent price strength and favorable risk-reward characteristics.
As always, preserving capital while participating in strong trends is job #1.
In the beginning God created the heavens and the earth. Genisis 1:1