A New Year
The chart above has been ugly in years where equity returns have surprised dramatically to the upside, so don’t let it scare you too much. That said, this type of analysis is much more valuable over longer periods of time. Unless you expect earnings growth that is dramatically higher than historical norms (possible!), it is likely that equities will produce far lower returns over the next decade than they did in the last.
We are optimists at heart, so we will do our best to make sure the charts in the coming months spark more joy than this one!
Just Do The Thing
Reminders, lists, processes, and other organizational tools have an important place in running your life…but sometimes you should just do the thing.
It’s a matter of sparing yourself the unnecessary hassle of having to-dos hanging over you, of suddenly remembering (at 3am) some task you should have completed by now, or of feeling bad about not acting as generously as you’d wish. From this perspective, taking action is the easy option. It’s procrastination that’s the burdensome one. Why not cut yourself some slack and just do the thing?
Big Ideas
An annual distribution from the Venture Capital firm a16z highlighting the big ideas they believe companies will tackle in the coming year. We don’t agree with all of them. As an example, one prediction is that artificial intelligence (AI) will stop focusing on screen time as a KPI. While that might be true for some applications, as far as we can tell all roads lead to advertising for the big consumer-focused players.
Still, there are definitely some thought-provoking ideas here.
The biggest companies of the last century won by finding the average consumer.
The biggest companies of the next century will win by finding the individual inside the average.
How Warren Buffett Did It
The first month with a new CEO at the helm of Berkshire Hathaway has commenced. This is an excellent piece to mark the end of an era.
In a field associated with enormous affluence and one-upmanship, Buffett stayed grounded: running his businesses, buying and selling investments, commenting on societal values, proselytizing for philanthropy, and periodically enjoying a burger and a Cherry Coke. Few who reach Buffett’s echelon live their lives this way. All of us—fellow investors and business executives, but also the wider public—are fortunate to have lived in the time of Buffett, to have soaked in his wisdom, and to have been inspired by his example.
52 Things I Learned in 2025
A bit of nonsense from last year… why not.
The average West Virginian eats more than one hot dog per day.
Gallant MacDonald is a Private Investment Office serving a select group of ultra-high net worth families who have made significant contributions to business, public service, and philanthropy.
If you enjoyed this month’s Insights, please feel free to reach out, subscribe, or share!