The S&P 500 just hit another high this week. But the question is: How are you turning some of those gains into SAFETY before the market gives some of them back?

• Record highs don’t last forever.
• Gains are great, and protecting them is even better.

Don’t wait for the next market pullback; the time to protect gains is when you have gains to protect. For portfolios with us, we do utilize strategies to protect your gains, but if you have accounts or portfolios elsewhere, your gains are probably not protected. The time to put protection in place is BEFORE there is a downturn and your stress is high.

A Signal Worth Noting

Beneath the broader market, performance has varied considerably among sectors this year. In fact, for eight weeks this year, the gap between the best- and worst-performing sectors has reached double digits.

Clearly, some areas have responded more positively to changing economic expectations, while others have faced greater pressure.

That matters because market performance is rarely uniform and shifts can occur quickly.

This activity may not signal what markets will do next, but it does reinforce the importance of correlation. By focusing on correlation, sector exposure, and strategic asset allocation, along with being agile to adjust to economic environments, we can build robust portfolios that truly diversify risk and enhance potential returns.

Read more and hear Guy talk about the correlation factor.

In The News

Changes to Medicare Part D

• The subsidies will expire at the end of this year and will not continue in 2027.
• Medicare Part D helps cover prescription drugs through private insurance plans.
• The Biden administration had also restructured Part D to cap out-of-pocket drug costs at $2,000 per year.
• The administration says the subsidy is no longer needed because the market has stabilized.
• CMS said premiums will go up by less than $10 for most Medicare recipients, and some may even see lower premiums.
• Critics say even a modest premium increase can hurt seniors who are already facing higher living costs.
• The article says the subsidy program cost $9.8 billion across 2025 and 2026.
• About 23 million people were enrolled in stand-alone Medicare Part D plans in 2025.

TrumpRx Is Live

• TrumpRx features drugs made by the first five manufacturers to reach MFN pricing deals with the Trump Administration: AstraZeneca, Eli Lilly, EMD Serono, Novo Nordisk, and Pfizer.
• Additional drugs from other companies that have signed MFN pricing deals will be made available through TrumpRx.gov in the coming months.
• Provides patients with access to a world-class experience for accessing deep discounts on the medicines they need. Depending on the manufacturer of a given drug, patients with valid prescriptions will be able to access savings through user-friendly coupons that can be printed or downloaded onto their phones or through channels set up by the manufacturer and integrated into TrumpRx.gov.

Just for Fun

Dad Joke of the Week: Why did the scarecrow win an award? Because he was outstanding in his field.

This Week in History

• 1812: Old Ironsides earns its name
• 1920: 19th Amendment ratified thanks to one vote
• 1992: Boston Celtics forward Larry Bird hangs it up
• 2004: Michael Phelps wins eighth medal

What Did it Cost? (Yankees Tickets)

• 1950: $1.69
• 1970: $2.42
• 1991: $10.54
• 2006: $28.27
• 2024: $67.75