A Perspective on 2025 Tariffs

Photo credit: unsplash Why Tariffs to Restore Trade Balances Won’t Always Lead to a 1:1 Price Increase for Consumers, and Shouldn’t Throw Your Strategies Off Balance There’s a widespread assumption that tariffs—taxes on imported goods – automatically result in a direct, 1:1 price increase for consumers, meaning a 25% tariff would raise prices by 25%…

Read More

The E&F Advocate: Five Pillars of Endowment Governance to Support Greater Liquidity, Transparency and Returns

Photo credit: Dreamstime The “Yale Model” of endowment investment strategy created by David Swenson, successful for decades, may be nearing retirement. What was developed during a time of falling interest rates, less asset class ubiquity, and diminished premiums for exotics, may be a far less tenable model in 2025. Models like Yale’s with their reliance…

Read More

February 2025

Summary Markets were mixed in February, as U.S. investors shunned equities for the safety of bonds. Outside of the U.S., markets shrugged off the uncertainty surrounding potential U.S. tariffs to generate modest gains. January CPI came in slightly above expectations, and geopolitics moved to the forefront again with questions on U.S. policy shifts in Ukraine…

Read More

January 2025

Summary Markets started 2025 on solid footing with major asset classes posting positive returns in January. Global equity markets moved higher and interest rate volatility was muted during the month. While markets closed January with an eye toward the impact of evolving trade policies related to President Trump’s tariff threats. Earlier gains prevailed against any…

Read More

More with Meaning: Aligning Your Life and Wealth

photo credit: Dreamstime As we turn the page to a new year, it’s natural to feel a mix of excitement, anticipation, and perhaps a bit of uncertainty. Are you looking forward to growth in your personal life, your relationships, or in the world around you? Or do you approach the future with caution, even concern,…

Read More

December 2024

Summary Markets stumbled across the finish line to end 2024. Interest rates rose and stocks tumbled in December. The yield curve continued to steepen, and non-U.S. stocks held up better than domestic equities for the month. Traders shifted to more of a risk-off posture following some less-than-dovish commentary from the Federal Reserve Board early in…

Read More

The Buffett Indicator

Photo credit: ID 336907040 © Yaroslaf | Dreamstime.com What do lizards, Blizzards, and underwear have in common? Warren Buffett and Berkshire Hathaway. And do the lizard and the DQ Blizzard (and Berkshire Hathaway holdings, in general) predict a freeze in an exceedingly hot investment market? Possibly. More on that later. The Omaha-based conglomerate counts GEICO, Dairy Queen, and Fruit of…

Read More

November 2024

Summary U.S. stocks rallied in November as investors responded favorably to a clear-cut presidential election result. Interest rates increased on the news of a President Trump return to the White House before easing a bit by month end. The Federal Reserve cut rates by 25 basis points, reiterating a commitment to a gradual easing of…

Read More

Cost of Living Adjustments 2025

The IRS recently released the Cost-of-Living Adjustments (COLA) for 2025 related to 401(k) and Health Saving Accounts. This table provides these and other limits that are of interest to many plan sponsors and their participants. If you would like more information please call us at 440-808-1500. Highland Consulting Associates, Inc. was founded in 1993 with the…

Read More