Greetings!
As we begin 2026, I want to start the year with a sincere thank you. Passport Wealth continues to grow, and that growth is the result of the trust you place in us. In 2025 we celebrated an exciting benchmark – we transitioned to registration with the U.S. Securities and Exchange Commission (SEC) from registration with the State of North Carolina. With this regulatory transition comes a few housekeeping items — such as our new Form CRS (ADV Part 3), which you’ll find included with this statement. This document outlines, in plain language, the services we provide, how we’re compensated, and the standards we follow as your fiduciary.
Although this document is new, the way we work and our dedication to you remain unchanged.
Zooming Out: What Actually Happened in 2025
If you followed the headlines in 2025, you might have felt like the market was lurching from one crisis to the next. The data tell a calmer story. After a bumpy start early in the year, markets steadied and the S&P 500 went on to notch 28 new all-time highs — a reminder that record levels aren’t red flags, they’re part of long-term market cycles. (In 2021, the market recorded 70 all-time highs, nearly one out of every four trading days!) Under the surface, market fundamentals were stronger than the headlines suggested. Companies were doing real work, with more than 80% of S&P 500 firms beating earnings expectations, marking three straight quarters of double-digit growth. And while U.S. markets dominated the headlines, global markets, particularly earlier in the year, also delivered a mix of resilience and opportunity, reminding us that long term investing is a worldwide story, not just an American one.
One area worth watching is the outsized role of the “Magnificent 7”. Their AI-powered momentum pushed them to nearly 35% of the S&P 500, which means many investors now hold more AI-driven exposure than they might realize. It’s exactly why PWM stays intentional about diversification. In 2025, the Federal Reserve shifted from raising rates to cutting them as inflation cooled and the labor market softened. Job growth slowed in 2025, but much of that may reflect long-running demographic trends rather than a sudden economic break. Inflation stayed above target but didn’t surge—even with new tariffs in place.
When you zoom out, the year’s investment results were less about dramatic shifts and more about resilience. And once again, the investors who stayed disciplined — who didn’t let headlines dictate strategy — were rewarded.
Tax Season: Let’s Get Started
As we kick off the new year, tax season is officially on the horizon. While the One Big Beautiful Bill Act (OBBBA) brings a few tax updates, it doesn’t change the documents you need to pull together. As your forms arrive, please also stay alert—this is the time when scammers might pose as the IRS or banks to try to obtain your personal information. If anything looks unusual, please check with us before responding. For many of you, we’ll be preparing your return(s) again this year, so this is a great time to start gathering your documents and planning to meet with us in February or March. Getting an early start always makes the process easier, and we’re here to help every step of the way.
Click here to access your quarterly statement.
Live Long and Prosper,
Dan Tobias, CFP®
Please note: The above is a copy of the 2025 Q4 Passport Wealth Management client newsletter attached to quarterly statements from January 2026. The newsletter is published to the website for informational purposes only and is not financial or investment advice. You should consult a CERTIFIED FINANCIAL PLANNER™ Professional for financial advice.
Past performance may not be indicative of future results. Indexes are not available for direct investment. Investing involves risks, including the potential for loss of principal. There is no guarantee that markets will act as they have in the past or that any investment plan or strategy will be successful.
About the Author: Dan Tobias
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