2026 Q1 Client Quarterly Newsletter

Greetings!

The recent escalation involving Iran has understandably dominated headlines and raised questions about geopolitical risk and its economic effects. Any time conflict touches a major energy producing region, markets react quickly — and the news cycle tends to amplify that concern. But as always, context matters.

While major U.S. large cap indices have slipped into correction territory, other parts of the market are holding up well. Benchmarks for US small cap stocks and most international indices are slightly positive over the first quarter even if they are well off their January highs. This is exactly why we diversify not only globally but also across company size. Different market segments respond differently to global events, and diversification helps keep long term plans on track even when parts of the market are under pressure.

Oil prices remain a big part of the story. More expensive oil will put upward pressure on inflation, but the U.S. economy is less sensitive to oil shocks than in past decades. Case in point: judging by the long lines at Buc-ee’s I saw on our family spring break trip a few days ago, many Americans haven’t drastically adjusted their spending behavior. The initial market volatility is real, and we see and feel that. Historically markets tend to stabilize as conditions become clearer. The bottom line is that geopolitical tension can create short term noise, but it doesn’t change the fundamentals of long term investing. Your plan is built to weather moments like this, and we continue to monitor developments with a steady, disciplined, rules-based approach.

Of interest to me is the shifting geopolitical landscape. A weakened Russia — stretched thin by its Ukrainian quagmire — has been less able to support its traditional proxies in Syria (recall Assad’s 2024 overthrow) and Iran. At the same time, China’s reliance on discounted Iranian oil adds another layer of strategic complexity. Some view this moment as the final chapter of one geopolitical era and the commencement of another.

Staying Protected: Identity Theft and Fraud Protection

Fraud attempts aren’t just more common — they’re more convincing! Each year the IRS publishes their “Dirty Dozen” list of tax related scams. One case as an example: A taxpayer received a letter about an “unclaimed refund” that matched an IRS notice down to the font and formatting. The only giveaway was a phone number off by one digit. When the victim called that incorrect number, instead of a number on IRS.gov, a professional sounding “agent” walked them through “verification steps,” to pull off the actual theft.

That’s the new fraud pattern: less chaos, more polish — and much harder to spot. And it’s across all aspects of your online financial identity, not just with the IRS. Yes, for managing your taxes and the IRS we recommend, as you may already have done, enrolling in the IRS Identity Protection (IP) PIN program, as it’s a simple means of blocking fraudulent tax filings. Beyond the IRS IP PIN, it is important to remember that the IRS—and most financial institutions—will not call or text to ask for personal information. Anything urgent, threatening, or “too good to be true” deserves a pause.

Most importantly, if something feels off, call us. Even if it turns out to be nothing, it’s worth checking. And if you ever do become a victim of fraud, we can help you take the right next steps quickly and calmly. Staying secure isn’t just about tools — it’s about having someone in your corner. We’re here for that.

Click here to access your quarterly statement.

Live Long and Prosper,

Dan Tobias, CFP®

Please note: The above is a copy of the 2026 Q1 Passport Wealth Management client newsletter attached to quarterly statements from April 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.