Shell | Asymmetry®

We've seen tremendous growth in affluent families relocating to Tennessee, and for good reason. TN offers an unusually strong wealth-planning foundation: there's no state tax on earned income, the Hall tax on investment income was repealed in 2021, and Tennessee's inheritance tax disappeared after 2015. And that's just the start!

To catch a new trend early and ride it until it breaks, capital efficiency and dynamic risk management are critical.

Mike Shell @MikeWShell has been trading momentum since the 1990s, and one thing he learned early is that momentum doesn’t belong to any particular investment style. Momentum is a style-agnostic, or “chameleon,” factor. It has no inherent allegiance to Growth, Value, Quality, or Low Volatility. It simply follows relative strength, shifting toward whatever assets have demonstrated the strongest performance over a trailing lookback window, typically 3 to 12 months.

We’re for people during one of the rare moments when their residence, lifestyle, taxes, estate plan, and investment relationships are all open to reconsideration.

3. The Math of Drawdowns Because of how percentages work, preventing massive losses is actually far more important to long-term wealth creation than catching massive single-day gains.  If a stock drops 50%, it doesn't need a 50% gain to get back to even. It needs a 100% gain. Catching a 9% single-day rally is great, but avoiding a 40% structural drawdown is what actually preserves compounding wealth. The statistic ignores risk management entirely, implying you should just sit quietly through devastating losses just to ensure you are present for the violent, volatile snap-back rallies.

Understanding macro and how markets interact with each other is fun and interesting—but when absolute returns are the mission, it really is this simple. Price reflects everything. Supply, demand, sentiment — it all shows up in the trend. The price trend itself is the final arbiter. - @MikeWShell

The US stock market's 2026 rally has been driven entirely by rising corporate profits rather than increasing equity valuations—and Goldman Sachs Research expects that trend to continue. They expect a 6% gain from current levels. The higher forecast is driven by upgraded earnings estimates; the team projects S&P 500 earnings per share (EPS) of $340 in 2026, a 24% increase from the prior year, and $385 in 2027, representing 13% growth.

This long weekend was paid for by those who never came home. Remember them. Semper Fidelis. - @MikeWShell