Mark Martiak

Walt Bettinger, Schwab’s former CEO and now Co-Chair of the board, had a reminder I always liked: “Disagree without being disagreeable.” Today’s market brings it to mind. Alphabet, one of the S&P 500’s largest companies, fell more than 12% amid questions about its AI spending. Yet the index was down just 0.5%, with nearly four out of five stocks higher. Big names make big headlines. They don’t tell the whole portfolio story. Treasuries offered another example. Their prices rose as yields fell, providing some balance while the major stock indexes declined. That’s one reason we own different asset classes in the first place. Investors have plenty to debate about who spends too much and who ultimately benefits from AI. A diversified portfolio has room for different outcomes. We don’t need every holding moving in the same direction. Sometimes, a little disagreement makes the overall experience more agreeable.