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In this letter: We take a break from the U.S. to focus on markets overseas by looking at a dated jigsaw puzzle. A discussion of how some rules of thumb need to adjust with changing market composition. China, and how it may not fit several emerging market prerequisites (growth and demographics). Europe and Japan are changing, just very slowly. A few notes on the debt ceiling and inflation. In my experience, kids love a geography puzzle. Give them a jigsaw of the U.S. and it will not take long

What is a Mid-Cap Stock? Mid-cap refers to the market capitalization of stocks of companies with market values between $2 and $10 Billion. Companies and their stocks are generally classified, based on valuation size, as large cap, mid-cap, or small cap. { "@context": "https://schema.org", "@type": "DefinedTerm", "@id": "DefinedTerm", "name": "Mid Cap", "description": "Mid-cap refers to the market capitalization of stocks of companies with market values between $2 and $10 Billion. Co

What is a Small Cap Stock? Small cap refers to the market capitalization of stocks of companies with market values less than $2 Billion. Company’s stocks are generally referred to as large cap, mid cap, or small cap. { "@context": "https://schema.org", "@type": "DefinedTerm", "@id": "DefinedTerm", "name": "Small Cap", "description": "Small cap refers to the market capitalization of stocks of companies with market values less than $2 Billion. Company’s stocks are generally referred t

What is a Money Market Fund? A money market fund is a mutual fund with investments in high-yield money market instruments such as federal securities, CDs, and commercial paper. The intent is to make such instruments (normally purchased in large denominations by institutions) available indirectly to individuals. { "@context": "https://schema.org", "@type": "DefinedTerm", "@id": "DefinedTerm", "name": "Money Market Fund (MMF)", "description": "A money market fund is a mutual fund with

What are Capital Gains? Capital gains are the difference between a security’s purchase price and its selling price, when the difference is positive and sold at a profit. { "@context": "https://schema.org", "@type": "DefinedTerm", "@id": "DefinedTerm", "name": "Capital Gains", "description": "Capital gains are the difference between a security’s purchase price and its selling price, when the difference is positive and sold at a profit." "inDefinedTermSet": "https://www.wealthspire.

What are Share Classes? Share classes represent ownership in the same fund that charge different fees. This can enable shareholders to choose the type of fee structure that best suits their particular needs. { "@context": "https://schema.org", "@type": "DefinedTerm", "@id": "DefinedTerm", "name": "Share Class", "description": "Share classes represent ownership in the same fund that charge different fees. This can enable shareholders to choose the type of fee structure that best suit

What are Fixed Income Investments? A fixed income investment is a fund or portfolio in which bonds are primarily purchased as investments. There is no fixed maturity date and no repayment guarantee. { "@context": "https://schema.org", "@type": "DefinedTerm", "@id": "DefinedTerm", "name": "Fixed Income Investment", "description": "A fixed income investment is a fund or portfolio in which bonds are primarily purchased as investments. There is no fixed maturity date and no repayment gu