2025 Mid-Year Outlook

Research
Bradford L. Long, CFA®
By Bradford L. Long, CFA®
Brad serves as Chief Investment Officer for Wealthspire. · July 15, 2025 · 1 min read

Our Themes of Fragility, Durability and The Age of Alpha encapsulated our allocation shifts coming into 2025, predicated on concerns over full valuations, index concentration in U.S. equities and the risk of reigniting inflation.

Then reality struck. A wave of executive orders, Liberation Day and sweeping fiscal legislation aimed at reshaping the post–World War II economic order created a period of change. Volatility spiked in April as investors tried to digest shifting policies on what often felt like comically fast-moving “facts.” As cooler heads prevailed, both in Washington and in the markets, volatility subsided and markets rebounded. For now, investors appear to have grown comfortable with being uncomfortable.

Still, we remain in the early stages of potential significant and lasting shifts in economic policy. In moments like these, we rely on first order principles that guide our thinking and support our actions.

Bradford L. Long, CFA®
Bradford L. Long, CFA®

Brad serves as Chief Investment Officer for Wealthspire. Read Bio ▸

This information is intended for the exclusive use of clients, prospective clients, and parties to whom it was provided by Wealthspire Advisors LLC, Wealthspire Institutional, LLC, and Wealthspire Retirement, LLC dba Wealthspire Retirement Advisory (collectively referred to as “Wealthspire”). The information contained herein is confidential and proprietary information of Wealthspire. Its contents may not be modified, disseminated, or distributed to any other person or entity without prior written approval of Wealthspire. Information has been obtained from sources believed to be reliable, though not independently verified and should not be regarded as a complete analysis of these subjects. The opinions and analysis expressed herein are based on Wealthspire’s research and professional experience and are expressed as of the date of this report and subject to change without notice. Any forecasts are hypothetical and represent future expectations and not actual returns. This does not contain investment advice. Please consult with your advisor, attorney, accountant, or other professionals, as appropriate, before making any investment, tax, or legal decisions. Past performance does not indicate future performance and there is risk of loss. This document is for informational and educational purposes only and is not an offer/recommendation to buy or sell any security, instrument, or strategy. Investment advisory services offered through Wealthspire Advisors LLC, Wealthspire Institutional, LLC, or Wealthspire Retirement, LLC, each separately registered investment advisers.

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