In this meeting, we will focus our discussion on the process of creating a Wish List. We will cover what a Wish List is, why it makes sense to create one, when it is appropriate to create one, and how to build one over time.

This topic has surfaced over the last 4 months several times, as we have been showing you that

Most public markets are priced for perfection,

Speculation is abundant, and

Policy is changing rapidly.

Historically, this combination of events has led to unsettling volatility at best and, at worst, could force a significant repricing of assets lower. What drives this cautionary outlook?

Today’s presentation discusses “The All-Weather Portfolio.” When should an investor implement an All-Weather portfolio allocation? Why does a more stable, higher-quality, dividend-generating investment stance offer a beneficial shelter during most economic storms? Along with the benefit of safe money, earning a reasonable return while waiting for use after the markets return to a more welcoming valuation?

Today’s Presentation is “Questions and Answers – Today’s Most Important Family Office Questions.”

Good afternoon, everyone. My name is Steven Abernathy, and I, along with my co-host Matthew Daley, will be your host today. 

Welcome to the Abernathy Group Family Office’s April 2025 “First Friday” meeting.

In this meeting, we will focus our discussion on six truly important questions that all intelligent investors must answer.

Today’s Presentation is titled “Intelligent Investment Themes for 2025.”

In our “First Friday” meeting today, we will discuss the opportunities and risks associated with an “investment themes”-focused approach. 

As discussed in previous Family Office meetings, we will emphasize intelligent investment tactics that will allow investors to remain invested while controlling investment risks for our Family Office members who want to make sure they don’t have to go back to work and make it all over again.

Today’s Presentation is titled “The All-Weather Portfolio.”  During our “First Friday” meeting today, we will discuss the opportunities and risks of investing in an overvalued market. 

Our goal is to discuss tactics that will allow intelligent investors to remain invested during overvalued markets while lessening investment risks for those who want to make sure they don’t have to go back to work and make it all over again. 

2025 promises to be a challenging year as most public markets are priced for perfection and speculation is abundant.

Today’s Presentation is titled “2025 Economy, Valuation, Geopolitics.  What’s Next.” 

This month we want to spend our time together by taking a look at three of the most important variables which determine each family’s investment allocation. 

We will start by taking a shot at understanding what investors might expect from the new administration entering the White House in January. 

This was the most often asked question – and for good reason.  New administrations tend to make many promises.  These promises tend to engender incredibly lofty expectations. 

Over time, however, reality sets in.   The realization that most of the promises are unobtainable.

As we mentioned last month, we are going to discuss risks everyone is aware of – yet very few investors are actually prepared for. 

So, we going to start off with a question which may make you feel a bit uncomfortable, yet which is important to ask – and to have answered.  

Are you prepared for an unpleasant future to become a reality which we all fear?   

If your answer is no, why not?  Are you sure this unpleasant future will not happen?

In our discussion today, we are going to discuss several risks everyone is aware of – yet no strategist, portfolio manager, or analyst is actually prepared for. 

These risks we are referring to are not new.  They are well-known risks standing right in front of us and staring us right in the face.  Yet, because these risks have not happened during our lifetimes, very few have prepared their investment portfolios for the possibility that these risks will happen.

Today, we want to discuss some of the alternatives available to intelligent investors and remind Family Office members what the signals are telling us, while answering several of the questions we hear most often.

June’s “First Friday” meeting discussed the prevalence of illusions.  Illusions combined with clever narratives frequently charm the best of us.  And when you mix market appreciation with narratives focusing solely on the positives, realities surrender to perceptions. 

Over the course of history, prosperity has discouraged demanding work.  Lax behavior goes unpunished.  Eventually this behavior leads to the downfall of every great civilization.i  And while this discussion is not insinuating America’s decline, it focuses on the “recency-bias” created by prosperity, and the lack of due diligence and critical thinking prosperity encourages.