Published Articles
Wealth Planning
Wealth Planning
Charitable Giving Rules Are Changing in 2026
Keith Fenstad, CFP®, September 2025
Tanglewood clients are an incredibly charitable group. I can honestly admit I have grown to be a more cheerful and generous giver after working with clients over the past two decades.
What Estate Planning Documents Do I Need?
Michael Pumphrey, MS, CFP®, AFC®, EA, August 2025
Estate planning is often pushed to the bottom of the to-do list. If you are in your thirties or even twenties, focusing on your career or starting a family is often your primary focus. The idea of building and passing along a legacy sounds like an abstract, far-off idea.
Keith Fenstad, CFP®, July 2025
The One Big Beautiful Bill (OBBB) was signed into law by the president on July 4th after making its way through congress. There are many new provisions regarding income taxes and some important updates to the estate tax laws that will impact many Tanglewood clients. Below is a summary of that we think are some of the most impactful.
Economy
Economy
Quarterly Economic Overview & Outlook
John Merrill, Tom Bruce, April 3, 2025
Review. The U.S. economy remains resilient as it enters the second quarter of 2025. While the economy has obviously slowed from the torrid pace of the past two years, labor market conditions remain solid, consumer spending is holding up, and inflation remains less than 1% away from the Federal Reserve’s (Fed) 2% target.
Outlook. The current outlook for the U.S. economy remains fundamentally strong. Our base case continues to favor a period of good growth, supported by resilient fundamentals and improved productivity from the rollout of artificial intelligence (AI).
John Merrill, Tom Bruce, February 4, 2025
Our economy continues to generate strong economic growth averaging close to 3% real GDP over the past 10 quarters. This is well above the “potential long-term growth” that most economists thought the mature U.S. economy was capable of.
Quarterly Economic Overview & Outlook
John Merrill, Tom Bruce, January 3, 2025
Review. The U.S. economy exceeded almost everyone’s expectations in 2024, delivering strong growth and setting the stage for further expansion in 2025.
Outlook. The U.S. economy enters 2025 with the same tailwinds that boosted the 2024 economy – robust business investment (Chart 6), a solid labor market, and strong consumer spending.
Markets
Markets
Quarterly Markets Overview & Outlook
John Merrill, Tom Bruce, Curtis Holden, CFA®, April 3, 2025
Summary. The financial markets of 2025 bear little resemblance to those of 2024. The biggest winners of last year –the "Magnificent Seven" and U.S. growth stocks – have been the biggest losers so far this year.
Monthly Financial Markets Update
John Merrill, Tom Bruce, February 4, 2025
Most asset classes got off to a good start in January. Both U.S. and International equities (including emerging markets) posted strong monthly gains. REITs and infrastructure had more modest gains while bonds posted slight gains for the month. Gold once again led all major asset classes with its continued strong performance.
Quarterly Markets Overview & Outlook
John Merrill, Tom Bruce, Curtis Holden, CFA®, January 3, 2025
Overview. Asset class performances diverged in 2024 as they reacted to the cross currents of a strong U.S. economy, weakness abroad, geopolitical tensions, a flip-flop from the Fed on interest rates, and anticipation of the new President’s policies after the election.
Founder's Perpective
Founder’s Perspective
Recognizing Reality…and Responding to it NOW
John Merrill, September 25, 2025
Is there anyone left in the country who still believes that we can continue the social benefit promises currently in place without change? Today, over 60% of all federal tax collections go to the major social programs including Social Security, Medicare, and Medicaid. Based on current projections, that percentage will keep rising until eventually exceeding 100%.
New Geopolitical Realities Require Change
John Merrill, May 22, 2025
Exactly six years ago, the title of my Perspective was A New World Order (October 2018). The main message of that piece was that the post-WWII world order was breaking apart. The rules formerly agreed for international trade, investment, and security were being undermined by China.
Policies to Challenge China’s Global Ambitions
John Merrill, April 2, 2025
China was seen as a partner through most of the 1980s, 1990s, and early 2000s. They specialized in making everyday goods cheaper, which benefited most of our consumers and kept inflation (and interest rates) down around the world.
Books
Books Published
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Investing in Uncertain Times 2nd Edition (2018)
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Investing in UNCERTAIN Times (2012)
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The Sure Road to Investment Success
Building Your Best Portfolio for Risk and Reward
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The Sure Road to Investment Success
Preserving and Enhancing Wealth Over a Lifetime
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Outperforming the Market
Everyone's Guide to High-Profit, Low-Risk Investing
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Beyond Stocks
A Guide to the Best Performing Complete Portfolios
