New Wealth – Strategies for Financial Windfalls
National Championships, Inheritances and Retirement have One Thing in Common In January 2026, Fernando Mendoza, the Indiana Hoosiers’ Heisman–winning quarterback, led an historic run to
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Overview
Education is at the heart of how we support our clients. We believe that when you understand the ‘why’ behind each decision, you can move forward with confidence. Our team regularly shares insights on markets, investing, and planning—both through the latest resources we develop and through frequent contributions to the media. We’re passionate about helping you stay informed, and you’ll find that reflected in everything from our articles and guidance to the books we’ve written.
Grandparent-Owned 529 Plans
A 529 plan is a popular savings vehicle that is used to save for future college expenses. It offers the benefit of tax-deferred growth and
Staying Safe from AI Scams
One of the fastest-growing risks today is fraud made more convincing by artificial intelligence, or AI. Obviously, scams are nothing new. What IS new is
Is the Message of Gold’s Meteoric Rise Concerning?
It is a great feeling to own an asset when its price surges. Gold may at least partially be an exception. Most everyone knows that
Recognizing Reality…and Responding to it NOW
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
Charitable Giving Rules Are Changing in 2026
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
Media Coverage
Why women’s retirement planning requires a different approach
Abigail Gunderson, Senior Wealth Advisor, shares practical strategies for women’s retirement planning, including maxing out a 401(k) early and using spousal IRA accounts during caregiving
One year of the OBBBA: How advisors are replanning around its biggest provisions
Keith Fenstad, Director of Wealth Planning and Chief Compliance Officer, discusses how the OBBBA’s permanent $15 million estate tax exemption removed the “use it or
Before you max out your 401(k) this year, consider a much better use for your next paycheck
Michael Pumphrey, Wealth Advisor, explains why paying down high-interest credit card and other debt should take priority over maxing out 401(k) contributions, and outlines how
Gold is still stuck in a holding pattern, but the bullish long-term case remains intact, says Tanglewood’s Bruce
Tom Bruce, Macro Investment Strategist, outlines the factors driving gold’s near-term consolidation, including interest rate expectations, central bank demand, and the long-term outlook for the
AI Rally Faces Growing Risks as Energy, Geopolitics, and Inflation Cloud Market Outlook
Tom Bruce, Macro Investment Strategist, discusses the risks facing equity markets, including geopolitical tensions, inflation, interest rate expectations, and the outlook for AI-driven growth on
Tanglewood Total Wealth Management: Doubling Down on Internal Ownership
John Merrill, Founder, President and CIO, and Brian Merrill, Corporate Development Officer, discuss Tanglewood’s long-term succession planning, commitment to independent ownership, and multi-generational approach to
Books by Investment Officers, John F. Merrill, Brian J. Merrill and Thomas L. Bruce
Perpetual Wealth (2025)
Strategies for Financial Freedom
This book offers detailed, time-tested strategies designed to guide investors toward financial freedom with confidence. Grounded in index-quality data dating back to 1972, the Perpetual Portfolio Strategies presented here have demonstrated clarity, sustainability, and long-term predictability.
These are not theoretical models. They were introduced by co-author John Merrill in 1990 and used in real portfolios ever since. They have helped clients navigate decades of market cycles with remarkably little need for change.
Whether you are nearing retirement, building generational wealth, or simply seeking a plan that works, Perpetual Wealth provides the structure, insight, and discipline to help you get there and stay there.
Investing in Uncertain Times 2nd Edition (2018)
Investors do not ask for much-just high returns with no risk. If it were only so. Actually, most investors do understand that investments without some element of risk do not offer much in the way of returns. They want higher returns but also want to understand-and to the degree possible-control the risks they are taking. Is this possible even in the uncertain and volatile investment environment of recent years.
Investing in Uncertain Times (2nd Edition) provides the answers. Asset allocation strategies developed and utilized by authors in the late 1980s have stood the test of time. Through both bull markets and ugly crashes these portfolios have delivered on their promise of solid long term real returns while providing predictable levels of risk.
“Unbiased, clear and original in its long-term view of portfolio construction. A must read for serious investors.” – Charles R. Schwab
Investing in UNCERTAIN Times (2012)
Investors may be excused it they would like to press a “do over” button with regard to the markets since the turn of the new millennium in 2000. Huge advances followed by devastating declines that left the major US stock indexes no higher at the end of 2011 than they were at the end of 1999. Investors’ frustration has been reinforced by an equally uncertain economic and political environment.
So what should investors do in such a period of poor markets and difficult backdrop? Investing in UNCERTAIN Times provides the answers. Strategies developed and utilized by the authors since the late 1980s have performed well even in this period.
The Sure Road to Investment Success
Building Your Best Portfolio for Risk and Reward
This no-nonsense, easy to read book is packed with information that will lead you to your ideal portfolio (asset allocation) – one that you can be comfortable with in both bull and bear markets.
By examining the track record of 13 major asset classes as far back as 1926, The Sure Road to Investment Success outlines an investment process that clearly shows you both the long term reward and shorter term risks of several portfolio options.
A Portfolio For All Seasons
Preserving and Enhancing Wealth Over a Lifetime
Media coverage of financial and investment news has exploded in the past decade. Individual investors can get more sound bite information now than at any time in the past. Yet with all this information, investors find themselves wondering if they truly understand which investments are best for their portfolios and why.
A Portfolio For All Seasons provides the answers. It does so without resorting to fancy slight of hand or get rich quick schemes. Instead, it gives you a thoughtful, proven system for harnessing the power of well-planned diversification to maximize your retirement wealth and income within your own acceptable level of risk.
Outperforming the Market
Everyone's Guide to High-Profit, Low-Risk Investing
McGraw-Hill Company 800-262-4729
This no-nonsense, easy-to-read book is packed with historical information that will help you identify the best long-term portfolio for virtually any situation. Outperforming the Market outlines an investment philosophy that follows the simple rules of asset allocation to build the absolute best portfolio for your risk comfort level and targeted rate of return. It also shows you how to evaluate a money manager’s judgment and track record in both bull and bear markets.
Beyond Stocks
A Guide to the Best Performing Complete Portfolios
For over a decade we have known that the allocation of asset classes within a portfolio is more important in determining investment returns than the selection of individual stocks, bonds, or mutual funds. Yet very little detailed research has been made available comparing the risks and rewards of the major asset classes. Which have demonstrated reliable or predictable characteristics? Which have not? This book provides the answers in a clear and easy to read way. In this original and thoroughly researched work, you can now see the long history of the 13 most important asset classes individually evaluated. There are many surprises for long-term investors and investment professionals alike.
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