2024 Holiday Letter – Mindful Money

Dearest Friends, 

As I sit down to write this year’s holiday letter, I can’t help but feel an overwhelming sense of gratitude. The past year has been a whirlwind – for the markets, for the world, and for our own community. We’ve watched the economy make a slow but steady shift from interest-rate hikes to whispers of eventual rate reductions to actual rate reductions. The election season promised to be “spirited” (keeping it clean) and it did not disappoint in that regard. Frankly, I’d welcome a little less spirit and a little more integrity.

A couple lessons that I hope we learn together:

1. We can’t predict or control the world, and
2. That’s OK.

The way we invest embraces this uncertainty, i.e. We Planned For This. If you aren’t a subscriber to the Weekly Commentary, please go to Mindful.Money and subscribe (and share liberally). It’s the best place to find context for all the craziness happening in the world.

What we can do (all we can do)… is choose how we respond. And, from what I’ve seen thus far, we’ve responded with grace, resilience, introspection, and humor.

I find humor essential these days. Most nights I watch a comedy clip before bed. “Laughter,” they say, is the best medicine… and I choose laughter. 

Once again, the markets and life have given us a fair share of curveballs. But, in that space, we’ve continued to make thoughtful choices – and it shows.

After almost 17 years working together, John Madden remains my most trusted partner. He commented last month (when I turned 53) that he was my age when he joined the firm. He is retiring next year after a long and wonderful run together. I’ll never be able to express enough gratitude for his friendship and dedication.

Gail continues to be the glue that makes it all work. Her sincere client focus and care ripples through the Berkeley office. Our planners, Andrea and Monica, and our trading team, Avo and Riley, have continued to support us and elevate our client services, ensuring that we’re equipped for whatever challenges and opportunities 2025 will bring. 

Every year, I get to recall and report to you the many big changes in our client community.

This year we celebrated the birth of 5 new babies in our client families (mostly grandkids and great grandkids) and we mourned the loss of 4 clients (a record). One client who died last year was one of my first friends when I entered this business. She basically opened the door to Berkeley for me… introduced me to two different boards, and – even before she was a client – was talking about me to the world and introducing people to the firm. 

In the last 5 years, I have seen 4 centenarian clients die. In 2024, we saw one of these amazing people get their promotion (as my grandfather called it before his).

Two businesses were sold, 2 more are in process of selling, 1 house was built, 2 were purchased, 3 were remodeled, and 1 elevator was installed (the knees aren’t what they once were). And, there were 8-10 retirements – depending on what you count as a retirement (does it still count as retirement if you’ve already retired twice???).

Life keeps life-ing. We take it as it comes and navigate the best we can.

2025 is bound to be… interesting-bordering-on-challenging. Between the evolving economy and the new administration’s theatrics, it may feel like we’re navigating a circus.

As we prepare to flip the calendar, I encourage you to be intentional about where you place your attention. Focus on what you can control. Choose to engage with that which fills you with hope and joy. And know that we’re always here – a call or email away – ready to help you navigate whatever comes next.

Lots of people refer to what we do as “financial” planning; but I like to think of it as life planning. Money plays a role, but if it’s at the center… you’re doing it wrong.

On a personal note, I keep hearing rumors of my own retirement. I need to put that to bed. I am not retiring. I love what I do. I love working with you. I love helping people reach their goals. I love that I get to be happy and doing well by doing good in the world.

As many of you know, I have been meditating for longer than I’ve been an advisor. And in 2023-2024, I added “Mindfulness Teacher” to my skillset and taught both an “Introduction to Mindfulness” class and an “Antidote to Anxiety” class. Maybe you will join me in class next year (stay tuned to the Mindful Money Weekly for class schedules)…

The kids, as always, are my reason for being. I am incredibly proud of them. They are totally different people, they have different strengths, but their hearts are in the right place, they care about other people, and they do their best at everything they try. They are so close – texting each other almost daily – even while Eli is away at college. I could not be happier as a parent.

This year, as in every year, I am grateful. Grateful for the work I get to do, for the community we’ve built, and for the privilege of walking alongside each of you as you navigate life’s big decisions. 

May you and your loved ones enjoy a warm, safe, happy, and healthy holiday season. Let’s make 2025 a year of growth, connection, and generosity. And maybe – just maybe – a little less news watching. 

With love and gratitude, 
Jonathan