First Quarter Recap and Outlook 2025

Stocks fell in the first quarter after two consecutive years of gains exceeding +20%. The year started off strong, with the S&P 500 reaching a new all-time high in mid-February. However, sentiment shifted late in February amid rising

policy uncertainty in Washington, and the S&P 500 ended the quarter down.

There are many moving pieces in markets today, and we want to take a moment to share our team’s perspective. In this letter, we’ll recap the first quarter, discuss the drivers behind the recent market selloff, and provide an update on the economy. 

Read the full letter here.