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October 3, 2024
Markets surged in Q3, fueled by the first rate cut of the cycle. This pivotal shift sparked a remarkable rotation, with previously overlooked assets stealing the spotlight. REITs, small caps, value stocks, and international markets outperformed. The weakening US Dollar propelled international markets and expansionary monetary and fiscal policy measures sent Chinese equities soaring over 20% for the quarter. Gold shone brightly as well, reaching new highs, though oil sold off on weakening demand. Bond performance was back in a big way as yields dipped and the once written off “60/40” portfolio is up double digits in 2024. The US economy is on solid footing after enduring years of high inflation and appears to be on track to achieve the Fed’s coveted soft landing scenario as inflation has cooled but economic growth has remained on trend.
October 3, 2024
Navigating family discussions around wealth can be challenging, especially when considering the potential impact on relationships. For families raising children amidst significant wealth, open communication is key to maintaining strong connections. To foster these conversations, Pathstone hosted its first “Pathstone Savvy Teens” event on Saturday, September 28, 2024, at the firm’s Bellevue, WA office.
This event featured a dedicated workshop for teens, introducing essential life skills to help them navigate the unique responsibilities and decisions that come with family wealth. Topics included budgeting, saving, philanthropy, and investing— core elements to help teens build a strong financial foundation.
Concurrently, a separate session for parents provided insights into raising financially aware children and strategies for engaging in meaningful conversations about wealth. The event created a shared space for both teens and parents to connect with others in similar situations, forming a supportive community for discussing the complex dynamics of wealth.
Pathstone aims to address the educational gap around family wealth management and communication through events like these, empowering families to better navigate these topics together.
September 26, 2024
As part of our recurring international research trips, manager diligence team members from Pathstone traveled to Mumbai, Singapore, and Hong Kong over the summer. We travel to meet managers in order to support our significant existing client allocations to international equity markets and our continuing mandate to find whom we believe to be the most attractive investment managers around the world. We also meet managers and investment teams on their home turf to better gauge local talent and trends and to meet managers earlier in their fund lives.
This “note from the road” is intended to help frame some of the opportunities, risks, and other takeaways from our visits with asset managers focused on the Indian equity markets.
