Lorraine’s Monthly Update

March 19, 2025

Hello Friends,

The sun has started to shine in Chicago and I am grateful for it. My recent trip to Costa Rica reminded me how much of a tonic sunshine truly is. Our little group really enjoyed our time there and would highly recommend it to any and all travelers.

Kelly recently returned from the annual Hightower Women & Well-th Forum, which was hosted this year in California. The sessions were informative, with topics from working with women in all stages of life, as well as hearing about the latest emerging trends and opportunities in the industry. She had the pleasure of hearing the thoughts of Stephanie Link, Chief Investment Strategist & Portfolio Manager at Hightower, who provided her views of the current economy and her current areas of interest. Kelly enjoyed meeting other women in the industry with diverse roles and backgrounds – there was a lot of idea sharing as well as some fun networking. It was also her first time visiting California-we are lucky she agreed to come back to Chicago in February!

Now on to the bigger picture:

Instead of my usual ‘bullet point’ approach, I want to give a general overview of my mood in this environment of uncertainty: I am positively giddy! I live for markets like these. I wake up every morning and check my phone and when the market indicators are RED I get a jolt of excitement and I think….FINALLY!

Our investment strategy has been too conservative for over a year now, hoarding cash and getting more and more frustrated as the market ignored problem after problem…I now feel somewhat vindicated. I am not quite ready to go all-in buying with our reserves, but the market is getting more attractive by the day. Anyone who has worked with me for any length knows I am at least two things consistently: cheap and patient.

I do not mean to discount the worry caused by our current uncertainty. Between the growth drag from tariff concerns, the possible labor market tightness caused by new immigration policies, and the impact of government spending cuts on an already slowing economy, there is plenty to worry about. But my job, like it or not, is to take the emotion out of the chaos and look for opportunity. We are already seeing how diversification has helped cushion the blow, as U.S. Mega Cap stocks take the brunt of the pain. Our international holdings, our bond strategies and in some cases, our alternative investments have taken over as best performers in many portfolios. It is back to the basics of investing…diversification spreads risk and valuations matter!

I have also included here my colleague Ryan Ross’s thoughtful (and far more eloquent) February Market Letter, addressing some of the major areas of concern for your perusal. Ryan’s balanced and highly analytical explanation of current markets is really worth a read.

Rudyard Kipling wrote a poem titled ‘IF’ that I have always loved. In many ways, the poem’s first line describes our role right now…. “If you can keep your head when all about you are losing theirs and blaming it on you”… the almost thirty years I have logged in this industry has taught me that when we feel very uncomfortable, when the news looks grim, and all about me are losing their heads, it’s probably getting close to a good entry point. Stay tuned.

Finally, I would like to wish you all a Happy belated St. Patrick’s Day and remember that, at least for one day, everyone is a little Irish!

Until next time,

Hummer Mower Associates is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

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Lorraine’s Monthly Update

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