2026: A Mid-Year Market Update

What is really driving the markets in 2026? In this episode of RHP Market Talk, Natalie Picha, Partner and Chief Experience Officer, and Glenn Royal, CFP®, Partner and Chief Investment Officer, look beyond the headlines to explore the forces shaping today’s market—from oil and inflation to interest rates and corporate earnings. They also discuss how AI-driven profit growth can coexist with high bond yields and how RHP remains thoughtfully positioned without reacting to every swing in the news.

• Why oil shocks look different with China’s demand management and refined product constraints 
• Inflation pressure, Fed independence questions, and a quieter communication style from the new Chair 
• weighing AI risks, including ROI discipline and competition from lower-cost Chinese models 
• Putting midterm elections and deficits in context versus earnings and rates 

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Transcript

Introduction

Natalie Picha 0:14

Welcome back to RHP Market Talk. I'm Natalie Picha, partner and Chief Experience Officer at RHP Wealth Management. Today, I'm joined by our Chief Investment Officer and partner, Glenn Royal, for a fresh market perspective and economic overview. We're in the midst of continued market volatility, the Iran conflict, communication changes within the Federal Reserve, questions about the durability of the AI trade, and a midterm election that is quickly approaching. Today, we step back from the daily headlines and discuss what these developments may mean for the economy, the markets, and long-term investors throughout the rest of this year. Glenn, glad to have you.

Glenn Royal 1:01

Glad to be here, Natalie. Good to see you again.

Natalie Picha 1:03

We are past the midpoint of 2026, and investors have already absorbed a new Federal Reserve chair, uneven inflation, renewed questions about the durability of the AI trade, oil volatility, which is tied to the conflict with Iran, and consequential midterm election approaching in November. And today we want to just step back from the daily headlines and really discuss what these developments may mean for the economy, the markets, and long-term investors throughout the rest of the year. You know, we always take a little break in July. So it's been a while since Glenn and I uh have sat down together and had this conversation. And I think our listeners are probably really ready to hear what we have to say about uh the market this year and what we think the rest of this year might look like. So before we just jump into all the issues uh that are out there, Glenn, how would you characterize the market environment right now? What would you say about

Volatility And AI Over Oil

Natalie Picha 2:05

this market? It's pretty hard to predict where we're going to be even a week from now because it feels like every single week it's just a new, we're in a new territory.

Glenn Royal 2:15

Yeah, certainly a lot of volatility. And it makes you wonder if we didn't have the AI theme going on, where would we be with the Iranian war and all this other stuff? So a lot of uh interesting investment opportunities colliding with real world geopolitical risks that are kind of happening in front of us. So I kind of if I had to go on the chalkboard and uh put a formula on the chalkboard, it would be that AI is greater than oil. Right. And that's kind of what we've seen. Had he told us, you know, if we rolled back 10 years ago and told me what was going to go down with the closure of the Strait of War moves and all that, we would have seen a whole different response. But given the nature of energy and US independence in energy, different things that are going on, it's lessened the impact, but probably the greatest thing is China. So it all comes back to China and the US, right? Always. So we're watching China for their impact on the demand for crude and how they're managing the whole energy uh cycle going through the Strait of Hormuz. And that's that's been pretty interesting. We can talk more about that.

Natalie Picha 3:24

Yeah, well, I was going to say, um, I know that in one of our past podcasts this year, we actually talked about the fact that what was happening in the Strait of Hormuz and really tightening uh oil supplies around the world was going to have this longer-term effect. Can you speak a little bit to how we've managed that, whether good or bad, of just having access um to oil and where we were with oil reserves even earlier this year?

Glenn Royal 3:51

So it's interesting. I mean, we're we're in the second round of the fighting

Strait Of Hormuz And Refined Fuels

Glenn Royal 3:55

after a little closure for that MOU period. But uh what we're noticed is that oil in itself, historically, as we just said, would have been an inflationary impulse. You'd have seen a spike, bonds would have acted, stocks would have sold off, the whole script. This time we didn't we saw the spike in oil, uh, but then it came down. It was kind of contained. And as we got to look a little deeper into what was going on, China's controlling uh their importation of oil. Uh, when prices were cheap uh per barrel, China filled all their tanks, and so we had full tanks of storage in China of energy products. Uh, and so they they didn't consume as much oil during that period. And at the same time, they increased their exports of refined products. So here we are today, though, and that that was in the the first, you know, before the MOU and the closure. Now we've started the war again. I think there's some dayton at the moment. But uh, you know, I think I saw a stat today with this war has been described as being over 30 times now. So just uh much out there. I right um but you know, start and stop again, all that. But what we're seeing is um is in that refined space, uh I want to point out there's no strategic petroleum reserve or SPR for refined products. So when we go to what we have in tanks, and I look at cushing, I look at different areas, distilled product, all the whole uh uh hydrocarbon complex. Oil, you know, oil's drained down. We're towards the end of the stockpiles. Your refined product, particularly diesel. You've seen the case where Ukraine's kind of lit it up with Russia, more aggressive fighting. They've taken out some of the refining plants, Russia's stopped exportation of diesel, diesel's a life flood of the economy. So you're seeing those issues, but it's being controlled by different players in the market. Of course, the US, but you have China with their demand uh supply side. And we're at a point now where I think it's probably pretty critical based on the refined product side. Refineries are are running at full capacity. You can't crank out any more refined product, gasoline, jet fuel, diesel, et cetera, uh, plastics, all the different things that are coming out. So we we had this point where you're kind of at a tipping point, and we need this war to wind down. We definitely need it to wind down. I think President Trump is aware of that. Part of his frustration is it's not winding down as quick as he'd like. But you know, that's that's not my area of expertise. We're just watching it, what's going on? So uh, you know, China is doing a pretty good job managing the supply. The U.S. uh is trying to get out of this situation. Uh and it looks like right now, at the end of the day, if we were to able to get out, you're just going to see a situation where you have a permanent higher increase because it looks like Iran has taken over the straight of Hormuz on tolls, different things like that. So it's just a different shift in the world of how we operated, you know, six months ago.

New Fed Chair And Inflation Tension

Natalie Picha 7:08

Yeah. Well, what's interesting about that too, like you said, it's just a different mode of operation. We've seen inflation continue to creep up, not come back down to where the Fed wanted it. We now have a new Fed chair in Kevin Walsh. You know, we started this year out with uh, you know, a call for what was supposed to be uh interest rate decreases. Uh now we're in a place where we're talking about interest rate increases to try and control inflation. There was a lot of questions around whether or not, you know, the Fed was truly still independent and what did that look like? Was he going to be somehow tied to uh Washington a bit more? What are your thoughts around that? Again, knowing that we're just operating in a place where oil may stay at this price level for a more extended period of time, which incurred you know causes inflation. We've held um interest rates steady um in this last cycle. I don't know. What do you think about where we are on the Fed right now? Because it seems like it's changed. It's just done at 360 since the beginning of the year.

Glenn Royal 8:14

Yeah, they they have some challenges ahead of themselves for sure. Um I think what's interesting is that we did not see uh when the war started, you know, stocks go down, oil goes up, uh bond yields sell, you know, bond yields go high, prices sell off. But as we recovered, you know, oil prices coming down, equities up, bond yields stay high. The bond market never rallied, yields have always stayed high. And I think you're getting a uh the conflict between the inflationary impulse of higher energy prices. And then also tied into that is the fiscal deficits that we have as developed nations. So you what you're seeing with the new Fed chair war coming into the setup is how's he going to handle it? Well, his his thinking is we're going to handle it by not telling you what we're going to do, right? Yeah, yeah. Uh it kind of goes back to an old playbook with Bernanke, uh, excuse me, Greenspan, where the meister, right? Yeah, we'd have a dictionary trying to understand what the guy said after he spoke. And his purpose is if if you understand what I just said, then I failed at doing my job, right? He wanted you to not know. So we so what you're going to see as a result of this um more of a quiet communications out of the Fed is there's a whole advent of Fed watchers. We'll be looking at the tea leaves, so to speak, we'll look at open market operations, we'll look at money supply, look at indicators of the Fed's operations in the market as to what they're doing with interest rates. And so the the to get to that, that period of really taking all that communications of of you know, summary of economic projections, the dot plots, all these things the feds have done to provide daylight to their thinking in a post-2008 world, um, as that goes away, what we do as bond investors is we want more premium in our yield. I want more term premium if I'm taking a longer investment. Because of that uncertainty of where the Fed's at, I want to be compensated for that. So you're seeing yields actually go up. And what's odd about that, and this is something I think that Warsh did speak to, is the market's doing the heavy lifting for the Fed of raising rates on its own without the Fed having to do anything with the federal funds rate, you know, taking the you know, the jawbone of an ass, the jawbone in the market and

Less Fed Guidance Means Higher Yields

Glenn Royal 10:40

the higher rates, and it's doing slowing the economy down as a result of that. We're at a point too, you know, uh a stock price is the discounted value, the present value of the future stream of earnings, right? That interest rate matters. So as interest rates start going higher, it does roll back into the valuation of a stock. Whereas that tipping point, it's tough to say. We got up to almost 468, 469 on the 10-year. Um, some are arguing 485 starts to get in that 5% definitely. I start getting competition from that bond yield attractive at that uh five absolute level, and you'll start to see you know disruptions in equity. So we're we were real close to that in the last week. We've had some relief. I think Warsh is going to continue through a period of several months of changing the communication style of the Fed. There's uh talk out Friday in the journal that he wants to reduce the number of Fed meetings from every six weeks to lesser uh you know, cadence of that. Yeah, that's less information for the market. That means the market's got to figure it out. Well, if the market's got to figure it out, you know, we're going to add ask more premium as a result of it. So where we are uh as a result that on the bond side, getting uh the yields are fairly attractive on an absolute best basis. We have our portfolio set where we're in those shorter maturities that don't have as much price volatility because they mature pretty quickly, uh, just the nature of it. And we're getting collectively almost you know 5% on that part of the portfolio that's in in less than five years of maturity. And that's a pretty good absolute rate of return and and bonds. Uh so that the bond market is is interesting to me. Now, today everything is kind of rolling back into bid on uh with the stock market, and that's kind of a little bit more related to AI and what's going on there. We we can talk a little bit about that, but I think Warsh is going to have a challenge as he changes to this communication style of the Fed of less communications. The market has to make that adjustment, and it's going to take several months. So I expect more volatility as a result of that communication change. But he's very, very good. I have a lot of confidence in him. He and uh uh Scott Besson both work for George Soros, uh uh over affiliated with his funds. They know uh the financial system globally inside out. So you have two of the probably the better minds in finance and and treasury in the Fed now. So I feel good about

AI Earnings Agentic AI And Tokens

Glenn Royal 13:24

that.

Natalie Picha 13:24

So just considering that at least the questions around the Fed independence kind of being behind us, communications are changing, we're still seeing a rich, you know, very much rich valuations on the equity side. Let's talk about the AI spending and the fact that the tech still continues to lead this market, even though we've saw we've seen a pullback in the last few months of tech overall. Where do you see us going from here? Like again, knowing that if if we're getting some pressure uh from the bond market on equities, I know we're we're still in earnings periods right now as well. Where do you see us going on the stock side of the market?

Glenn Royal 14:10

I feel like let's go a little bit back up to back to that bond part with the yields where they are kind of on the high end of the range, we may be touching that. So if that's the case, and I start getting a little relief from the from the yield side, that'll continue to favor stocks, right? So the the stock market, what was interesting is that the amount of growth and earnings that are being delivered because of the hyperscalar build-out, the industrial policies that we are doing as a country, uh industrialization, manufacturing, reshoring, all this stuff, our earnings growth had exploded in this market. Um, actually, if I if I were to just the S&P 500 take , uh we're up 26% for the quarter, year over year in earnings growth. If I exclude this other income, the other income is basically what they made on their investment in technology companies. If I were to include that other income, we're looking for 45% growth rate in earnings. It's off the charts. So the consequence of this strong earnings growth is that uh the stock prices, uh, while they're going up, uh the PE multiple's not. It's basically staying flat, even contracting in those tech stocks, but the earnings was growing so fast in the last quarter. Under the surface, now I kind of describe this, it's it's like you you see at the index level, uh, it's a duck on the pond, right? On the surface, seems pretty calm, but underneath the surface, paddling furiously. And so we had in the technology stack in the last several weeks, uh, a 30% loss in momentum stocks. Yeah, you had everyone flip to where they were selling, uncertainties with what's happening in the Strait of Wormuse, Iran, all that. And then we get any type of positive, any type of daylight, and they come right back in. So today, you know, the last few days, last three days, this market is catching back up because we've these earnings continue to blow out in this quarter. Over 80, 86% of companies reporting, they're all reporting better than expected uh profits coming into this uh period we're in right now for the second quarter. I think that story continues. We don't see earnings growth uh slowing down. The hyperscaler build-outs where we're watching everything, we're looking for over a trillion in capital expenditures of capex by these big hyperscalers into the AI stack as they continue to build it out uh into the end of the coming year. And that's really where the market's at right now. So, you know, the bond market's it's doing what it's doing, it's processing higher inflation due to oil. Perhaps that's a temporary phenomenon and it it moves on, but yields are kind of top in here. Got to worry about the debt, right? That that could put further pressures on long rates. But when I get over to the equity side, it's still about the AI stack and that investment in hyperscalers. And up to this point, I think most of us, when we think of AI, we we we've all probably abused it. Uh OpenAI, Claude, you know, Groc, a number of them, ChatGPT, all these guys. And that's basically kind of a query type. I've like, I'm planning a trip and tell me all the things I need to do on this trip, places I'm going to see, what might be my problems. Kind of how we've used it. Uh, it's that's a kind of a short uh, it's a command response back and forth. That's not where they make money in AI. You know, the the big models, LLMs, the anthropics, and what have you. Uh, we're where the money is now being made. And this is why all the investments coming from these hyperscalers is that when you're getting into agentic AI, so instead of that one-to-one, now I have an AI agent that's running a series of tasks for me. Could be 20 or 30 tasks. How we pay for it is through these tokens. If I'm just doing a one-on-one query, just a few hundred tokens, not very much. Tokens is just a string of three or four words, is what they consider a token. When I start getting into a genic AI, uh, we're going to see the amount of tokenization use go up by a factor of 25 times. It's going to go through the roof through 2030. And so, right, that's where the money is being made. In this earnings report, we've seen a couple of things. Microsoft and uh who just reported had a blowout stock just blown out to the upside, had a great return. And that's because as we start to use more of these agenic AI, you know, the hyperscalers are spending more. Where's the revenue? That's what the market knows. Where's my return on investment? We're starting to see the early stages, and it's coming back to the ones that have the cloud, all that storage, like Microsoft. So they out-earned on their cloud. They're uh questioning, you know, they're going to be disciplined about their CapEx, their expenditures going forward. That was another positive sign. But you're just you're starting to see that movement towards these agents. So today, so who where's the next place go? It's the people that can employ these agents within the firms to put them out. Talenteer had a blowout earnings today, stocks up huge on that news. They're the type of companies that can take this and start putting it in. Where I'm what I don't know and the risk I have, you know, the bull case is is these agents just take off and the exponential growth, and that's where the money is being made. But underneath that bull case, the bear case is that I have Chinese uh language models, Deep Seek, et cetera, nipping at my heels. They're only two to three months behind our most advanced models. Well, here's the rough. I'm paying over a buck for a token for an American US model, and I'm paying pennies on the share, on you know, pennies for the token on the Chinese model. So what you're starting to question businesses, as businesses start to employ AI, the payoff is it does all these great things we expect it to do. But if it's just uh basically it helps you to do a paper a little bit better, see some things that you hadn't seen, you know, is 80% good enough? You know, or do I have to have the full output of these models when I can do something cheaper? I saw a case today where a guy was starting to code a project, he starts in the more expensive, uh clawed my anthropic model. And then when he got his base, he moved it over to the Chinese deep seat model that was a lot cheaper, that did all the heavy crunching so he could save money that way. So that that's all going to be coming out in the next few years as the competitive landscape in AI. A lot of opportunity, you know, companies are going to do, they're going to make, you know, do quite well with it. We're using it here in our firm from note-taking different things, uh, mainly a lot of research enhancements tools we use. But as you start to see uh uh this come into the marketplace and people, it this is the time to how do I profit from it? The that question of ROI is going to,

AI ROI Risks And Market Breadth

Glenn Royal 21:10

you know, return on investment is going to be still our main driver uh in this place going forward. But I'm I'm pretty excited about it. I think we're starting to get past the early stage. The big question is is we'll deliver what we expect. I can tell you Microsoft, Amazon, Meta, all the all believe that it will deliver what we expect. And that's why they continue and invest massive amounts of money in this place. They're met they're now at a point where which you know makes equity guys a little nervous, is they're uh moving into debt and equity financing. They've spent all of their free cash flow. And one of the benefits of these big guys is they were long duration assets, didn't really care what interest rates did because they generated enough money to pay for themselves, their own business operations. Now all that operation. Money, it's going to investment in building this Capex out. And that's going to be, you know, that's the question where I have why the market's a little nervous about it. Are you going to get a return on that?

Natalie Picha 22:11

Right. Well, and I'm, I mean, I question how sustainable is this spin?

Glenn Royal 22:16

Yeah.

Natalie Picha 22:17

This is, I mean, it's a lot. How sustainable? How long can it go? What does it mean for the overall market that really these mega cap these tech companies are really pushing that leadership? How does this all factor into a longer-term view of the overall market?

Glenn Royal 22:35

Well, you know, it's still always about interest rates and earnings. Um, what we're seeing is a broadening out of the earnings growth. So if it was just concentrated to that tech group, like we kind of had the last decade plus, but that's not the case now. So uh year to date, the equality SP was outperforming, you know, the cap weighted SP. So you're you're starting to see more small and mid-caps. I'm seeing a broadening out of other companies. And that's also probably as much tied to the industrial policies of the United States and bringing back manufacturing and things like that. You're just seeing it across the board. So I'm I'm optimistic about it. I it's not without its risk, but I think this is a spot, Natalie, that it's it's a generational, it's transformative. It there's a reason why the markets are responding the way they are. It is making tons of money for the right people. Uh, but where we will be is as I go through the trillion dollar expansion right now, CapEx or coming next year, it starts to wind down. We don't need to do it. I also have NIMBYism where people don't want data centers in their backyard and all that stuff coming up. So you're having the the realities of the build out at this phase that could cause you know hits and starts, but I don't see any shortage of a runway uh for this thing working out. Uh the markets are are probably the biggest thing that's going to set a market back at this moment is well, one, if the AI is is a dud.

Natalie Picha 24:11

You know, it doesn't it doesn't change productivity at all.

Glenn Royal 24:14

It doesn't really move the needle that much, and you just spend all this money for nothing. It's a waste. So I don't see that happening, but it's possible. Uh but outside of that, we don't see any signs of recession. We don't see anything in the cards that would tell us to you know to be overly concerned here. Earnings are growing, interest rates possibly may come our way, you know, if they're peeking out in here, that's what I'd watch. But uh things look pretty decent. I I just I'm just particularly excited about this next phase of AI. I think that's going to be driving the bus on every all the areas. I'm aware that a lot of these are cyclical industries, like you know, oil and gas, right? Up and down based on the economy. Right. Semiconductors are the same way. They had a big boom, you could see those go down just as fast as it came up. So a lot of people know that about this investment, so they're a little cautious. We have had cases too where the volatility is because of single, double, and triple levered ETS, but in single name, you're seeing a lot. South Korea dominates that market over there. It's only about 1%, I understand, of assets out there under management, but it's up to 13% of today's trading is dominated by those leverage products. So that's all it probably gives you more opportunity when things are going wrong for those folks.

Natalie Picha 25:38

Yeah.

Glenn Royal 25:39

When things are going right, you know, you maybe be careful. But uh that's probably more what I'm seeing, a little bit more risk side of it. Market structure changes uh are coming from products like that that are increasing low volatility.

Midterms Deficits And Rate Pressure

Natalie Picha 25:53

Well, I want to take a quick pivot here and talk a little bit about midterm elections, um, which are coming up here in November. And we always say, you know, we're not we're not political, we're not right or left. That isn't what we're about, but we do understand that policy can drive market change sometimes. So of course, these midterm elections could have some effect on the markets, you know, at some point in the future. So do you see, and and just for our listeners, if you haven't, we've got a couple of absolutely wonderful podcasts in our past um that you can go back and listen to that talk about the effects of politics on the market and not effects on the market. Um, you know, it affects the market less than you think usually. But as we go into this midterm election cycle, we know that there's some volatility around that. Can you speak a little bit to what you're seeing or thinking about this year's midterm elections?

Glenn Royal 26:54

Yeah, probably the same thing everyone else is seeing. I mean, if you you can't I mean, it's election season, it's upon us, right?

Natalie Picha 27:02

Right.

Glenn Royal 27:03

But the expectation uh in any normal occurrence for a midterm presidents for the House to change. So that's almost a given. There's a lot of battleground elections. My guess is that if uh the Senate were to go Dems and the House, you would probably see uh inquiries and all that in the Trump administration, a lot of that type of congressional action, if not even a Lord knows, an impeachment or attempt or something like that. I don't know. I just suspect that it'll be interesting times if the Democrats were to win. And it may be that we probably uh sometimes put too much faith in politics and and driving the bus when it's really this AI cycle that thinks going to matter more, uh, the profitability of these companies, where that's going. I mean, clearly administration could get in. We we've seen this administration do a lot of changes we weren't used to. Uh, but the economy, you know, as a whole is very, very strong. It came into this administration strong. Uh, my guess is it might be in a pretty decent shape for the next one. However, someone's going to have to deal with Iran and you know, we'll we'll figure that one out.

Natalie Picha 28:23

Yeah, and you've mentioned you've already mentioned deficits, right? We've we've got a deficit problem that the market has to contend with at some point.

Glenn Royal 28:31

Not too much longer. We'll be dealing with Medicare, Social Security issues. Those are all on the fight. So you're going to have uh entitlement programs, contrast, you know, coming in conflict with rising deficits.

Natalie Picha 28:44

Yeah.

Glenn Royal 28:44

Uh that'd be the one thing that and so that makes me want to stay away from longer maturity bonds and stay in the shorter end of that maturities. But uh Yeah, that's going to be a problem. And I I uh but I don't know if it's uh if if the if it's a split ticket and I get Dems in the house and ours and all that stuff, uh just probably going to be more evening news, entertainment, you know, political fighting, that sort of thing. But I don't know if it's going to be different as been the last decade. You know, last 15 years. Probably as same old as famo. I I I say that last words, but um Yeah, I'm I'm not expecting the market to do much. It's going to be about earnings, it's going to be about AI, it's going to be about deficits and what happens with rates. And so I'd love to see somebody come in to finally start to address these issues and we start thinking more about American policies over foreign policies at the moment. But we'll see. I mean, it's pretty I'm editorializing, so it doesn't really matter there.

RHP Positioning And Staying Patient

Natalie Picha 29:43

So as we kind of close out, you know, we like to remind our listeners, certainly those that do invest with RHP, that we never create our portfolios inside of a bubble. We have a lot of um intellectual capital that we draw on. And I know that up to this point this year, we've really been navigating this, just navigating the volatility and reminding our clients, albeit when the headlines say, you know, the sky is falling, that you don't jump off the roller coaster in the middle of the ride and you maintain a balanced portfolio or a portfolio that matches whatever your financial plan says. But in light of that, where is RHP looking to position for the rest of 2026?

Glenn Royal 30:32

Well, you know, we still uh are you we just mentioned on the fixed income side, we're in shorter maturities because of the uncertainty of the future. And I'm being paid very well above inflation to be in those shorter maturities. Uh on the equity side, I think it's really if I have one thing to keep close, close attention to, it's going to be that return on investment by these hyperscalers. I need to start to see uh return. And that's it's upon us now. And that'll just increase in importance. But if we continue to see that, the other thing that's possibly going to come out of this once things calm down and and our treasury uh rates calm down, is you'll start to see a little dollar pressure. That dollar weakens a little bit, that benefits international. So we're you know, I still like the international exposure for diversification. Uh, it tends to be in these industrial areas, finance, banks, things like that. The U.S. offers you that tech stack, still want to be there for that. So just a broadly diversified portfolio, uh, stocks bonds cash, uh, understanding that stocks were going to give you better potential for return. The bonds are giving you one of the best returns I've seen in 15 years that I have actually 20-year highs and uh and uh 30-year debt right now on yields. So you're getting a pretty good, attractive, absolute level of yields and bonds. So I I think stay the course. Uh I like the portfolios that we have. We're not doing a lot of changes. The the biggest challenge for me this year is to not to do something. You know, it's it's just to sit tight, be patient, understand what you own, realize that short-term market volatility is just simply short term. We're in it for the long game, not for you know, just a few months. So I would say probably patience is going to have to be the biggest asset to have going forward with what you own. Let it work for it.

Natalie Picha 32:34

Good advice. That's what I'd say about that. Good advice. Well, I appreciate as always, these conversations um are very enlightening. And I know that our listeners are always excited when they know we're dropping a podcast. It's it that's really around the markets and and this kind of conversation. So thank you so much for that. I think putting this year into perspective is what we really needed to do because every day feels like a brand new day. You wake up and and it's a whole different headline. It's either everything great or everything is terrible.

Glenn Royal 33:09

Grab my Bloomberg on my phone, the first thing when my eyes wake up.

Closing

Natalie Picha 33:19

That's right. Um, to our listeners, thank you as always for joining us on RHP Market Talk. Markets will continue to respond to inflation reports, Federal Reserve decisions, corporate earnings, geopolitical events, and election headlines. But successful long-term investing is rarely about predicting a return. It's about having a disciplined plan, managing risks, staying diversified, and making thoughtful decisions as conditions change. If you have found today's conversation valuable, please subscribe and share this episode with someone who may benefit from greater financial clarity and confidence. To learn more about RHP Wealth Management, please visit our webpage at Royal HarborPartners.com. Thank you, Glenn. Natalie.

Disclaimer 34:06

Royal Harbor Partners is a registered investment advisor, and the opinions expressed by Royal Harbor Partners on this show are their own. Registration as an investment advisor does not imply a certain level of skill or training. All statements and opinions expressed are based upon information considered reliable, although it should not be relied upon as such. Any statements or opinions are subject to change without notice. The information presented is for educational purposes only and does not intend to make any offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk, and unless otherwise stated, are not guaranteed. The information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.