Summary

• Financial markets have once again proven their resiliency in the face of geopolitical uncertainty and disruption.
• The S&P 500 completely erased March’s sell-off and in the process reached a new all-time high during the month of April.
• With 2025 tax season behind us, now is the moment to shift from looking back to planning ahead. The most effective tax outcomes rarely come from a December scramble.

What’s New

Major equity indices have quickly recovered from first-quarter losses – despite little progress in resolving the conflict with Iran and the fact that the Strait of Hormuz remains effectively closed to tanker traffic. Even the

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