Letter to Stakeholders, February 2026

Tuesday, February 3, 3:41 pm EST. Despite the volatility of our national news cycle, the stability of your balanced portfolio endures. The geopolitics of just January saw news of Japan’s weakening economy, threats to Canada and Greenland’s sovereignty, potential conflict with Iran but just recently, a new trade deal with India. 

Last month we highlighted the evolution of our investment philosophy that has formed a resilient portfolio even in the most volatile of times. Well, we are there. Following gold and silver’s recent popularity, the sharp decline in value earlier this week underscores our academic reluctance to chase market returns of any individual investment.

Monetary Policy

Aside from various market forces, one reason that’s been given for the commodity market selloff is the selection of Kevin Warsh to lead the Federal Reserve System. The (since recovered slightly) decline of gold and silver was actually a positive reaction to a – by all accounts – credible selection to lead “the Fed.” Jerome Powell, the current Fed Chairperson, is set to leave the leadership seat in May but the federal probe into the Fed's building renovations is ongoing. This “probe” has been a catalyst for bond interest rate fluctuation and the market volatility (ups and downs) that goes with it. 

Although nominated by this POTUS in his first term (2017), there have been unusual public disagreements about the direction of monetary policy. Monetary (banking) policy is led by a committee appointed by our U.S. President (POTUS) and confirmed by our U.S. Senate. The job of the committee is to manage long-term interest rates, stabilize pricing and promote maximum employment.

In December, I highlighted how Chair Powell and the entire Federal Open Market Committee (FOMC) publicize their votes on interest rate adjustments. In December it was 9 – 3 and last week the vote was 10 – 2. Although politicians may disagree with the FOMC decisions it is has always been important for monetary policy to stay independent of the sometimes partisan fiscal policy. As a nation that has now borrowed $38 trillion, it is important to both the bond and stock market that our lenders believe we have the good governance to pay it back. Otherwise the markets – as they did just recently in Japan – will determine that our borrowing rate needs to go up. And if that happens, our stock markets (and your portfolios) will react seismically as they did last April.  For now, the markets believe that Kevin Warsh represents stability. We’ll take it.

Investing in Each Other

As we thaw out of the deep freeze into the “regular freeze” of February, Doug and I have been making investments in our community, our systems and our service to you. 

We have been a 1% for the Planet donor member for a few years now. Last year we changed our 1% of revenue contribution to George Mason University’s, Costello College of Business Honey Bee Initiative: supporting environmental health, economic progress and food security. Both our financial contributions and personal involvement continue in 2026 as I serve my first full year as GMU Foundation Board Trustee. 

Doug is taking the lead as “Bowler in Chief” as he extends our financial participation and his board participation at Langley Residential Support Services to their annual Spare Some Love Bowling Benefit this April. 

Some investments are less visible but just as important, like an upgrade to our customer relationship management software and continued experimentation with note-taker technology. Though you may not “see” some of our new tech, we hope you feel it in our responsiveness to your needs.  

You will likely see an investment we’re making in human resources with a potential human investment in virtual assistance and the launch of a video that commemorates our 10 years serving families locally and across the country. 

Until then, gather your W-2’s, 1099s and donation receipts for your accountant. And if you need help with any of that, let us know. 

Jason J. Howell, CFP®, CPWA®, CSRIC® 

President

Jason Howell Company is the family wealth management firm that helps successful families navigate the business of wealth; including the often-unspoken challenges of family life after wealth. The firm’s work integrates family governance, philanthropy, and sustainable investing to help families steward wealth across generations.

Jason J. Howell, CFP®, CPWA®, CSRIC® and Douglas W. Tees, MBA, CFP® CAP®, CBDA have spent decades working with families in the Washington, DC area and understand the unique ways wealth is experienced here. Successful entrepreneurs and family business owners often feel they must continually prove themselves; government contractors worry about the next contract; former Capitol Hill staffers and former agency employees privately question how to reconcile public service with private sector success. Similar tensions arise among professionals at our region’s many corporate headquarters. These unspoken dynamics can make it difficult for families to talk openly about money or make confident long-term decisions. Through a family governance approach, we help families create clarity, alignment, and structure—bringing together values, decision-making, and philanthropy so wealth can be stewarded thoughtfully across generations.

Our typical client families include dual income parents who work, have saved (or inherited) well and have just the right amount of fun! Prospective clients may be about to sell land or a business for an extraordinary "liquidity event." Regardless, we focus just as much on family preservation as we do wealth preservation. Our prospective clients recognized they:

• Need to “do something” with the cash in their checking/savings
• Need to start tax planning instead of just tax paying
• Need to reduce the isolation, guilt and decision fatigue
• Need to separate but align family wealth and individual wealth
• Need to reduce financial miscommunications between family members
• Need a plan to provide space for both family and individual philanthropy
• Need to separate business finances from personal finances
• Need to eventually diversify their portfolio away from the family business
• Need an investment strategy for income, “up” and “down” markets
• Need a plan to mitigate market, credit, inflation, and political risks
• Need to be sure they are choosing the right work benefits
• Need to plan for money while alive before what happens after death