Letter to Stakeholders, August 2026

Thursday, August 6^th, 5:04 pm EST. One of the first things I do when starting to write these letters is sample client statements. I’ll look at the balance to see if it’s “up or down” from the prior month. Then I’ll compare the end of month balance to the current balance (in this case, on the 6^th of August). Since your accounts are personalized, none of you have the (exact) same portfolio but many of you may have been down 1% at the end of July and just six days later are up 2%. This affirms what we have long recognized is a volatile, wavering stock (and bond) market. One where record levels of investor money are “rotating” (guessing) from one strategy or allocation to another. We don’t do that with your money. We stay consistent with an “all weather” strategy that has one promised purpose: to deliver the most return with the least amount of risk to achieve your goals. The rest is noise. With that purpose in mind, we haven’t felt the need to lean heavily into the hottest stock (or industry) of the month with your long-term and retirement money. We’ll miss parabolic up moves like what’s happened with the semi-conductor industry this summer or the SpaceX initial public offering I mentioned in June’s letter. But observing your consistent, steady growth over these past few volatile months shows we are keeping our promises to your family.

Why is the Market Wildly Up and Down?

Some of the largest companies in the world are spending $100s of millions of dollars on infrastructure that supports the growth of AI (artificial intelligence). This has been ongoing for a few years now and institutional stock market participants have started to wonder when this spending will grow profits. In May I wrote about the importance of corporate earning reports which are shared quarterly. We just had another tranche of large company quarterly reports and for the most part, those profits were good. Some of those numbers arrived just after July 31^st hence the “pop” in the stock market this week. Couple that with on again off again talks with Iran regarding the opening of the Strait of Hormuz – and the associated price of oil – and the ups and downs make sense. 

In addition to that “noise,” we’ve also had an atypical press conference by recently appointed Fed Chair Kevin Warsh. His change in style from recent Fed Chairs – like former Chair Jay Powell – spooked the bond and stock markets before they leveled off. 

We are living in an age of signal and noise. More importantly, our markets are living in this age of information and warp speed execution. Institutional investors can react quicker than ever (unnecessarily) to headlines. Don’t take the bait. We won’t either.

Young Adults Living with Parents

As a college student, I “lived at home” with my parents. It wasn’t the norm in the 1990s but it was increasingly awkward because I worked full-time and my parents’ household needed some of my earnings. I guess it was kind of “my” household too at that point right? Right, it was awkward. Add to that we lived 30 minutes away from the great George Mason University Fairfax, Virginia campus and I always had to explain, “Well, my parents live with me, I mean it’s their house but, never mind..” The good news, that stigma of “living with your parents” has mostly disappeared since the pandemic. 

In the changing world we live in, giving your kids a “leg up” however that might be is not only nice, but also in some cases, necessary. We have clients welcoming children back to their homes, paying for weddings and helping to finance property to make their kids first-time homeowners. And we highly encourage it. Every family’s needs are different. This is why we project your retirement to age 99: so, you know how and when you can afford to do what might be the right thing for your kids.

Swedish Death Cleaning

Last December, I wrote about the passing of two clients. Having lived through not only deaths in my family but the reality of rummaging through their belonging post-mortem, I made a commitment to be more intentional about the “stuff” I haven’t yet discarded. “Swedish Death Cleaning” is more than a TV show or a book. It is a serious concept that asks the practical question: “Who would want this when I’m gone?” So far, I’ve only organized my sock drawer. But if you’re looking for a distraction to “the noise” that can be done inside the air-conditioned confines of your home this August, considering just going through your stuff.

Jason J. Howell, CFP®, CPWA®, CSRIC® 

President

Jason Howell Company is a family wealth management firm serving successful families across three generations: parents, adult children, and aging grandparents. These families created wealth during one of the most extraordinary periods of globalization and economic expansion in modern history, often achieving a level of success they never imagined. Today, their challenge has shifted from creating wealth to stewarding it amid an increasingly complex global economy that is becoming less integrated, more fragmented and rapidly changing. 

Jason Howell Company helps families understand the historical forces shaping today’s opportunities and challenges. Our services include sustainable investment strategy, family governance, philanthropic planning, business succession planning, liquidity event planning, estate and tax planning coordination. Working as part of each family's team of trusted advisors, we help align financial, legal, tax, philanthropic, and family decisions around a unified family strategy built around the family's long-term values and goals. 

The firm serves approximately 100 families from its headquarters in Virginia.