Lyell Wealth Management’s tenth anniversary next month brings a range of emotions, not the least is: how did we get so old? Truly, it is remarkable how quickly a decade can pass. However, if you had asked the four Lyell founders in May 2016 what...

For several months now, the number one question we have received from clients is “Is the stock market in a bubble?” We understand the concern. The scars produced by the bursting of the stock market bubbles in 2000 and 2008 will forever linger with us....

There are concerns about the market’s rapid advance, elevated valuations, and the possibility that too much optimism around Artificial Intelligence (“AI”) has already been priced in. While we acknowledge these risks, we believe the underlying economic and market data continue to support further upside in...

The Trump Administration’s aggressive trade and national security policies have fueled market volatility, leading some to question whether the U.S. is ceding its global financial leadership. There have been numerous media stories suggesting that investors are retreating from U.S. assets and the status of the...

It has been Lyell Wealth Management’s view since our 2016 founding that we should concentrate our equity investments in U.S. companies. This investment strategy has been emphasized frequently in our client communications and publications. It has not been based on patriotism, but on the insight...

Lyell Wealth Management invests substantial resources in proprietary research in order to distinguish real economic and market data from the narratives pushed by the advertising-driven financial media. We periodically publish a Snapshots issue that compiles charts and tables that we think are interesting and relevant....

Lyell Wealth Management tracks its clients’ U.S. stock performance relative to the S&P 500 Index (“S&P”). The S&P is, however, weighted by market capitalization. A market-capitalized index means the most valuable companies have a disproportionate impact on the return calculation and may not necessarily reflect...

The March 23, 2023 public launch of ChatGPT-4 has fueled widespread “Artificial Intelligence (“AI”)” enthusiasm from consumers, businesses, and investors alike. AI has rapidly become a major focus for capital investment and a correspondingly dominant stock market narrative. Excitement is primarily around “Generative AI” which...

The U.S. federal government officially ran a $1.7 trillion budget deficit in fiscal 2023, which ended in September. The accounting around the timing and amount of student loan forgiveness programs understated what was actually a cash deficit of $2 trillion (Chart 1). Either of the...

Lyell Wealth Management invests substantial resources in proprietary research in order to distinguish real economic and market data from the narratives pushed by the advertising-driven financial media. We periodically publish a Snapshots issue that compiles charts and tables that we think are interesting and relevant....