In case you missed it, our Q1 2025 Quarterly Letter is live. Of course, you missed it, because we never sent it. It was written just before the quarter officially ended as of March 31^st, something I would usually be proud of. It felt good to beat the deadline for once—dodging my dad’s old saying, "a day late and a dollar short." But this time, a little procrastination might have served me better.

Just days after my deadline beating draft, the world order was upended, tariffs were back in the headlines, stock and bond volatility surged, and political maneuvering made it feel like Q2 started on a completely different footing.

Cue the irony: I finished early... and the world changed before I could hit “send.”

Markets Move. Principles Endure.

At Members' Wealth, we know that headlines shift fast—tariffs, Trump approval ratings, market swings—but principles endure. In fact, enduring principles matter most when the noise is loudest. Here are a few we’re leaning into right now:

• Good beats great when it comes to investing. In self-help books, “good” is often the enemy of “great.” But in investing, "good"—steady returns, controlled risk, and disciplined process—is the goal. Not great (think bursting of a bubble issue).       Not terrible. Just good. Good is what compounds.
• Volatility is not new. After a brief spike, volatility has subsided. That’s healthy. Volatility clears excess, tests conviction, and reminds investors that risk isn’t an abstract concept—it’s the price of participation.
• Rebalancing works. We stay disciplined by opportunistically rebalancing, harvesting losses when available, and positioning for what’s next, not what just happened.
• Politics is noise—but policy matters. Tariff escalations make headlines. Tariff drift (like we’re seeing now) gets less coverage but impacts markets too. We watch policy shifts closely but don’t anchor to politicians’ approval ratings or day-to-day comments.

Where We Stand

The S&P 500 notched a 4% gain last week. Is it a bear market bounce—or something more durable? Time will tell. What matters more is that our strategic long-term positioning doesn’t swing with short-term sentiment, but our quarterly communication pieces might have to be a bit more versatile 😉.

Of note this week: Domestic travel demand is softening; even as international travel remains strong. This shift raises interesting questions about consumer behavior—where spending is happening, and where it isn’t, here at home versus abroad.

Meanwhile, Ukraine-Russia tensions persist, but there are small signs that movement toward a resolution could eventually emerge. Tariff policies, after their initial shock, seem to be sliding quietly toward a new equilibrium—similar to earthquakes followed by smaller, less newsworthy aftershocks.

Trump’s political footing appears shakier, which—ironically—could help stabilize markets. A weaker presidency can sometimes resemble a divided Congress: less action, less uncertainty, and fewer policy surprises after an intense first 100 days.

These are all signals we monitor carefully, but we remain guided by long-term strategy rather than reacting to short-term shifts.

Our preference is the same today as it was last quarter: good, not great. Steady, resilient, durable portfolios. Investing that endures when the world feels noisy.

Final Thought

Markets move fast. Headlines move faster. But principles? Principles don't move.

If you'd like to revisit our Q1 letter to see the full context—and how we set the foundation before the headlines shifted—you can find it here.

In the meantime, we’ll keep doing what we always do: staying disciplined, staying invested, and helping you preserve, grow, endure, and evolve.

Investment strategies, including rebalancing, do not guarantee improved performance and involve risk, including potential loss of principal. Past performance does not guarantee future results.

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. 
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

About the Author

Dane Czaplicki, CFA®

Dane Czaplicki is CEO of Members’ Wealth, a boutique wealth management firm that offers a comprehensive approach to serving individuals, families, business owners, and institutions. The firm’s goal is to preserve and grow its clients’ wealth to endure over time, while thoughtfully evolving its strategy to suit an ever-changing world. With over 20 years of wealth management experience, Dane and the Members' Wealth team thrive on bringing clarity and confidence to clients' unique situations. He believes everyone needs sound financial advice from someone whose interests are aligned with theirs, and is determined to put service before all else.

Dane received his MBA from The Wharton School of Business at the University of Pennsylvania and his bachelor’s degree from Bloomsburg University. Outside work, he enjoys spending time with his wife and kids, hiking and camping, reading, running, and playing with his dog. To learn more about Dane, connect with him on LinkedIn.

To get in touch with the Members’ Wealth team today, I invite you to email info@memberswealthllc.com or call (267) 367-5453. 

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