[{"data":1,"prerenderedAt":3082},["ShallowReactive",2],{"page-/people/glen-strauss":3,"page-/people/brett-cohen":150,"page-/people/nicholas-andrian":231,"page-/people/zico-parmar":294,"page-/people/chelsea-traub":355,"page-/people/luke-mcgrath":411,"page-/people/jonathan-lewis":488,"page-/people/adam-schwartz":573,"page-/people/josh-sehwani":629,"page-/people/emily-c-smith":682,"page-/people/adam-weinstock":752,"page-/people/ej-kahn":841,"page-/people/hank-krakover":904,"page-/people/armen-kesian":959,"page-/people/jack-marsopian":1018,"page-/people/nicolas-suarez":1071,"page-/people/armen-keheyan":1131,"page-/people/barbara-moreno":1200,"page-/people/evan-richardson":1245,"page-/people/eleanor-ellie-weinstock":1320,"page-/people/lonnie-solomon":1385,"page-/people/lavisha-mohanani":1434,"page-/people/tim-day":1500,"page-/people/razmig-der-tavitian":1562,"sanity-header":1626,"sanity-footer":1670,"sanity-our-perspectives-article-paid-to-wait-q-3-2026":1751},{"_id":4,"_rev":5,"_type":6,"avatar":7,"blockText":22,"email":121,"globalSeo":122,"links":9,"name":135,"phone":136,"position":137,"seo":138,"slug":147},"0cf423f4-9e47-4a6d-b156-f9aa7713d543","sGabiXIdYgYZFyCeuY4TVL","person",{"data":8,"type":21},{"altText":9,"asset":10,"bgColor":13,"caption":9,"dimensions":14,"lqip":19,"originalFilename":20},null,{"_ref":11,"_type":12},"image-7b7e5f6b408bded414262e7183011e5a9177a0da-2550x3170-jpg","reference","#bcbcbc",{"_type":15,"aspectRatio":16,"height":17,"width":18},"sanity.imageDimensions",0.804416403785489,3170,2550,"data:image/jpeg;base64,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","Glen Straus SLK.jpg","image",[23,33,41,49,57,66,74,82,90,99,107,114],{"_key":24,"_type":6,"children":25,"markDefs":31,"style":32},"aedf04a21b41",[26],{"_key":27,"_type":28,"marks":29,"text":30},"87921707e247","span",[],"Glen has more than 35 years of experience in the financial advisory industry. With the freedom and flexibility to properly deploy solutions to more fully meet clients’ needs, Evolve works with a select group of high‑net‑worth individuals and families who want to take advantage of the unique background, experience and skills, of the firm’s principals.",[],"normal",{"_key":34,"_type":6,"children":35,"markDefs":40,"style":32},"694e976efe7f",[36],{"_key":37,"_type":28,"marks":38,"text":39},"6fa6f6f41f41",[],"Previously Glen was a Managing Director at Wells Fargo where he co‑founded The Strauss/Lewis/Kahn Wealth Management Group. He also served as a PIM Portfolio Manager, building custom investment strategies and managing equity accounts for clients. His investment experience focuses on fixed income investing with concentration in California municipal bonds as well as government, agency and corporate bonds. Prior to transitioning to a career as a financial advisor in 1983, Glen practiced law as a litigator for several years.",[],{"_key":42,"_type":6,"children":43,"markDefs":48,"style":32},"a6ea52d31dfc",[44],{"_key":45,"_type":28,"marks":46,"text":47},"a6ff20038c42",[],"Glen earned his bachelor’s degree from the University of Illinois, and a JD degree from the Gould School of Law at the University of Southern California. In addition to insurance and law licenses, Glen holds Series63 and 65 licenses.",[],{"_key":50,"_type":6,"children":51,"markDefs":56,"style":32},"737cec328488",[52],{"_key":53,"_type":28,"marks":54,"text":55},"e5b8b03d8ddb",[],"He lives in Santa Monica with his wife Krista, and their two children. Glen also has two adult children and four grandchildren. He is a concert pianist, bassoon player, golf enthusiast and co‑founder of the Santa Monica Mountain Goats, a trail running group.",[],{"_key":58,"_type":6,"children":59,"markDefs":65,"style":32},"4dfd48aedadb",[60],{"_key":61,"_type":28,"marks":62,"text":64},"18ceee526c0c",[63],"strong","Awards and Recognitions",[],{"_key":67,"_type":6,"children":68,"markDefs":73,"style":32},"2c6825ff6b51",[69],{"_key":70,"_type":28,"marks":71,"text":72},"253b9d3aee71",[],"Forbes America's Top Wealth Advisors, 2018–2022, 2024",[],{"_key":75,"_type":6,"children":76,"markDefs":81,"style":32},"8988520e296d",[77],{"_key":78,"_type":28,"marks":79,"text":80},"0cf1edca2c71",[],"Forbes Best‑in‑State Wealth Advisors, 2018–2022, 2024",[],{"_key":83,"_type":6,"children":84,"markDefs":89,"style":32},"37e7ee8663a4",[85],{"_key":86,"_type":28,"marks":87,"text":88},"81f684ac2eb0",[],"Barron's Top 1,200 Financial Advisors, 2014–2020",[],{"_key":91,"_type":6,"children":92,"markDefs":97,"style":98},"8cd3b0b5627c",[93],{"_key":94,"_type":28,"marks":95,"text":96},"16310e32c3c8",[],"",[],"small",{"_key":100,"_type":6,"children":101,"markDefs":106,"style":98},"f293c6234f74",[102],{"_key":103,"_type":28,"marks":104,"text":105},"daa9cc0560c0",[],"Glen Strauss was recognized as a Forbes America's Top Wealth Advisors from 2018–2022 and 2024. Each award was granted in April of the applicable year. Each award was based on data for the 12-month period ending June 30 preceding the April publication date. The Forbes America's Top Wealth Advisors award is created by Forbes Media LLC with the assistance of Shook Research, LLC. The award is based on a proprietary algorithm that combines qualitative (interviews, best practices) and quantitative (assets under management, revenue) data. The ranking focuses on in‑person and virtual interviews, compliance records, and team structure. This recognition does not imply expertise and should not be construed as a guarantee of future performance or client outcomes. No compensation was provided in connection with being considered for this award.",[],{"_key":108,"_type":6,"children":109,"markDefs":113,"style":98},"8b1d74e24d10",[110],{"_key":103,"_type":28,"marks":111,"text":112},[],"\nGlen Strauss was included in the Forbes Best in State Wealth Advisors list from 2018–2022 and 2024, a ranking developed by Forbes Media LLC in collaboration with SHOOK Research, LLC. Each award was granted in April of the applicable award year. Each award was based on data for the 12-month period ending June 30 preceding the April publication date. Advisors are evaluated using a combination of qualitative and quantitative criteria, including factors such as assets under management, revenue trends, industry experience, compliance records, and service practices, and are typically nominated by their firms. This recognition does not imply expertise and should not be construed as a guarantee of future performance or client outcomes. No compensation was provided in connection with receiving this award.",[],{"_key":115,"_type":6,"children":116,"markDefs":120,"style":98},"dbdc99b24d74",[117],{"_key":103,"_type":28,"marks":118,"text":119},[],"\nGlen Strauss was awarded Barron's \"Top 1,200 Financial Advisors\" from 2014–2020. Each award was granted in March of the applicable year. Each award was based on data for the 12-month period ending September 30 preceding the March publication date. Barron's bases its ratings on qualitative criteria provided by a survey of more than 100 questions and verified through regulatory data, which provide a ranking framework. Additional criteria reviewed include experience, acceptable compliance records, formal succession plans, high client retention, advanced degrees and industry designations, the size and shape of their teams, and philanthropic work. Because individual client portfolio performance varies and is typically unaudited, this rating focuses on customer satisfaction and quality of advice. The rating may not be representative of all client experiences. This recognition does not imply expertise and should not be construed as a guarantee of future performance or client outcomes. No compensation was provided in connection with receiving this award.\n",[],"glen@evolvepw.com",{"description":123,"image":124,"title":134},"A private wealth firm that architects legacies built to last. Through a mix of world‑class financial expertise and thoughtful collaboration, we’re a life‑long partner with long‑term thinking.\n\n",{"altText":9,"asset":125,"bgColor":127,"caption":9,"dimensions":128,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},"image-aa87f5e20d80119848446ca1d58a014c6fbac7ce-1200x675-jpg","#19110a",{"_type":15,"aspectRatio":129,"height":130,"width":131},1.7777777777777777,675,1200,"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAALABQDASIAAhEBAxEB/8QAGAAAAwEBAAAAAAAAAAAAAAAAAAQFAQf/xAAfEAACAgIDAAMAAAAAAAAAAAABAgAEBVEDERITMUH/xAAVAQEBAAAAAAAAAAAAAAAAAAABBP/EABURAQEAAAAAAAAAAAAAAAAAAAAR/9oADAMBAAIRAxEAPwDtObuW6fAj0qZtMT0yhuuhuSauczHNYVGw5VCwBb5Pofplz02zM9HchqmHYRP02zCFMf/Z","seo.jpg","Evolve Private Wealth | Adaptive Wealth –– Enduring legacy.","Glen Strauss","(424) 500 4602","Managing Partner",{"_type":139,"createdAt":140,"description":141,"image":142,"noindex":145,"title":135,"updatedAt":146},"seo","2025-12-03T19:36:23Z","With more than 35 years of experience in the financial advisory industry, Glen Strauss co-founded Evolve Private Wealth in 2022 in order to better serve clients on a truly independent platform.",{"altText":9,"asset":143,"bgColor":13,"caption":9,"dimensions":144,"lqip":19,"originalFilename":20},{"_ref":11,"_type":12},{"_type":15,"aspectRatio":16,"height":17,"width":18},false,"2026-05-10T16:02:48Z",{"_type":148,"current":149},"slug","/people/glen-strauss",{"_id":151,"_rev":152,"_type":6,"avatar":153,"blockText":164,"email":212,"globalSeo":213,"links":217,"name":222,"phone":223,"position":137,"seo":224,"slug":229},"3571be1b-428e-47a7-b4f5-b5d5e419198e","EHaCND9v0u9aDEC8cZcFNg",{"data":154,"type":21},{"altText":9,"asset":155,"bgColor":157,"caption":9,"dimensions":158,"lqip":162,"originalFilename":163},{"_ref":156,"_type":12},"image-3a9191c1553012a9077cc6fedfce2072f4b45357-2452x3077-webp","#747474",{"_type":15,"aspectRatio":159,"height":160,"width":161},0.79688007799805,3077,2452,"data:image/jpeg;base64,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","brett-cohen-2.webp",[165,173,181,204],{"_key":166,"_type":6,"children":167,"markDefs":172,"style":32},"6e693adb2722",[168],{"_key":169,"_type":28,"marks":170,"text":171},"3f878a62a864",[],"Brett Cohen is a Managing Partner at Evolve Private Wealth, working with entrepreneurs, founders, and multi-generational families on planning and complex financial decisions. Much of his work centers on liquidity events, business transitions, and helping clients bring structure and clarity to increasingly complicated financial lives.",[],{"_key":174,"_type":6,"children":175,"markDefs":180,"style":32},"1a69af37610e",[176],{"_key":177,"_type":28,"marks":178,"text":179},"6354a225fbf9",[],"Before joining Evolve, Brett spent nearly a decade at Morgan Stanley within the firm’s Private Wealth Management division, where he built his practice from the ground up. He advised ultra-high-net-worth families, took on increasingly complex relationships, and grew primarily through client trust and referrals. Always with a relationship first approach, Brett was selective and strategic, working closely with a small group of families who valued discretion, sound judgment, and long-term partnership.",[],{"_key":182,"_type":6,"children":183,"markDefs":203,"style":32},"7797dfa8aea6",[184,188,192,196,199],{"_key":185,"_type":28,"marks":186,"text":187},"804cfbf2e200",[],"Brett holds the Certified Private Wealth Advisor",{"_key":189,"_type":28,"marks":190,"text":191},"217dd23a249c",[63],"®",{"_key":193,"_type":28,"marks":194,"text":195},"5eb2a09ad14e",[]," (CPWA",{"_key":197,"_type":28,"marks":198,"text":191},"af16791edc33",[63],{"_key":200,"_type":28,"marks":201,"text":202},"a1e513e4f3c7",[],") designation, which focuses exclusively on advising ultra-high-net-worth individuals and families. His approach is personal and long-term, shaped by the belief that wealth decisions should simplify life rather than add unnecessary complexity. He earned a Bachelor of Science in Finance from Indiana University’s Kelley School of Business.",[],{"_key":205,"_type":6,"children":206,"markDefs":211,"style":32},"451c60bdcfff",[207],{"_key":208,"_type":28,"marks":209,"text":210},"a7b280c43e68",[],"Brett lives in New York City with his wife, Julia, and their Bernedoodle, Archie. He is an avid padel player and serves on the Board of the Alzheimer’s Foundation of America.",[],"brett@evolvepw.com ",{"description":123,"image":214,"title":134},{"altText":9,"asset":215,"bgColor":127,"caption":9,"dimensions":216,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[218],{"_key":219,"link":220,"linkText":221},"cec9be579f88","https://www.linkedin.com/in/brett-a-cohen/","LinkedIn","Brett Cohen, CPWA®","(646) 809-5057",{"_type":139,"createdAt":225,"description":226,"image":9,"noindex":145,"title":227,"updatedAt":228},"2026-02-07T18:43:58Z","Brett Cohen is a Managing Partner at Evolve Private Wealth.","Brett Cohen, CPWA","2026-02-14T05:06:46Z",{"_type":148,"current":230},"/people/brett-cohen",{"_id":232,"_rev":233,"_type":6,"avatar":234,"blockText":244,"email":277,"globalSeo":278,"links":282,"name":286,"phone":287,"position":288,"seo":289,"slug":292},"39fc1648-a99f-40cf-98b7-b797ee72d5e2","5AKsOGTR4Bo2gSi6RQrh1B",{"data":235,"type":21},{"altText":9,"asset":236,"bgColor":238,"caption":9,"dimensions":239,"lqip":242,"originalFilename":243},{"_ref":237,"_type":12},"image-e9ff6935a432484753d56774209f6621ee040687-2550x3223-webp","#787878",{"_type":15,"aspectRatio":240,"height":241,"width":18},0.7911883338504498,3223,"data:image/jpeg;base64,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","Nicholas Sketch.webp",[245,253,261,269],{"_key":246,"_type":6,"children":247,"markDefs":252,"style":32},"a8ea5c0663b4",[248],{"_key":249,"_type":28,"marks":250,"text":251},"cefb7fb133f6",[],"Nicholas Andrian is a Senior Associate, Data Analytics, at Evolve Private Wealth, where he supports the firm’s operations and performance reporting functions. In this role, he plays an active part in strengthening internal infrastructure, enhancing reporting processes, and driving operational efficiencies that support the firm’s continued growth and client service platform.",[],{"_key":254,"_type":6,"children":255,"markDefs":260,"style":32},"b9cbbd703f1a",[256],{"_key":257,"_type":28,"marks":258,"text":259},"141d1472b736",[],"Prior to joining Evolve Private Wealth, Nicholas was a Senior Associate at Evoke Advisors, a division of MAI Capital Management, a multi-family-office RIA managing over $28 billion in assets under management. There, he worked closely with ultra-high-net-worth clients, supported firmwide strategic initiatives, and contributed to the integration of systems and processes during the firm’s merger with MAI Capital Management.",[],{"_key":262,"_type":6,"children":263,"markDefs":268,"style":32},"8d7ee40d0ecf",[264],{"_key":265,"_type":28,"marks":266,"text":267},"4a39803b339e",[],"Nicholas holds a bachelor’s degree in political science from Dickinson College, where he attended with a full-tuition scholarship through The Posse Foundation. He also holds an active Series 65 license.",[],{"_key":270,"_type":6,"children":271,"markDefs":276,"style":32},"0376ebf046c6",[272],{"_key":273,"_type":28,"marks":274,"text":275},"9141983a4c1e",[],"Outside of work, Nicholas enjoys hiking and backpacking, attending live music events, and exploring local coffee shops in search of the best pour-over.",[],"nicholas@evolvepw.com",{"description":123,"image":279,"title":134},{"altText":9,"asset":280,"bgColor":127,"caption":9,"dimensions":281,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[283],{"_key":284,"link":285,"linkText":221},"82907e611c2d","https://www.linkedin.com/in/nicholasandrian","Nicholas Andrian","(424) 276‑2015","Senior Associate, Data Analytics",{"_type":139,"createdAt":290,"image":9,"noindex":145,"title":286,"updatedAt":291},"2026-04-14T22:14:31Z","2026-05-05T04:03:49Z",{"_type":148,"current":293},"/people/nicholas-andrian",{"_id":295,"_rev":296,"_type":6,"avatar":297,"blockText":308,"email":338,"globalSeo":339,"links":343,"name":347,"phone":348,"position":349,"seo":350,"slug":353},"432cc4b0-51bd-4f44-8811-df8ad9b3f21b","7g9Bqc3lSnpif8dCjDe5yT",{"data":298,"type":21},{"altText":9,"asset":299,"bgColor":301,"caption":9,"dimensions":302,"lqip":306,"originalFilename":307},{"_ref":300,"_type":12},"image-6d04f8238f4f7714028c787b8346ca743c6d4ad3-1800x2139-webp","#7c7c7c",{"_type":15,"aspectRatio":303,"height":304,"width":305},0.8415147265077139,2139,1800,"data:image/jpeg;base64,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","ZicoFINAL2.webp",[309,317,324,331],{"_key":310,"_type":6,"children":311,"markDefs":316,"style":32},"c405492e6e94",[312],{"_key":313,"_type":28,"marks":314,"text":315},"de0f30009f6a",[],"Zico S. Parmar is the Chief Operating Officer and Chief Compliance Officer of Evolve Private Wealth, where he leads the firm’s enterprise operating platform and oversees strategic initiatives that support the continued growth of the business. With more than 15 years of experience in the wealth management industry, he has worked extensively with ultra-high-net-worth clients, building and scaling wealth management platforms that enable firms to grow while maintaining exceptional client service.",[],{"_key":318,"_type":6,"children":319,"markDefs":323,"style":32},"b2b823736b0c",[320],{"_key":313,"_type":28,"marks":321,"text":322},[],"Prior to joining Evolve Private Wealth, Zico served as Managing Director at IEQ Capital, a multi-family-office RIA managing over $42 billion in assets under management. Earlier in his career, he spent six years with First Republic Investment Management – Luminous, where he helped develop operational infrastructure including CRM systems, performance reporting, and automation initiatives.",[],{"_key":325,"_type":6,"children":326,"markDefs":330,"style":32},"7a8bd0d050d0",[327],{"_key":313,"_type":28,"marks":328,"text":329},[],"Zico holds a Bachelor of Science in Finance and Business Administration from San Francisco State University.",[],{"_key":332,"_type":6,"children":333,"markDefs":337,"style":32},"54cf0164a1ff",[334],{"_key":313,"_type":28,"marks":335,"text":336},[],"Outside of work, he enjoys traveling with his wife Navdeep, spending time with his mother Kamal and their dwarf pug Franky, watching San Francisco 49ers football, competing in fantasy football, and unwinding with video games.",[],"zico@evolvepw.com ",{"description":123,"image":340,"title":134},{"altText":9,"asset":341,"bgColor":127,"caption":9,"dimensions":342,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[344],{"_key":345,"link":346,"linkText":221},"a38984cda521","https://www.linkedin.com/in/zico-s-parmar-1a5a4a3a/","Zico Parmar","(424) 500-4613","Chief Operating Officer, Chief Compliance Officer",{"_type":139,"createdAt":351,"image":9,"noindex":145,"title":347,"updatedAt":352},"2026-03-04T05:43:59Z","2026-05-18T17:59:53Z",{"_type":148,"current":354},"/people/zico-parmar",{"_id":356,"_rev":357,"_type":6,"avatar":358,"blockText":369,"email":394,"globalSeo":395,"links":399,"name":403,"phone":404,"position":405,"seo":406,"slug":409},"4451604e-7c9c-4bb4-9d19-2276ffd5b417","dDTrGlfCr5aAttrAv6Fv3T",{"data":359,"type":21},{"altText":9,"asset":360,"bgColor":362,"caption":9,"dimensions":363,"lqip":367,"originalFilename":368},{"_ref":361,"_type":12},"image-688f9a043ce7c9b89bb8c4c0ac019a511380dfec-1600x2008-webp","#818181",{"_type":15,"aspectRatio":364,"height":365,"width":366},0.796812749003984,2008,1600,"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABQAAAAZCAYAAAAxFw7TAAAACXBIWXMAAAPoAAAD6AG1e1JrAAADLElEQVR4nK2V2UtqURTGzz/eU9BrBD1UEEQPBVZYJGlxDtk8WU4NNplNNmdlg5r5xW9xj9zG24WEjQfP3t/6hrW2jn7543z38vn5Wff397q+vtbt7a2enp5UrVb/H7BWq9nhk5MTxeNxjY+Pa35+Xjs7O7q6ulK5XLY9PwKs/QE7ODjQ7OysQqGQBgYGFIlENDMzo3Q6bYUA/RFgtVrVxcWFlpaWFA6HNT09rUwmo93dXWNLEUALhcKnLJ33P5RKJe3v79tBGB0dHRmbSqWifD6vxcVFLSws2J7PWDrv5T48PJhc2KyurtY9o9DZ2ZkSiYQBbmxs6O7u7ntA5BaLRWO1trZmgEg9PT3V8fGxUsmUWQB7gC8vL/Xy8vJvwMPDQ62vrxsL/MvlcpYwcqempswKnpFdKpW+BqTvkAHg1taWeXZ+fm5SYQjA9va2BTY3N2cKCu/CeQNINZoYDzlIe/hy9/b2DDCbzSoWixkgsvP5vAX2ARAvfP82NzeVTCZNMkAUQDI2+KGw2JPL5SxIn6Xzt3/Qx7PJyUkNDQ3Jcz1jhPkUAszzPAsGlvRjNps1Vdj1KWAqlVIgEFBbW5tNCF7e3NyYNAr19vbKdV0tLy9bgUwmY5YwXW8A6TU8Y2Z7enrU3d2tSDhivmEFgCTc1dWlvr4+m2/SjsVi5jdFIeXgHeiYz0uk9vf3a2RkRBMTEyaVsEgfDynW3Nysjo4OU+C6bj0ccByqw4JWAIQDg4ODJo8kecfGSrli7TM2NqampiY1NDSotbVVwWDQ9hEOLB0eAMNsbhb841KgcVdWVixd2AHIN8l2dnaqsbFRLS0tVhxA9nGpOCSFNEBYlq7nGRhSkMk8wxJACPC+vb3dVigUMt9pNWQ79BryAGMjspHF5UDiLKRiDQzwmjMwI6Dh4WFTSL/SXg6b2EAVhj4ajdaN5oIAkPRpKcA4xDf7AR0dHTUV9CLhOf7/BofwgflkCrCCdqAPAYAhoBjPM9ODLel02pgzfkxLvQ8BZoQ4QKtwACAuB4Cojo+Pj4+2l2//z8ufkg+Xgz/TVOMwze7f1vzuL5iw/Ocvr6/f+LwCnQIq/cfbKIQAAAAASUVORK5CYII=","Chelsea Sketch.webp",[370,378,386],{"_key":371,"_type":6,"children":372,"markDefs":377,"style":32},"e30be35cb20a",[373],{"_key":374,"_type":28,"marks":375,"text":376},"0c48d78c7527",[],"Chelsea Traub is an Associate Director at Evolve Private Wealth, where she drives relationship framework and strategic service initiatives. With over ten years of industry expertise, Chelsea has dedicated her career to delivering a seamless, elevated experience for affluent families and business leaders.",[],{"_key":379,"_type":6,"children":380,"markDefs":385,"style":32},"8cd28450dff1",[381],{"_key":382,"_type":28,"marks":383,"text":384},"25193a5a68ef",[],"Chelsea’s career is built on a strong foundation within established financial institutions. She previously served as a Client Service Manager at SEIA, where she optimized client engagement strategies across her team’s advisory practice. Before SEIA, she was an Investment Associate at RBC Wealth Management, focusing on portfolio research and credit solutions for high-net-worth individuals. She began her wealth management career at JP Morgan Private Bank’s Financial Institutions Group, supporting day-to-day operations to facilitate services for hedge fund founders and ultra-high-net-worth families.",[],{"_key":387,"_type":6,"children":388,"markDefs":393,"style":32},"0821c69a970d",[389],{"_key":390,"_type":28,"marks":391,"text":392},"5c2cbe14dda4",[],"She earned a degree in Finance from Iona College and maintains her Series 7 and 66 licenses. Outside of her professional life, Chelsea enjoys spending time with her family, biking, hiking, and participating in local volunteer and community work.",[],"chelsea@evolvepw.com",{"description":123,"image":396,"title":134},{"altText":9,"asset":397,"bgColor":127,"caption":9,"dimensions":398,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[400],{"_key":401,"link":402,"linkText":221},"61b01a783168","https://www.linkedin.com/in/chelsea-traub-62b7b76b/","Chelsea Traub","(424) 276-2012","Associate Director",{"_type":139,"createdAt":407,"image":9,"noindex":145,"title":403,"updatedAt":408},"2026-06-02T03:42:36Z","2026-06-05T21:07:54Z",{"_type":148,"current":410},"/people/chelsea-traub",{"_id":412,"_rev":413,"_type":6,"avatar":414,"blockText":422,"email":470,"globalSeo":471,"links":475,"name":479,"phone":480,"position":481,"seo":482,"slug":486},"45c70dfc-c048-4a7b-8934-4e1231102b4e","olTqzDRSR34lQN9Mr940GB",{"data":415,"type":21},{"altText":9,"asset":416,"bgColor":418,"caption":9,"dimensions":419,"lqip":420,"originalFilename":421},{"_ref":417,"_type":12},"image-1f61eea014d4937a19ea2d0f0dbbf11ebb9cba61-2452x3077-webp","#888888",{"_type":15,"aspectRatio":159,"height":160,"width":161},"data:image/jpeg;base64,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","luke-mcgrath.webp",[423,431,446,454,462],{"_key":424,"_type":6,"children":425,"markDefs":430,"style":32},"54698e514f2f",[426],{"_key":427,"_type":28,"marks":428,"text":429},"4fba0991f382",[],"Luke McGrath is a Client Relationship Manager at Evolve Private Wealth, based in the New York City office. He works closely with clients and their families, helping them navigate every aspect of the wealth management process.",[],{"_key":432,"_type":6,"children":433,"markDefs":445,"style":32},"a079a17e33b9",[434,438,441],{"_key":435,"_type":28,"marks":436,"text":437},"f46982c5557b",[],"As a Certified Financial Planner",{"_key":439,"_type":28,"marks":440,"text":191},"a4bb28794d5d",[63],{"_key":442,"_type":28,"marks":443,"text":444},"85e2388bb4a4",[],", a standard of excellence in the industry, Luke specializes in optimizing clients’ wealth strategies across investment, tax and estate planning. He takes pride in providing excellent client service with an emphasis on fast and effective communication, drawing on his years as a journalist in breaking news at Bloomberg.",[],{"_key":447,"_type":6,"children":448,"markDefs":453,"style":32},"6d3aa1503d2b",[449],{"_key":450,"_type":28,"marks":451,"text":452},"0521918d291e",[],"Prior to joining Evolve, Luke worked at Morgan Stanley for three years, sharpening his skills in all things capital markets, particularly trading, investment screening and asset allocation.",[],{"_key":455,"_type":6,"children":456,"markDefs":461,"style":32},"82e2262b5bdd",[457],{"_key":458,"_type":28,"marks":459,"text":460},"46ee68f18573",[],"Originally from Albany, New York, Luke now calls Greenpoint, Brooklyn, his home. He is an avid golfer, loves cheering on his favorite sports teams (especially the Mets), and jumps at any chance he gets to experience live music. Luke earned his bachelor's degree from the Newhouse School at Syracuse University.",[],{"_key":463,"_type":6,"children":464,"markDefs":469,"style":32},"f64b37aa4938",[465],{"_key":466,"_type":28,"marks":467,"text":468},"b5b65da63b26",[],"\n",[],"luke@evolvepw.com",{"description":123,"image":472,"title":134},{"altText":9,"asset":473,"bgColor":127,"caption":9,"dimensions":474,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[476],{"_key":477,"link":478,"linkText":221},"693e3873003e","https://www.linkedin.com/in/mcgrath-luke/","Luke McGrath, CFP®","(646) 809-5058","Associate Director, Relationship Manager",{"_type":139,"createdAt":483,"description":484,"image":9,"noindex":145,"title":479,"updatedAt":485},"2026-02-10T23:15:01Z","Luke McGrath is a Client Relationship Manager at Evolve Private Wealth.","2026-05-14T04:57:01Z",{"_type":148,"current":487},"/people/luke-mcgrath",{"_id":489,"_rev":490,"_type":6,"avatar":491,"blockText":500,"email":556,"globalSeo":557,"links":561,"name":565,"phone":566,"position":137,"seo":567,"slug":571},"59d9d138-f4f7-42c9-b4ba-c1edc76873ab","P0dduyD2z2Iem91rvBscPy",{"data":492,"type":21},{"altText":9,"asset":493,"bgColor":362,"caption":9,"dimensions":495,"lqip":498,"originalFilename":499},{"_ref":494,"_type":12},"image-cf6f800c9b1d45dfa27b7aaca064d1419c6c3ea8-2550x3132-jpg",{"_type":15,"aspectRatio":496,"height":497,"width":18},0.814176245210728,3132,"data:image/jpeg;base64,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","JonathanLewis2 SLK.jpg",[501,509,517,525,533,540,548],{"_key":502,"_type":6,"children":503,"markDefs":508,"style":32},"a8654e7b365f",[504],{"_key":505,"_type":28,"marks":506,"text":507},"4e645c872f40",[],"Jonathan Lewis has spent over 30 years providing clients with insightful, independent and individualized wealth management and investment planning advice. He specializes in helping self‑made people grow and preserve their assets while focusing on their personal and financial goals. As a relationship‑driven advisor, Jonathan helps guide clients through the practical and emotional elements of the planning process, drawing out essential details that enhance his investment selection and advice. More than just an investment advisor, Jonathan earned his CPA certificate in 1980, although he is no longer a practicing accountant.",[],{"_key":510,"_type":6,"children":511,"markDefs":516,"style":32},"db09f6b34f23",[512],{"_key":513,"_type":28,"marks":514,"text":515},"01decfbc415a",[],"Prior to Evolve, Jonathan was a senior PIM portfolio manager at Wells Fargo Advisors, where he worked for 22 years. Previously he was an advisor at Smith Barney for seven years.",[],{"_key":518,"_type":6,"children":519,"markDefs":524,"style":32},"aab07882d081",[520],{"_key":521,"_type":28,"marks":522,"text":523},"c6f2e21f9b00",[],"Jonathan is a graduate of Southampton University, England, where he earned a Bachelor of Social Science degree in Law and Accounting. He also earned an MBA from UCLA in 1983 in Finance.",[],{"_key":526,"_type":6,"children":527,"markDefs":532,"style":32},"71c7c8f3c55e",[528],{"_key":529,"_type":28,"marks":530,"text":531},"c4cf9074c11d",[],"Jonathan lives in Cheviot Hills with his wife, Elinor, and his two children. He is an avid golfer and tennis player.",[],{"_key":534,"_type":6,"children":535,"markDefs":539,"style":32},"e9187226a9f3",[536],{"_key":537,"_type":28,"marks":538,"text":64},"61ae998a62ef",[63],[],{"_key":541,"_type":6,"children":542,"markDefs":547,"style":32},"c99e22606dee",[543],{"_key":544,"_type":28,"marks":545,"text":546},"8b8f3c3618ff",[],"Forbes Best‑in‑State Wealth Advisors, 2018, 2019, 2021, 2022",[],{"_key":549,"_type":6,"children":550,"markDefs":555,"style":98},"22ae67061f08",[551],{"_key":552,"_type":28,"marks":553,"text":554},"65d233c771ac",[],"Jonathan Lewis was included in the Forbes Best in State Wealth Advisors list in 2018, 2019, 2021, and 2022, a ranking developed by Forbes Media LLC in collaboration with SHOOK Research, LLC. Each award was granted in April of the applicable award year. Each award was based on data for the 12-month period ending June 30 preceding the April publication date. Advisors are evaluated using a combination of qualitative and quantitative criteria, including factors such as assets under management, revenue trends, industry experience, compliance records, and service practices, and are typically nominated by their firms. This recognition does not imply expertise and should not be construed as a guarantee of future performance or client outcomes. No compensation was provided in connection with receiving this award.",[],"jonathan@evolvepw.com",{"description":123,"image":558,"title":134},{"altText":9,"asset":559,"bgColor":127,"caption":9,"dimensions":560,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[562],{"_key":563,"link":564,"linkText":221},"1f9159c5178d","https://www.linkedin.com/in/jonathanalewiswfadvisors/","Jonathan Lewis","(424) 500 4603",{"_type":139,"createdAt":568,"description":569,"image":9,"noindex":145,"title":565,"updatedAt":570},"2025-12-03T18:50:56Z","Jonathan Lewis has spent nearly 30 years providing clients with insightful, independent and individualized wealth management and investment planning advice.","2026-05-10T16:03:31Z",{"_type":148,"current":572},"/people/jonathan-lewis",{"_id":574,"_rev":575,"_type":6,"avatar":576,"blockText":585,"email":609,"globalSeo":610,"links":614,"name":618,"phone":619,"position":620,"seo":621,"slug":627},"661fff9b-9f09-4ade-a945-fccbdebd2cbe","sckACfU4tqvXhuaarHUZWd",{"data":577,"type":21},{"altText":9,"asset":578,"bgColor":238,"caption":9,"dimensions":580,"lqip":583,"originalFilename":584},{"_ref":579,"_type":12},"image-5b9d94698fd52b587933272fd73515e9df1cd667-2550x3165-jpg",{"_type":15,"aspectRatio":581,"height":582,"width":18},0.8056872037914692,3165,"data:image/jpeg;base64,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","AdamSchwartzFINAL.jpg",[586,594,601],{"_key":587,"_type":6,"children":588,"markDefs":593,"style":32},"3a6d47c0ee5d",[589],{"_key":590,"_type":28,"marks":591,"text":592},"20703718464f",[],"Adam is an Associate in Investment Operations & Data Analytics at Evolve, where he supports the firm's investment research, operational processes, and data-driven initiatives to help ensure accuracy and efficiency across client portfolios.",[],{"_key":595,"_type":6,"children":596,"markDefs":600,"style":32},"bf254fa46b19",[597],{"_key":590,"_type":28,"marks":598,"text":599},[],"Prior to joining Evolve, Adam earned a BBA in Finance, Investment & Banking from the Wisconsin School of Business at the University of Wisconsin-Madison. He holds the Series 65 qualification and continues to expand his expertise in investment research and portfolio management. ",[],{"_key":602,"_type":6,"children":603,"markDefs":608,"style":32},"0ed4723b4db8",[604],{"_key":605,"_type":28,"marks":606,"text":607},"389c169547ed",[],"Outside of work, Adam enjoys playing tennis, watching sports, and exploring new restaurants.",[],"adam.schwartz@evolvepw.com",{"description":123,"image":611,"title":134},{"altText":9,"asset":612,"bgColor":127,"caption":9,"dimensions":613,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[615],{"_key":616,"link":617,"linkText":221},"b3a6658e2b70","https://www.linkedin.com/in/adam-schwartz-214b04224/","Adam Schwartz","(424) 276 2009","Associate, Investment Ops & Data Analytics",{"_type":139,"createdAt":622,"image":623,"noindex":145,"title":618,"updatedAt":626},"2025-12-03T18:55:17Z",{"altText":9,"asset":624,"bgColor":238,"caption":9,"dimensions":625,"lqip":583,"originalFilename":584},{"_ref":579,"_type":12},{"_type":15,"aspectRatio":581,"height":582,"width":18},"2026-07-27T19:13:33Z",{"_type":148,"current":628},"/people/adam-schwartz",{"_id":630,"_rev":631,"_type":6,"avatar":632,"blockText":641,"email":665,"globalSeo":666,"links":9,"name":670,"phone":671,"position":672,"seo":673,"slug":680},"6a3180c1-9263-41fb-9e51-10330a927b58","S9HZoLlurMjBx3cI2GTB4K",{"data":633,"type":21},{"altText":9,"asset":634,"bgColor":157,"caption":9,"dimensions":636,"lqip":639,"originalFilename":640},{"_ref":635,"_type":12},"image-2a247246f0dac50fadcc80f00bed9cc6e041f1f2-2550x3149-jpg",{"_type":15,"aspectRatio":637,"height":638,"width":18},0.8097808828199429,3149,"data:image/jpeg;base64,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","JoshSehwaniFINAL.jpg",[642,650,657],{"_key":643,"_type":6,"children":644,"markDefs":649,"style":32},"d99ada7bb552",[645],{"_key":646,"_type":28,"marks":647,"text":648},"e6ed2b64cd21",[],"Josh Sehwani is an Associate at Evolve Private Wealth, where he supports the day-to-day operations that keep client accounts running smoothly, as well as the planning and customization tailored to each client’s unique financial situation. He works closely with Evolve’s partners on client onboarding, account operations, and ongoing service needs.",[],{"_key":651,"_type":6,"children":652,"markDefs":656,"style":32},"4063f2ea4422",[653],{"_key":646,"_type":28,"marks":654,"text":655},[],"Josh holds the Series 65 license and earned a Bachelor of Science from San Francisco State University, with coursework focused on management and process modeling.",[],{"_key":658,"_type":6,"children":659,"markDefs":664,"style":32},"f3fae9de3645",[660],{"_key":661,"_type":28,"marks":662,"text":663},"20886f28338b",[],"Originally from Los Angeles, California, Josh enjoys snowboarding, golfing, trying new restaurants, and spending time with his dog at the park or beach.",[],"josh@evolvepw.com",{"description":123,"image":667,"title":134},{"altText":9,"asset":668,"bgColor":127,"caption":9,"dimensions":669,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},"Josh Sehwani","(424) 276 2008","Associate",{"_type":139,"createdAt":674,"description":675,"image":676,"noindex":145,"title":670,"updatedAt":679},"2025-12-03T19:41:05Z","Joshua is a dedicated data scientist with a strong commitment to meeting all client needs. ",{"altText":9,"asset":677,"bgColor":157,"caption":9,"dimensions":678,"lqip":639,"originalFilename":640},{"_ref":635,"_type":12},{"_type":15,"aspectRatio":637,"height":638,"width":18},"2026-09-23T23:24:48Z",{"_type":148,"current":681},"/people/josh-sehwani",{"_id":683,"_rev":684,"_type":6,"avatar":685,"blockText":694,"email":735,"globalSeo":736,"links":740,"name":744,"phone":745,"position":746,"seo":747,"slug":750},"738a163e-c523-43da-b05e-312c2b93a298","rOPDSZ3LTBkGLzTcNsKScS",{"data":686,"type":21},{"altText":9,"asset":687,"bgColor":157,"caption":9,"dimensions":689,"lqip":692,"originalFilename":693},{"_ref":688,"_type":12},"image-4540090093bddd620d9ea4260e01478c709966ac-1600x2071-webp",{"_type":15,"aspectRatio":690,"height":691,"width":366},0.7725736359246741,2071,"data:image/jpeg;base64,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","EmilySmithFINAL2.webp",[695,703,711,719,727],{"_key":696,"_type":6,"children":697,"markDefs":702,"style":32},"19f7116208b1",[698],{"_key":699,"_type":28,"marks":700,"text":701},"bca340bf2038",[],"Emily C. Smith is Director of Wealth Strategy at Evolve Private Wealth, advising individuals and families on complex financial decisions and long-term planning. With more than 15 years of experience, she develops tax-efficient strategies across wealth preservation, estate planning, and intergenerational transfer, helping clients align their plans with evolving needs, including liquidity events, family changes, and long-term goals.",[],{"_key":704,"_type":6,"children":705,"markDefs":710,"style":32},"2aef62995349",[706],{"_key":707,"_type":28,"marks":708,"text":709},"f83861fde287",[],"Emily is known for her ability to distill complex financial decisions into clear, actionable strategies grounded in what matters most to her clients. By building strong, personal relationships, she becomes a trusted sounding board, helping clients navigate both the financial and personal aspects of their decisions.",[],{"_key":712,"_type":6,"children":713,"markDefs":718,"style":32},"09c2511455f7",[714],{"_key":715,"_type":28,"marks":716,"text":717},"944667be057a",[],"Prior to joining Evolve Private Wealth, Emily held roles at Williams Jones Wealth Management, Lenox Wealth Advisors, and BNY Mellon, advising high-net-worth individuals and families.",[],{"_key":720,"_type":6,"children":721,"markDefs":726,"style":32},"9ea3686465ae",[722],{"_key":723,"_type":28,"marks":724,"text":725},"26ab91cc4a38",[],"She earned her degree from Fordham University and holds the CERTIFIED FINANCIAL PLANNER® designation.",[],{"_key":728,"_type":6,"children":729,"markDefs":734,"style":32},"bc59cdb2ed32",[730],{"_key":731,"_type":28,"marks":732,"text":733},"40dc6b2feffb",[],"Emily lives in New York City with her husband, Steve, and their daughter. Outside of work, she enjoys cooking, trying new restaurants, spending time with family and friends, and keeping up with her toddler.",[],"emily@evolvepw.com",{"description":123,"image":737,"title":134},{"altText":9,"asset":738,"bgColor":127,"caption":9,"dimensions":739,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[741],{"_key":742,"link":743,"linkText":221},"b3673e99c854","https://www.linkedin.com/in/emilyciotoli/","Emily C. Smith, CFP®, CEPA®","(646) 809‑7375","Director of Wealth Strategy",{"_type":139,"createdAt":748,"image":9,"noindex":145,"title":744,"updatedAt":749},"2026-04-02T21:34:23Z","2026-04-06T21:20:14Z",{"_type":148,"current":751},"/people/emily-c-smith",{"_id":753,"_rev":754,"_type":6,"avatar":755,"blockText":765,"email":823,"globalSeo":824,"links":828,"name":832,"phone":833,"position":137,"seo":834,"slug":839},"828c8123-6b7c-4f0a-bb70-d78c7896357e","sGabiXIdYgYZFyCeuY4Woi",{"data":756,"type":21},{"altText":9,"asset":757,"bgColor":759,"caption":9,"dimensions":760,"lqip":763,"originalFilename":764},{"_ref":758,"_type":12},"image-585502c04250ad99bcdb45549d6fee77ec229a12-2550x3300-jpg","#b8b8b8",{"_type":15,"aspectRatio":761,"height":762,"width":18},0.7727272727272727,3300,"data:image/jpeg;base64,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","AdamWeinstock2SLK.jpg",[766,774,782,790,807,815],{"_key":767,"_type":6,"children":768,"markDefs":773,"style":32},"6ee984e01355",[769],{"_key":770,"_type":28,"marks":771,"text":772},"5a30d7f8ef39",[],"Adam Weinstock is a Managing Partner at Evolve Private Wealth, advising entrepreneurs, founders, entertainers and multi-generational families on complex financial decisions and long-term wealth strategy. His approach is centered on sophisticated investment planning, wealth preservation, and guiding clients through pivotal moments such as liquidity events, business transitions, and generational wealth transfer with precision and discretion.",[],{"_key":775,"_type":6,"children":776,"markDefs":781,"style":32},"1d7805234464",[777],{"_key":778,"_type":28,"marks":779,"text":780},"314b253b66fd",[],"Adam helps clients build, manage, protect, and transition wealth, working in close collaboration with their trusted advisors, including business managers, CPAs, and estate planning attorneys. He takes a highly selective, relationship-driven approach, partnering with families who value thoughtful judgment, confidentiality, and long-term alignment.",[],{"_key":783,"_type":6,"children":784,"markDefs":789,"style":32},"c0c3ff7142fd",[785],{"_key":786,"_type":28,"marks":787,"text":788},"7ffc498798d3",[],"Adam is a CERTIFIED FINANCIAL PLANNER™ professional and advises across all aspects of wealth management, including investment management, tax-efficient strategies, retirement income planning, estate planning, and legacy planning.",[],{"_key":791,"_type":6,"children":792,"markDefs":806,"style":32},"eb164904a170",[793,797,802],{"_key":794,"_type":28,"marks":795,"text":796},"07df52a16cab",[],"Adam has been recognized by ",{"_key":798,"_type":28,"marks":799,"text":801},"00ac91398ae6",[800],"em","Forbes",{"_key":803,"_type":28,"marks":804,"text":805},"836fca838625",[]," as a Top Next-Gen Wealth Advisor – Best-in-State. He earned his B.S. in Management, with a minor in Psychology, from Indiana University and previously served on the board of the Indiana University Alumni Association in Los Angeles.",[],{"_key":808,"_type":6,"children":809,"markDefs":814,"style":32},"0db715e2d393",[810],{"_key":811,"_type":28,"marks":812,"text":813},"0ca1b2e49401",[],"Adam is a Los Angeles native and resides in Santa Monica with his fiancé.",[],{"_key":816,"_type":6,"children":817,"markDefs":822,"style":98},"22d7cf716468",[818],{"_key":819,"_type":28,"marks":820,"text":821},"63396ffae60b",[],"Adam Weinstock was awarded the 2023 Forbes Top Next‑Gen Wealth Advisors Best‑in‑State list in August 2023. The award was based on data for the 12-month period ending March 31, 2023. The Forbes Top Next‑Gen Wealth Advisors Best‑in‑State list is created by Forbes Media LLC with the assistance of Shook Research, LLC. The award is based on the following criteria: the individual's client impact, industry experience, credentials, compliance record, assets under management, and revenue generated for their firm. Recipients must be under age 40 at the time of the award and have a minimum of four years of experience. This recognition does not imply expertise and should not be construed as a guarantee of future performance or client outcomes. No compensation was provided in connection with being considered for this award.",[],"adam@evolvepw.com",{"description":123,"image":825,"title":134},{"altText":9,"asset":826,"bgColor":127,"caption":9,"dimensions":827,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[829],{"_key":830,"link":831,"linkText":221},"eb7365433410","https://www.linkedin.com/in/adam-weinstock/","Adam Weinstock, CFP®","(424) 500-4606",{"_type":139,"createdAt":835,"description":836,"image":9,"noindex":145,"title":837,"updatedAt":838},"2025-11-17T20:54:34Z","Adam Weinstock is a Financial Advisor, whose practice focuses on working with business owners, entertainers and multi-generational families. ","Adam Weinstock","2026-05-10T16:04:58Z",{"_type":148,"current":840},"/people/adam-weinstock",{"_id":842,"_rev":843,"_type":6,"avatar":844,"blockText":855,"email":888,"globalSeo":889,"links":893,"name":897,"phone":898,"position":137,"seo":899,"slug":902},"84de3a46-813c-4bd0-8413-98f662262ffe","P0dduyD2z2Iem91rvBseOQ",{"data":845,"type":21},{"altText":9,"asset":846,"bgColor":848,"caption":9,"dimensions":849,"lqip":853,"originalFilename":854},{"_ref":847,"_type":12},"image-71181a9edd290a8153ff329159b1effe6e7307f2-2369x3204-jpg","#737373",{"_type":15,"aspectRatio":850,"height":851,"width":852},0.7393882646691635,3204,2369,"data:image/jpeg;base64,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","EJKahn2 SLK.jpg",[856,864,872,880],{"_key":857,"_type":6,"children":858,"markDefs":863,"style":32},"5efad466fe8d",[859],{"_key":860,"_type":28,"marks":861,"text":862},"d89d3c108bf1",[],"E.J. is a Managing Partner of Evolve Private Wealth Management. He began his financial services career in 2013 at Canyon Capital Advisors before moving to Wells Fargo Advisors, where he quickly distinguished himself leveraging both sides of the balance sheet at the bank and becoming one of the firm's youngest Managing Directors.",[],{"_key":865,"_type":6,"children":866,"markDefs":871,"style":32},"0ca794f2374b",[867],{"_key":868,"_type":28,"marks":869,"text":870},"94b62db3a6ca",[],"E.J. holds a Master’s degree in Investor Relations and a Bachelor’s degree in Finance (Honors) from the University of San Francisco and worked with start‑ups prior to entering the investment management space. He has been recognized by Forbes Americas Top Next‑Gen Wealth Advisors in 2019, 2021, 2022, 2024 and 2025.",[],{"_key":873,"_type":6,"children":874,"markDefs":879,"style":32},"354ed4fcf84e",[875],{"_key":876,"_type":28,"marks":877,"text":878},"704ac643b47f",[],"Outside of finance, E.J. is an accomplished amateur golfer, former Top 100 Junior Player, WCC Academic All‑American, and former Captain and Assistant Coach at the University of San Francisco. He enjoys spending time with his wife Beka and their sons, Axel and Jet, and values family, fitness, sports, travel, and giving back.",[],{"_key":881,"_type":6,"children":882,"markDefs":887,"style":98},"424516944796",[883],{"_key":884,"_type":28,"marks":885,"text":886},"c15c2befdaa9",[],"E.J. Kahn was recognized as a Forbes Americas Top Next‑Gen Wealth Advisors in 2019, 2021, 2022, 2024, and 2025. Each award was granted in August of the applicable award year. Each award was based on data for the 12-month period ending March 31 of the applicable award year. The Forbes Americas Top Next‑Gen Wealth Advisors award is created by Forbes Media LLC with the assistance of Shook Research, LLC. The award is based on the following criteria: in‑person and telephone interviews, credentials, compliance records, and assets under management. Recipients must be under age 40 at the time of the award and have a minimum of four years of experience. This recognition does not imply expertise and should not be construed as a guarantee of future performance or client outcomes. No Compensation was provided in connection with being considered for this award.\n",[],"ej@evolvepw.com",{"description":123,"image":890,"title":134},{"altText":9,"asset":891,"bgColor":127,"caption":9,"dimensions":892,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[894],{"_key":895,"link":896,"linkText":221},"e44bdaf90a96","https://www.linkedin.com/in/ej-kahn-1752942a/","E.J. Kahn","(424) 500 4604",{"_type":139,"createdAt":900,"image":9,"noindex":145,"title":897,"updatedAt":901},"2025-12-03T18:44:23Z","2026-05-10T16:04:16Z",{"_type":148,"current":903},"/people/ej-kahn",{"_id":905,"_rev":906,"_type":6,"avatar":907,"blockText":914,"email":938,"globalSeo":939,"links":943,"name":947,"phone":948,"position":949,"seo":950,"slug":957},"8df19106-2d39-4106-bea0-e12e90903140","ooRTV5PGVbi453C0Qqkf5d",{"data":908,"type":21},{"altText":9,"asset":909,"bgColor":157,"caption":9,"dimensions":911,"lqip":912,"originalFilename":913},{"_ref":910,"_type":12},"image-b5de01b3701fabc9e319b9e5a7cf050bd0fb3eee-2550x3300-jpg",{"_type":15,"aspectRatio":761,"height":762,"width":18},"data:image/jpeg;base64,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","HankKrakowerFINAL.jpg",[915,923,931],{"_key":916,"_type":6,"children":917,"markDefs":922,"style":32},"e356688c8ce5",[918],{"_key":919,"_type":28,"marks":920,"text":921},"ca516987d9ab",[],"Hank has been a financial advisor since 1995 and has built a successful practice of managing investment portfolios for affluent families. Hank originally worked alongside Glen Strauss and Jonathan Lewis at Smith Barney prior to joining Wells Fargo Advisors. Hank manages a unique strategy that utilizes the trading inefficiencies of closed end funds, securities that are typically designed to offer broad market exposure and provide current cash flow distributions. As a portfolio manager, Hank has a strong proven track record over various market cycles.",[],{"_key":924,"_type":6,"children":925,"markDefs":930,"style":32},"93df0bce7b12",[926],{"_key":927,"_type":28,"marks":928,"text":929},"1f6910a14d81",[],"Hank received his BS in Business from the Leeds School at the University of Colorado. He lives an active lifestyle, resides in Sherman Oaks CA, and has two adult children.",[],{"_key":932,"_type":6,"children":933,"markDefs":937,"style":32},"c6305fdc701f",[934],{"_key":935,"_type":28,"marks":936,"text":468},"562dc16dfcbd",[],[],"hank@evolvepw.com",{"description":123,"image":940,"title":134},{"altText":9,"asset":941,"bgColor":127,"caption":9,"dimensions":942,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[944],{"_key":945,"link":946,"linkText":221},"cd47065ffedb","https://www.linkedin.com/in/hank-krakover-80952521/","Hank Krakover","(424) 500 4605","Partner & Portfolio Manager",{"_type":139,"createdAt":951,"description":952,"image":953,"noindex":145,"title":947,"updatedAt":956},"2025-12-03T19:38:01Z","Hank has been a financial advisor since 1995 and has built a successful practice of managing investment portfolios for affluent families. ",{"altText":9,"asset":954,"bgColor":157,"caption":9,"dimensions":955,"lqip":912,"originalFilename":913},{"_ref":910,"_type":12},{"_type":15,"aspectRatio":761,"height":762,"width":18},"2026-04-06T21:20:39Z",{"_type":148,"current":958},"/people/hank-krakover",{"_id":960,"_rev":961,"_type":6,"avatar":962,"blockText":973,"email":998,"globalSeo":999,"links":1003,"name":1007,"phone":1008,"position":481,"seo":1009,"slug":1016},"914e7a75-492d-4501-88f0-99f9dab175d0","bQpG4IHf8zvTzqeuuMPnmY",{"data":963,"type":21},{"altText":9,"asset":964,"bgColor":966,"caption":9,"dimensions":967,"lqip":971,"originalFilename":972},{"_ref":965,"_type":12},"image-2737429552f664d00854bffc38d0d58eaa9f908b-2329x2991-jpg","#2b2b2b",{"_type":15,"aspectRatio":968,"height":969,"width":970},0.7786693413574055,2991,2329,"data:image/jpeg;base64,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","ArmenKesianiFINAL.jpg",[974,982,990],{"_key":975,"_type":6,"children":976,"markDefs":981,"style":32},"bed5db818313",[977],{"_key":978,"_type":28,"marks":979,"text":980},"7950981ee219",[],"As a Client Relationship Manager, Armen focuses on helping clients navigate their financial lives with clarity, confidence, and a personalized approach to long term planning.",[],{"_key":983,"_type":6,"children":984,"markDefs":989,"style":32},"23fc63be5b85",[985],{"_key":986,"_type":28,"marks":987,"text":988},"39c138999b28",[],"With over a decade of hands on experience in retail banking and management, Armen brings a deep understanding of client needs and financial solutions to every conversation. From his early days as a banker to leading teams as a branch manager, he has built a reputation for exceptional service rooted in trust, empathy, and a genuine commitment to client success. Armen holds Series 6 and 65 licenses and earned his bachelor’s degree in Business Management and Human Resources from California State Polytechnic University, Pomona.",[],{"_key":991,"_type":6,"children":992,"markDefs":997,"style":32},"b9296001364d",[993],{"_key":994,"_type":28,"marks":995,"text":996},"04aa956b0474",[],"Outside the office, Armen is likely boarding a plane with his family, perfecting his pizza palate, cheering on Chicago sports (even when it tests his loyalty), or coaching his kids’ baseball and basketball teams with the same enthusiasm and energy he brings to his work.",[],"armen@evolvepw.com",{"description":123,"image":1000,"title":134},{"altText":9,"asset":1001,"bgColor":127,"caption":9,"dimensions":1002,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1004],{"_key":1005,"link":1006,"linkText":221},"aafd731c709a","https://www.linkedin.com/in/armen-kesian-a8524bb5/","Armen Kesian","(424) 500 4607",{"_type":139,"createdAt":1010,"description":1011,"image":1012,"noindex":145,"title":1007,"updatedAt":1015},"2025-12-03T18:56:49Z","With over a decade of hands-on experience in retail banking and management, Armen brings a deep understanding of client needs and financial solutions to every conversation. ",{"altText":9,"asset":1013,"bgColor":966,"caption":9,"dimensions":1014,"lqip":971,"originalFilename":972},{"_ref":965,"_type":12},{"_type":15,"aspectRatio":968,"height":969,"width":970},"2026-05-14T04:57:34Z",{"_type":148,"current":1017},"/people/armen-kesian",{"_id":1019,"_rev":1020,"_type":6,"avatar":1021,"blockText":1031,"email":1055,"globalSeo":1056,"links":9,"name":1060,"phone":1061,"position":672,"seo":1062,"slug":1069},"91dcc41d-08e2-4259-ba5e-e4a91bac5a2e","bQpG4IHf8zvTzqeuuMPcqz",{"data":1022,"type":21},{"altText":9,"asset":1023,"bgColor":157,"caption":9,"dimensions":1025,"lqip":1029,"originalFilename":1030},{"_ref":1024,"_type":12},"image-a899027930f46f22aabf35fff57721350db5f8f7-2466x2923-jpg",{"_type":15,"aspectRatio":1026,"height":1027,"width":1028},0.8436537803626412,2923,2466,"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAAYABQDASIAAhEBAxEB/8QAGgABAQACAwAAAAAAAAAAAAAAAAYCBAUHCP/EACEQAAICAgIDAAMAAAAAAAAAAAECAwQABQYREkFRExQj/8QAFAEBAAAAAAAAAAAAAAAAAAAAAP/EABQRAQAAAAAAAAAAAAAAAAAAAAD/2gAMAwEAAhEDEQA/APSfJ7k9PVO1RlWdyEVmHYXv3kzq5dvrNpVNndLtILJCvEYwpTv2CPWcrzzbxavUlllhNssPwwsw7kPwD7kXp+TTybSj+3FJUpeXc89xBGEb0i/cDtvGYxSJLGrxsGRh2CD2DjAjuc8PrbmWrfSMtcrzLID36BzZ5VxSHkFCvVnH8kmSQg/B6xjApKdaKnWjggXxjQdKMYxgf//Z","JackMarsopianFINAL2.jpg",[1032,1040,1048],{"_key":1033,"_type":6,"children":1034,"markDefs":1039,"style":32},"d7a8a458fd6d",[1035],{"_key":1036,"_type":28,"marks":1037,"text":1038},"c69433a0fb00",[],"Prior to joining Evolve, Jack had built an impressive career in the automotive industry, amassing over a decade of client management and customer service experience. His career has been marked by a consistent track record of excellence in every role he has undertaken, including being the youngest employee to be at the helm of operations for his previous dealerships business development department. With a strong background in customer service, Jack prioritizes treating his clients with the utmost respect and dedication, aptly assessing their needs, and ensuring that their best financial interests are always at the forefront of his approach. Jack’s unwavering commitment to excellence and genuine care for his clients earned him Employee of the Year for 4 consecutive years.",[],{"_key":1041,"_type":6,"children":1042,"markDefs":1047,"style":32},"f7e3912352f4",[1043],{"_key":1044,"_type":28,"marks":1045,"text":1046},"2b717530b7d1",[],"In his free time, Jack enjoys reading, lifting weights, cooking up new dishes (though he enjoys baking much more), traveling, and spending time with his girlfriend.",[],{"_key":1049,"_type":6,"children":1050,"markDefs":1054,"style":32},"5ef39f6b84ad",[1051],{"_key":1052,"_type":28,"marks":1053,"text":468},"70a9138685ce",[],[],"jack@evolvepw.com",{"description":123,"image":1057,"title":134},{"altText":9,"asset":1058,"bgColor":127,"caption":9,"dimensions":1059,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},"Jack Marsopian","(424) 276 2007",{"_type":139,"createdAt":1063,"description":1064,"image":1065,"noindex":145,"title":1060,"updatedAt":1068},"2025-12-03T19:39:14Z","Prior to joining Evolve, Jack had built an impressive career in the automotive industry, amassing over a decade of client management and customer service experience.",{"altText":9,"asset":1066,"bgColor":157,"caption":9,"dimensions":1067,"lqip":1029,"originalFilename":1030},{"_ref":1024,"_type":12},{"_type":15,"aspectRatio":1026,"height":1027,"width":1028},"2026-05-14T04:55:28Z",{"_type":148,"current":1070},"/people/jack-marsopian",{"_id":1072,"_rev":1073,"_type":6,"avatar":1074,"blockText":1085,"email":1115,"globalSeo":1116,"links":1120,"name":1124,"phone":1125,"position":672,"seo":1126,"slug":1129},"926a5ce3-af9b-4276-80cd-9ff0144fb2bd","roBMQ41TxbqjKdHrT7xSMI",{"data":1075,"type":21},{"altText":9,"asset":1076,"bgColor":1078,"caption":9,"dimensions":1079,"lqip":1083,"originalFilename":1084},{"_ref":1077,"_type":12},"image-1c11b223d4c4d466453450d25eeeea1d1346eb22-948x1227-webp","#313131",{"_type":15,"aspectRatio":1080,"height":1081,"width":1082},0.7726161369193154,1227,948,"data:image/jpeg;base64,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","Sketch Headshot Nick.webp",[1086,1094,1101,1108],{"_key":1087,"_type":6,"children":1088,"markDefs":1093,"style":32},"84bb8d2eb64d",[1089],{"_key":1090,"_type":28,"marks":1091,"text":1092},"2a77812527f9",[],"Nick Suarez is an Associate at Evolve Private Wealth, where he serves as the first point of contact for clients, helping to identify their needs and connect them with the right resources across the firm. He brings a responsive, client-first approach to every interaction, ensuring each client's experience reflects Evolve's white-glove standard.",[],{"_key":1095,"_type":6,"children":1096,"markDefs":1100,"style":32},"1dd3024a812d",[1097],{"_key":1090,"_type":28,"marks":1098,"text":1099},[],"Nick joined Evolve from MJP Wealth Advisors, an independent wealth management firm, where he was involved in all aspects of the RIA business, from client service to financial planning to new business development. He holds the Series 65 license.",[],{"_key":1102,"_type":6,"children":1103,"markDefs":1107,"style":32},"1182b8910b9c",[1104],{"_key":1090,"_type":28,"marks":1105,"text":1106},[],"Nick holds a Bachelor of Science in Applied Economics and Management, with a concentration in Business Analytics, from Cornell University. He spent his first year of undergraduate studies at Carnegie Mellon University before transferring to Cornell.",[],{"_key":1109,"_type":6,"children":1110,"markDefs":1114,"style":32},"b99845430213",[1111],{"_key":1090,"_type":28,"marks":1112,"text":1113},[],"Nick lives in Stamford, Connecticut, in the same county where he was born and raised. Outside of work, he enjoys weightlifting, tennis, and skiing.",[],"n.suarez@evolvepw.com",{"description":123,"image":1117,"title":134},{"altText":9,"asset":1118,"bgColor":127,"caption":9,"dimensions":1119,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1121],{"_key":1122,"link":1123,"linkText":221},"f1f8012139ec","https://www.linkedin.com/in/nick-suarez18/","Nicolas Suarez","(646) 809 5760",{"_type":139,"createdAt":1127,"image":9,"noindex":145,"title":1124,"updatedAt":1128},"2026-09-15T21:19:41Z","2026-09-16T14:28:53Z",{"_type":148,"current":1130},"/people/nicolas-suarez",{"_id":1132,"_rev":1133,"_type":6,"avatar":1134,"blockText":1144,"email":1183,"globalSeo":1184,"links":1188,"name":1192,"phone":1193,"position":1194,"seo":1195,"slug":1198},"9e004aef-af98-466d-a5f7-11976bcdc3bd","qx6xRDzNHuk0wHScZnz54g",{"data":1135,"type":21},{"altText":9,"asset":1136,"bgColor":1138,"caption":9,"dimensions":1139,"lqip":1142,"originalFilename":1143},{"_ref":1137,"_type":12},"image-d957ea73a1b9fdc1c348e7a1ecb901f12f9204c3-1600x2028-webp","#7f7f7f",{"_type":15,"aspectRatio":1140,"height":1141,"width":366},0.7889546351084813,2028,"data:image/jpeg;base64,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","ArmenKeheyanFINAL.webp",[1145,1153,1160,1168,1175],{"_key":1146,"_type":6,"children":1147,"markDefs":1152,"style":32},"097da5f9e2f6",[1148],{"_key":1149,"_type":28,"marks":1150,"text":1151},"e3a28cea335f",[],"Armen Keheyan is a registered financial services professional with over ten years of experience in the securities industry, specializing in wealth management support, client service, and operations. Since beginning his career at Wedbush Securities in 2014, Armen has progressed from supporting high-net-worth clients to working closely with ultra-high-net-worth families, executives, and entrepreneurs. He currently serves as a Senior Client Associate at Evolve Private Wealth, where he supports advisors in delivering tailored wealth management solutions and a high-touch client experience.",[],{"_key":1154,"_type":6,"children":1155,"markDefs":1159,"style":32},"6f905a871d41",[1156],{"_key":1149,"_type":28,"marks":1157,"text":1158},[]," ",[],{"_key":1161,"_type":6,"children":1162,"markDefs":1167,"style":32},"9ddadafad9e3",[1163],{"_key":1164,"_type":28,"marks":1165,"text":1166},"10661efa0f85",[],"Known for his stewardship-oriented approach, Armen works collaboratively with clients’ attorneys, accountants, and business managers to help facilitate sophisticated wealth planning strategies and ensure seamless coordination across all aspects of the client relationship. His experience includes portfolio management, operational oversight, and managing complex client service needs with precision and discretion.",[],{"_key":1169,"_type":6,"children":1170,"markDefs":1174,"style":32},"c461f9216f09",[1171],{"_key":1172,"_type":28,"marks":1173,"text":96},"d415a62793ab",[],[],{"_key":1176,"_type":6,"children":1177,"markDefs":1182,"style":32},"81e9aecf573b",[1178],{"_key":1179,"_type":28,"marks":1180,"text":1181},"299ac4a93ec7",[],"Prior to joining Evolve Private Wealth, Armen held positions at Morgan Stanley and Evoke Advisors, where he developed a strong foundation in trading, operations, and relationship management. He holds FINRA Series 7 and 66 licenses and earned a Bachelor of Science in Finance from California State University, Northridge, graduating Cum Laude.",[],"armen.keheyan@evolvepw.com",{"description":123,"image":1185,"title":134},{"altText":9,"asset":1186,"bgColor":127,"caption":9,"dimensions":1187,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1189],{"_key":1190,"link":1191,"linkText":221},"fc9eb657af42","https://www.linkedin.com/in/armen-keheyan-27385b7/","Armen Keheyan","(424) 500-4614","Senior Associate",{"_type":139,"createdAt":1196,"image":9,"noindex":145,"title":1192,"updatedAt":1197},"2026-05-19T21:22:15Z","2026-05-19T21:24:55Z",{"_type":148,"current":1199},"/people/armen-keheyan",{"_id":1201,"_rev":1202,"_type":6,"avatar":1203,"blockText":1213,"email":1229,"globalSeo":1230,"links":9,"name":1234,"phone":1235,"position":405,"seo":1236,"slug":1243},"a646e05a-acb6-471a-a501-6823f1b42870","olTqzDRSR34lQN9Mr9414V",{"data":1204,"type":21},{"altText":9,"asset":1205,"bgColor":13,"caption":9,"dimensions":1207,"lqip":1211,"originalFilename":1212},{"_ref":1206,"_type":12},"image-2def419051558301e523a791bd00b04c29ffce49-2323x2958-jpg",{"_type":15,"aspectRatio":1208,"height":1209,"width":1210},0.7853279242731576,2958,2323,"data:image/jpeg;base64,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","BarbaraMoreno SLK.jpg",[1214,1222],{"_key":1215,"_type":6,"children":1216,"markDefs":1221,"style":32},"8152dbcc1613",[1217],{"_key":1218,"_type":28,"marks":1219,"text":1220},"742ad55234c8",[],"Prior to joining Evolve, Barbara worked in Wealth Management at Merrill Lynch as a Registered Client Associate since 2015. Barbara joins the Evolve team with over 30 years of experience in the financial industry. In 1986, she joined Merrill Lynch in New York. Soon thereafter, Barbara worked as a Client Associate Merrill Lynch in Miami for a few years. After her marriage and relocation to Los Angeles, Barbara worked as a Client Associate at Smith Barney and Bear Stearns for over 14 years.",[],{"_key":1223,"_type":6,"children":1224,"markDefs":1228,"style":32},"df72e7ddab2c",[1225],{"_key":1226,"_type":28,"marks":1227,"text":468},"9d6d77feae40",[],[],"barbara@evolvepw.com",{"description":123,"image":1231,"title":134},{"altText":9,"asset":1232,"bgColor":127,"caption":9,"dimensions":1233,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},"Barbara Moreno","(424) 500 4616",{"_type":139,"createdAt":1237,"description":1238,"image":1239,"noindex":145,"title":1234,"updatedAt":1242},"2025-12-03T19:28:24Z","Prior to joining Evolve, Barbara worked in Wealth Management at Merrill Lynch as a Registered Client Associate since 2015.",{"altText":9,"asset":1240,"bgColor":13,"caption":9,"dimensions":1241,"lqip":1211,"originalFilename":1212},{"_ref":1206,"_type":12},{"_type":15,"aspectRatio":1208,"height":1209,"width":1210},"2026-05-14T04:57:20Z",{"_type":148,"current":1244},"/people/barbara-moreno",{"_id":1246,"_rev":1247,"_type":6,"avatar":1248,"blockText":1258,"email":1299,"globalSeo":1300,"links":1304,"name":1308,"phone":1309,"position":1310,"seo":1311,"slug":1318},"ab889b27-636a-4e9c-ad07-4f751f1293c2","olTqzDRSR34lQN9Mr93yuJ",{"data":1249,"type":21},{"altText":9,"asset":1250,"bgColor":157,"caption":9,"dimensions":1252,"lqip":1256,"originalFilename":1257},{"_ref":1251,"_type":12},"image-04e74af258473075448fa1702c5787d5c908139b-2471x3048-jpg",{"_type":15,"aspectRatio":1253,"height":1254,"width":1255},0.8106955380577427,3048,2471,"data:image/jpeg;base64,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","EvanRichardsonFINAL.jpg",[1259,1267,1275,1283,1291],{"_key":1260,"_type":6,"children":1261,"markDefs":1266,"style":32},"313a7361b6b7",[1262],{"_key":1263,"_type":28,"marks":1264,"text":1265},"8bef3a693fdf",[],"Evan Richardson is a Client Associate at Evolve Private Wealth and was a part of the original team that transitioned from Wells Fargo Advisors in September 2022. He plays a key role in supporting clients and advisors, bringing a thoughtful, service driven approach to every interaction.",[],{"_key":1268,"_type":6,"children":1269,"markDefs":1274,"style":32},"0f7b77475cab",[1270],{"_key":1271,"_type":28,"marks":1272,"text":1273},"73a47f9428d7",[],"Before entering the financial industry, Evan built a strong foundation in the tech sector, working alongside companies such as Intel, Microsoft, and Nvidia. His earlier experience in customer service further shaped his philosophy of putting people first through active listening, genuine care, and a deep understanding of client needs.",[],{"_key":1276,"_type":6,"children":1277,"markDefs":1282,"style":32},"418bb562a932",[1278],{"_key":1279,"_type":28,"marks":1280,"text":1281},"bd0f6aec61c7",[],"Evan continues to draw on the patience, empathy, and personal touch he developed in consumer retail; qualities that distinguish his work and strengthen the client experience at Evolve Private Wealth.",[],{"_key":1284,"_type":6,"children":1285,"markDefs":1290,"style":32},"5bc7ff5a219d",[1286],{"_key":1287,"_type":28,"marks":1288,"text":1289},"c49b62aacd57",[],"A Los Angeles native, Evan studied psychology at California State University, Dominguez Hills, expanding his insight into human behavior and decision making.",[],{"_key":1292,"_type":6,"children":1293,"markDefs":1298,"style":32},"71f30976c830",[1294],{"_key":1295,"_type":28,"marks":1296,"text":1297},"ebb6229ec6f3",[],"Outside of work, Evan is an avid music and film enthusiast who regularly attends concerts and film festivals. In his free time, he enjoys hiking, producing music, and spending quality time with close friends.",[],"evan@evolvepw.com",{"description":123,"image":1301,"title":134},{"altText":9,"asset":1302,"bgColor":127,"caption":9,"dimensions":1303,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1305],{"_key":1306,"link":1307,"linkText":221},"3e38e4e1781c","https://www.linkedin.com/in/evan-richardson-83ab0319a/","Evan Richardson","(424) 500 4610","Senior Associate, Client Operations",{"_type":139,"createdAt":1312,"description":1313,"image":1314,"noindex":145,"title":1308,"updatedAt":1317},"2025-12-03T19:34:02Z","Prior to the launch of Evolve Private Wealth, Evan began his financial services career working with the team at Wells Fargo Advisors",{"altText":9,"asset":1315,"bgColor":157,"caption":9,"dimensions":1316,"lqip":1256,"originalFilename":1257},{"_ref":1251,"_type":12},{"_type":15,"aspectRatio":1253,"height":1254,"width":1255},"2026-05-14T04:56:46Z",{"_type":148,"current":1319},"/people/evan-richardson",{"_id":1321,"_rev":1322,"_type":6,"avatar":1323,"blockText":1330,"email":1367,"globalSeo":1368,"links":9,"name":1372,"phone":1373,"position":1374,"seo":1375,"slug":1383},"af4dfbbf-42d5-4bab-bc4f-9bce29d498db","64V9iMIicE1OmFmg7UI8eN",{"data":1324,"type":21},{"altText":9,"asset":1325,"bgColor":418,"caption":9,"dimensions":1327,"lqip":1328,"originalFilename":1329},{"_ref":1326,"_type":12},"image-6f976869d3a51ac55fef1b1d6c68a2fe01ae644a-2550x3300-jpg",{"_type":15,"aspectRatio":761,"height":762,"width":18},"data:image/jpeg;base64,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","EllieWeinstock SLK.jpg",[1331,1339,1346,1353,1360],{"_key":1332,"_type":6,"children":1333,"markDefs":1338,"style":32},"8aa37a0d40c3",[1334],{"_key":1335,"_type":28,"marks":1336,"text":1337},"553b7c6d88f3",[],"Eleanor Weinstock is a Managing Director and Senior Wealth Advisor who is deeply relationship-driven and passionate about helping individuals and families build, manage, and transition wealth. Her practice focuses on retirement planning, legacy planning, and helping clients achieve financial confidence across generations.",[],{"_key":1340,"_type":6,"children":1341,"markDefs":1345,"style":32},"263fa35d4f57",[1342],{"_key":1335,"_type":28,"marks":1343,"text":1344},[],"Ellie began her career in 1981 as a registered Series 3 Commodity Broker and also served as a part-time commentator on Channel 22. In 1991, she joined DWR, which later became Morgan Stanley, where she built a thriving practice over a distinguished 27-year career as a Retirement Planning Specialist.",[],{"_key":1347,"_type":6,"children":1348,"markDefs":1352,"style":32},"857fe142b93a",[1349],{"_key":1335,"_type":28,"marks":1350,"text":1351},[],"Throughout her career, Ellie has been actively involved with nonprofit organizations, educating both men and women on financial independence and empowering individuals to make informed financial decisions. Prior to joining Evolve, she spent seven years at Wells Fargo Advisors as a Portfolio Investment Management (PIM) Portfolio Manager.",[],{"_key":1354,"_type":6,"children":1355,"markDefs":1359,"style":32},"2c797b15cab7",[1356],{"_key":1335,"_type":28,"marks":1357,"text":1358},[],"In addition to her insurance licenses, Ellie holds Series 63 and Series 65 registrations. Drawing on more than four decades of industry experience, she works closely with Adam Weinstock to develop tax-efficient wealth strategies and multi-generational legacy plans designed to preserve and transfer wealth with purpose.",[],{"_key":1361,"_type":6,"children":1362,"markDefs":1366,"style":32},"a362787304cb",[1363],{"_key":1335,"_type":28,"marks":1364,"text":1365},[],"Ellie resides in Beverly Hills with her husband, Barry. Together, they enjoy spending time with their two sons, Mark and Dean, their daughters-in-law, Lori and Suzanne, and their five grandchildren. Outside of the office, Ellie enjoys skiing, swimming, horseback riding, relaxing at the beach, and most of all, creating lasting memories with family and friends.",[],"eleanor@evolvepw.com",{"description":123,"image":1369,"title":134},{"altText":9,"asset":1370,"bgColor":127,"caption":9,"dimensions":1371,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},"Eleanor Weinstock","(424) 500 4615","Managing Director & Senior Wealth Advisor",{"_type":139,"createdAt":1376,"description":1377,"image":1378,"noindex":145,"title":1381,"updatedAt":1382},"2025-12-03T19:32:27Z","Eleanor Weinstock is a Managing Director and Senior Financial Advisor whose practice focuses on working with multi-generational families and individuals.",{"altText":9,"asset":1379,"bgColor":418,"caption":9,"dimensions":1380,"lqip":1328,"originalFilename":1329},{"_ref":1326,"_type":12},{"_type":15,"aspectRatio":761,"height":762,"width":18},"Eleanor “Ellie” Weinstock","2026-09-26T02:32:43Z",{"_type":148,"current":1384},"/people/eleanor-ellie-weinstock",{"_id":1386,"_rev":1387,"_type":6,"avatar":1388,"blockText":1395,"email":1418,"globalSeo":1419,"links":1423,"name":1427,"phone":1428,"position":672,"seo":1429,"slug":1432},"c56ea14b-a222-4bcf-b817-fff189a7323e","twSFBovlUJvdHTengC9SWB",{"data":1389,"type":21},{"altText":9,"asset":1390,"bgColor":362,"caption":9,"dimensions":1392,"lqip":1393,"originalFilename":1394},{"_ref":1391,"_type":12},"image-a1c253f23e8a97844243b555b75e03b3a933fd41-948x1227-webp",{"_type":15,"aspectRatio":1080,"height":1081,"width":1082},"data:image/jpeg;base64,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","Sketch Headshot Lonnie.webp",[1396,1404,1411],{"_key":1397,"_type":6,"children":1398,"markDefs":1403,"style":32},"cb92f983a9ea",[1399],{"_key":1400,"_type":28,"marks":1401,"text":1402},"189e6e6469a9",[],"Lonnie Solomon is an Associate at Evolve Private Wealth, where he works closely with advisors to support clients across investment management, financial planning, and client service. He brings experience in investment analysis, portfolio management, and relationship management, with a focus on delivering thoughtful strategies tailored to each client’s unique financial goals and circumstances.",[],{"_key":1405,"_type":6,"children":1406,"markDefs":1410,"style":32},"a7f10616a1f5",[1407],{"_key":1400,"_type":28,"marks":1408,"text":1409},[],"Prior to joining Evolve, Lonnie started his career in private wealth management at One Capital Management, working directly with senior investment professionals. He earned his Bachelor’s degree in Finance from Chapman University, with a Themed Inquiry in Data Analytics. He holds the Series 65 license and has completed the education and exam requirements for the CPWA® designation. He will be eligible to use the marks in 2028.",[],{"_key":1412,"_type":6,"children":1413,"markDefs":1417,"style":32},"398099f07d91",[1414],{"_key":1400,"_type":28,"marks":1415,"text":1416},[],"Outside of work, Lonnie enjoys staying active and spending time outdoors. He has a passion for golf, tennis, soccer, and basketball, and regularly incorporates fitness and hiking into his routine. He also enjoys cooking and exploring new recipes, as well as spending time with friends and family, traveling, and experiencing new places.\n",[],"e.solomon@evolvepw.com",{"description":123,"image":1420,"title":134},{"altText":9,"asset":1421,"bgColor":127,"caption":9,"dimensions":1422,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1424],{"_key":1425,"link":1426,"linkText":221},"073ed471cdb0","https://www.linkedin.com/in/elansolomon/","Lonnie Solomon","(424) 500 4608",{"_type":139,"createdAt":1430,"image":9,"noindex":145,"title":1427,"updatedAt":1431},"2026-09-15T21:25:43Z","2026-09-16T14:29:31Z",{"_type":148,"current":1433},"/people/lonnie-solomon",{"_id":1435,"_rev":1436,"_type":6,"avatar":1437,"blockText":1446,"email":1479,"globalSeo":1480,"links":1484,"name":1488,"phone":1489,"position":1490,"seo":1491,"slug":1498},"c7d8d1d1-6bdc-4892-a44d-4f4722a1adc1","olTqzDRSR34lQN9Mr942UZ",{"data":1438,"type":21},{"altText":9,"asset":1439,"bgColor":301,"caption":9,"dimensions":1441,"lqip":1444,"originalFilename":1445},{"_ref":1440,"_type":12},"image-da06887076bd154a6f1f97112ac2b80ed2e99933-2550x3121-jpg",{"_type":15,"aspectRatio":1442,"height":1443,"width":18},0.8170458186478693,3121,"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAAZABQDASIAAhEBAxEB/8QAFwAAAwEAAAAAAAAAAAAAAAAAAAQGB//EACcQAAEDBAECBgMAAAAAAAAAAAMBAgQABQYREgcxEyEiI0FxJFGB/8QAFAEBAAAAAAAAAAAAAAAAAAAAAP/EABQRAQAAAAAAAAAAAAAAAAAAAAD/2gAMAwEAAhEDEQA/AN96kZBKsNi3a2sfc5L0DHa/tyX5X6qQxrJMosOQRIGbFAcU7TRFCnk136WkuvdxS23XHpRfdjhLyeFvdU+V1SGe5HBn2OzvguG8ppDCDe1fUxEXfnQbvRS9vJ40EBN75MRd/wAooJfN8MhZC4Z3i/KT0oRF7J9VLP6XsntGw6oJgXprSaVdVrNCUCNptgLZAFEj8/DGmk5O3RT1FB//2Q==","LavishaMohananiFINAL.jpg",[1447,1455,1463,1471],{"_key":1448,"_type":6,"children":1449,"markDefs":1454,"style":32},"faa7c825088c",[1450],{"_key":1451,"_type":28,"marks":1452,"text":1453},"ad02193c0a0f",[],"Lavisha brings a thoughtful and strategic approach to her work, rooted in responsiveness, consistency, and a strong sense of care. In her role leading client services, she focuses on understanding what each client values and making sure those priorities are reflected in the systems and experiences that support them.",[],{"_key":1456,"_type":6,"children":1457,"markDefs":1462,"style":32},"4fe7509059d2",[1458],{"_key":1459,"_type":28,"marks":1460,"text":1461},"2a175ce8f7cd",[],"Originally from the Canary Islands, Spain, she has always been drawn to structure, problem solving, and finding ways to make things work better. Her career in finance includes roles at Oaktree Capital Management, where she was a Senior Analyst focused on Closed End Funds. Prior to that, she supported portfolios in global high yield, corporate credit, and alternative strategies at Post Advisory Group as a Client Associate. These experiences shaped her approach. She is attentive, dependable, and guided by the belief that trust is earned through detail and consistent follow through.",[],{"_key":1464,"_type":6,"children":1465,"markDefs":1470,"style":32},"c6c335688896",[1466],{"_key":1467,"_type":28,"marks":1468,"text":1469},"44a47ea16288",[],"Lavisha holds a Bachelor’s Degree in Business Management and the Securities Industry Essentials certification.",[],{"_key":1472,"_type":6,"children":1473,"markDefs":1478,"style":32},"2afadfa84902",[1474],{"_key":1475,"_type":28,"marks":1476,"text":1477},"9981adb6041d",[],"Outside of work, she enjoys cooking, exploring design and technology, wine tasting, and swimming in the most beautiful waters she can find.",[],"lavisha@evolvepw.com",{"description":123,"image":1481,"title":134},{"altText":9,"asset":1482,"bgColor":127,"caption":9,"dimensions":1483,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1485],{"_key":1486,"link":1487,"linkText":221},"0e1eb22cae06","https://www.linkedin.com/in/lavishamohanani/","Lavisha Mohanani","(424) 500 4609","Associate Director, Head of Client Service",{"_type":139,"createdAt":1492,"description":1493,"image":1494,"noindex":145,"title":1488,"updatedAt":1497},"2025-12-03T19:44:22Z","Lavisha brings a thoughtful and strategic approach to her work, rooted in responsiveness, consistency, and a strong sense of care. ",{"altText":9,"asset":1495,"bgColor":301,"caption":9,"dimensions":1496,"lqip":1444,"originalFilename":1445},{"_ref":1440,"_type":12},{"_type":15,"aspectRatio":1442,"height":1443,"width":18},"2026-05-14T04:57:49Z",{"_type":148,"current":1499},"/people/lavisha-mohanani",{"_id":1501,"_rev":1502,"_type":6,"avatar":1503,"blockText":1514,"email":1546,"globalSeo":1547,"links":1551,"name":1555,"phone":404,"position":1556,"seo":1557,"slug":1560},"c9d5b9bd-a454-4f2e-9f21-6eb95cf978d7","dDTrGlfCr5aAttrAvJ1OWv",{"data":1504,"type":21},{"altText":9,"asset":1505,"bgColor":1507,"caption":9,"dimensions":1508,"lqip":1512,"originalFilename":1513},{"_ref":1506,"_type":12},"image-d2d3539bd8659f62e145004e217d6799e9335be5-1824x2362-webp","#383838",{"_type":15,"aspectRatio":1509,"height":1510,"width":1511},0.7722269263336156,2362,1824,"data:image/jpeg;base64,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","Tim Sketch.webp",[1515,1523,1530,1538],{"_key":1516,"_type":6,"children":1517,"markDefs":1522,"style":32},"067e59a90cbc",[1518],{"_key":1519,"_type":28,"marks":1520,"text":1521},"595a71432bd3",[],"Tim Day is a Director at Evolve Private Wealth. In his role, he provides holistic financial planning solutions along with identifying and implementing optimized investment strategies that align with each client’s unique financial situation.",[],{"_key":1524,"_type":6,"children":1525,"markDefs":1529,"style":32},"796706e0ae5d",[1526],{"_key":1519,"_type":28,"marks":1527,"text":1528},[],"Prior to joining Evolve, Mr. Day was an Associate Director at IEQ Capital where he worked with affluent families, individuals, and institutions on all aspects related to their financial objectives, portfolio construction, and estate structuring. Before his time at IEQ Capital, Mr. Day held similar client advisory roles at the Royal Bank of Canada and Charles Schwab.",[],{"_key":1531,"_type":6,"children":1532,"markDefs":1537,"style":32},"0c785b19ad4d",[1533],{"_key":1534,"_type":28,"marks":1535,"text":1536},"f0ea21b78325",[],"Mr. Day received his Bachelor of Science in Finance and Minor in Contract Management from California State Polytechnic University. During this time, Mr. Day also studied international markets and correlations at the University of Hannover in Lower Saxony, Germany.",[],{"_key":1539,"_type":6,"children":1540,"markDefs":1545,"style":32},"ca827fc8e530",[1541],{"_key":1542,"_type":28,"marks":1543,"text":1544},"6e8e842da852",[],"Originally from Southern California, he currently lives in San Francisco, CA. Outside of work, Mr. Day enjoys staying active, spending time with friends and family, playing guitar, and exploring new places.",[],"tim@evolvepw.com",{"description":123,"image":1548,"title":134},{"altText":9,"asset":1549,"bgColor":127,"caption":9,"dimensions":1550,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1552],{"_key":1553,"link":1554,"linkText":221},"6aca05445511","https://www.linkedin.com/in/tim-day-b4443520b/","Tim Day","Director",{"_type":139,"createdAt":1558,"image":9,"noindex":145,"title":1555,"updatedAt":1559},"2026-06-07T16:07:42Z","2026-06-07T16:09:56Z",{"_type":148,"current":1561},"/people/tim-day",{"_id":1563,"_rev":1564,"_type":6,"avatar":1565,"blockText":1575,"email":1608,"globalSeo":1609,"links":1613,"name":1616,"phone":1617,"position":1618,"seo":1619,"slug":1624},"df4e4d22-cb08-4028-a325-e2cb8073d1d4","unEgA0QydKVmzGsXH9Bvga",{"data":1566,"type":21},{"altText":9,"asset":1567,"bgColor":1569,"caption":9,"dimensions":1570,"lqip":1573,"originalFilename":1574},{"_ref":1568,"_type":12},"image-dc325d7c40bc6159b272f684e2b4bc14689a0a58-2483x3300-jpg","#797979",{"_type":15,"aspectRatio":1571,"height":762,"width":1572},0.7524242424242424,2483,"data:image/jpeg;base64,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","RazmigDer-Tavitian2 SLK.jpg",[1576,1584,1592,1600],{"_key":1577,"_type":6,"children":1578,"markDefs":1583,"style":32},"9d203d4dbdc1",[1579],{"_key":1580,"_type":28,"marks":1581,"text":1582},"0a9636290c89",[],"Razmig is a Managing Partner and the Chief Investment Officer of Evolve Private Wealth. Having spent 16 years in institutional asset management, Razmig brings an insightful, independent, and evidence‑based perspective to managing the assets of Evolve’s clients. As Chief Investment Officer, he establishes and oversees our firm’s investment philosophy, strategy, and process.",[],{"_key":1585,"_type":6,"children":1586,"markDefs":1591,"style":32},"a7403f9ab9fc",[1587],{"_key":1588,"_type":28,"marks":1589,"text":1590},"bb8b01c82b4b",[],"Prior to joining Evolve, Razmig spent six years as Director of Research at HighMark Capital Management, the wealth management arm of Union Bank, overseeing $8 billion in assets under management. Prior to HighMark, Razmig spent four years at Wilshire Associates, leading their hedge fund and liquid alternatives research efforts. During his time at Wilshire, he advised large state pensions and endowments on their allocation policies for alternative investments. Prior to his time there, he led Event Driven and Long‑Short Equity research for Dorchester Capital Advisors, a hedge fund of funds firm, where he evaluated investment strategies implemented by top‑tier hedge funds.",[],{"_key":1593,"_type":6,"children":1594,"markDefs":1599,"style":32},"f404d434d5fe",[1595],{"_key":1596,"_type":28,"marks":1597,"text":1598},"bd322c03fe93",[],"Razmig has earned the Chartered Financial Analyst (CFA) designation, the highest distinction in the investment management profession, as well as the Chartered Alternative Investment Analyst (CAIA) designation. He holds a Bachelor of Science in Finance and Business Administration from California State University, Northridge, and a Master of Business Administration (MBA), with honors, from UCLA Anderson School of Management.",[],{"_key":1601,"_type":6,"children":1602,"markDefs":1607,"style":32},"7cfb84a0299b",[1603],{"_key":1604,"_type":28,"marks":1605,"text":1606},"0a1715de6c67",[],"His greatest joy is spending time with his wife Adrine and their kids. They enjoy time with family and friends, going to concerts, exploring L.A.’s culinary scene, and traveling. He loves to hike, summitted Mt. Ararat (16,854 feet) with his dad, and has three L.A. Marathons under his belt (though claims he doesn’t enjoy running).",[],"razmig@evolvepw.com",{"description":123,"image":1610,"title":134},{"altText":9,"asset":1611,"bgColor":127,"caption":9,"dimensions":1612,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},[1614],{"_key":830,"link":1615,"linkText":221},"https://www.linkedin.com/in/razmig-der-tavitian-cfa-caia-9193935/","Razmig Der-Tavitian CFA®, CAIA®","(424) 500-4611","Chief Investment Officer & Managing Partner",{"_type":139,"createdAt":1620,"description":1621,"image":9,"noindex":145,"title":1622,"updatedAt":1623},"2025-11-17T20:59:26Z","Having spent 16 years in institutional asset management, Razmig brings an insightful, independent, and evidence-based perspective to managing the assets of Evolve clients. ","Razmig Der-Tavitian","2026-06-08T23:12:41Z",{"_type":148,"current":1625},"/people/razmig-der-tavitian",{"navItems":1627},[1628,1636,1642,1648],{"_key":1629,"_type":1630,"link":1631,"showAsButton":145,"text":1634},"933ec45c0fe3","navItem",{"linkPageModule":145,"newTab":145,"page":1632,"type":1635,"url":9},{"slug":1633,"title":1634},"/what-we-do","What We Do","page",{"_key":1637,"_type":1630,"link":1638,"showAsButton":145,"text":1641},"59e4fc3af720",{"linkPageModule":145,"newTab":145,"page":1639,"type":1635,"url":9},{"slug":1640,"title":1641},"/who-we-are","Who We Are",{"_key":1643,"_type":1630,"link":1644,"showAsButton":145,"text":1647},"35832191f395",{"linkPageModule":145,"newTab":145,"page":1645,"type":1635,"url":9},{"slug":1646,"title":1647},"/our-perspectives","Our Perspectives",{"_key":1649,"_type":1650,"label":1651,"showAsButton":1652,"subNav":1653},"efdac9961e97","navGroup","Client Login",true,[1654,1660,1665],{"_key":1655,"_type":1630,"link":1656,"showAsButton":145,"text":1659},"534c63deb249",{"linkPageModule":145,"newTab":1652,"page":9,"type":1657,"url":1658},"url","https://evolveprivatewealth.addepar.com/","Client Portal",{"_key":1661,"_type":1630,"link":1662,"showAsButton":145,"text":1664},"bb09fc24593a",{"linkPageModule":145,"newTab":1652,"page":9,"type":1657,"url":1663},"https://digital.fidelity.com/prgw/digital/login/full-page","Fidelity Login",{"_key":1666,"_type":1630,"link":1667,"showAsButton":145,"text":1669},"bfab2821d6c9",{"linkPageModule":145,"newTab":1652,"page":9,"type":1657,"url":1668},"https://client.schwab.com/Areas/Access/Login","Schwab Login",{"_id":1671,"_type":1671,"contactText":1672,"copyrightText":1696,"footerNav":1713,"legalNav":1732},"footer",[1673,1682,1690],{"_key":1674,"_type":1675,"children":1676,"markDefs":1681,"style":32},"f702d31f510e","textOnly",[1677],{"_key":1678,"_type":28,"marks":1679,"text":1680},"d96139f336d6",[],"10877 Wilshire Blvd\nSuite 1406\nLos Angeles, CA 90024\nTel: (424) 500-4601",[],{"_key":1683,"_type":1675,"children":1684,"markDefs":1689,"style":32},"c24f3ff625dc",[1685],{"_key":1686,"_type":28,"marks":1687,"text":1688},"b5a517f4f173",[],"150 East 52nd St \nSuite 27002\nNew York, NY 10022 \nTel: (646) 809-5056",[],{"_key":1691,"_type":1692,"link":1693,"markDefs":9,"text":1695},"3b4ef7af8a5a","button",{"linkPageModule":145,"newTab":1652,"page":9,"type":1657,"url":1694},"mailto:info@evolvepw.com","info@evolvepw.com",[1697,1705],{"_key":1698,"_type":1675,"children":1699,"markDefs":1704,"style":32},"778e1135c4ec",[1700],{"_key":1701,"_type":28,"marks":1702,"text":1703},"fb8fe3be2c57",[],"Evolve Private Wealth, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission. ",[],{"_key":1706,"_type":1675,"children":1707,"markDefs":1712,"style":32},"e6bf68917f19",[1708],{"_key":1709,"_type":28,"marks":1710,"text":1711},"a28aa4a465d6",[],"Fidelity Investments® (“Fidelity”) is an independent company, unaffiliated with the third-party providers listed. There is no form of legal partnership, agency affiliation, or similar relationship between your financial advisor and Fidelity, nor is such a relationship created or implied by the information herein. Fidelity is a registered trademark of FMR LLC. Fidelity provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 1145458.1.0 ",[],[1714,1718,1722,1726],{"_key":1715,"_type":1630,"link":1716,"showAsButton":145,"text":1634},"a56c53ac33cd",{"linkPageModule":145,"newTab":145,"page":1717,"type":1635,"url":9},{"slug":1633,"title":1634},{"_key":1719,"_type":1630,"link":1720,"showAsButton":145,"text":1641},"d58d4ab0b26b",{"linkPageModule":145,"newTab":145,"page":1721,"type":1635,"url":9},{"slug":1640,"title":1641},{"_key":1723,"_type":1630,"link":1724,"showAsButton":145,"text":1647},"c303bc62abcd",{"linkPageModule":145,"newTab":145,"page":1725,"type":1635,"url":9},{"slug":1646,"title":1647},{"_key":1727,"_type":1630,"link":1728,"showAsButton":145,"text":1731},"5eab7e85370f",{"linkPageModule":145,"newTab":145,"page":1729,"type":1635,"url":9},{"slug":1730,"title":1731},"/contact","Contact Us",[1733,1740,1746],{"_key":1734,"_type":1630,"link":1735,"showAsButton":145,"text":1739},"5e5171abaea2",{"linkPageModule":145,"newTab":145,"page":1736,"type":1635,"url":9},{"slug":1737,"title":1738},"/legal/privacy-policy","Legal - Privacy Policy","Privacy Policy",{"_key":1741,"_type":1630,"link":1742,"showAsButton":145,"text":1745},"6ae56323f9c5",{"linkPageModule":145,"newTab":145,"page":1743,"type":1635,"url":9},{"slug":1744,"title":1745},"/legal/disclosures","Disclosures",{"_key":1747,"_type":1630,"link":1748,"showAsButton":145,"text":1750},"b7a90ee1a5f1",{"linkPageModule":145,"newTab":1652,"page":9,"type":1657,"url":1749},"https://cdn.sanity.io/files/2ro1tlcz/production/8973c410d9f08eb586376edd9c4dba9a3a638542.pdf"," Form CRS",{"_createdAt":1752,"_id":1753,"_rev":1754,"_type":1755,"_updatedAt":1756,"categories":1757,"content":1761,"globalSeo":2079,"media":2083,"pageType":9,"publishedDate":2093,"relatedArticles":2094,"seo":3079,"slug":3081,"title":3080},"2026-10-22T03:03:38Z","b4a011a0-3cc2-467d-9fbc-3d3580f050ea","4bw7YfK7uNQoHTFNHhDNVN","article","2026-10-22T03:17:42Z",[1758],{"slug":1759,"title":1760},"/tag/article-category/quarterly-letters","Quarterly Letters",[1762,1767,1775,1783,1791,1799,1807,1815,1823,1831,1846,1854,1862,1870,1878,1886,1894,1902,1910,1918,1926,1934,1942,1950,1958,1972,1980,1988,1996,2004,2012,2020,2028,2044,2052,2059,2071],{"_key":1763,"_type":1764,"markDefs":9,"name":1765,"quote":1766},"3cfcf4bc61c9","blockQuote","James Carville","I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody.",{"_key":1768,"_type":1755,"children":1769,"markDefs":1774,"style":32},"db673833b84e",[1770],{"_key":1771,"_type":28,"marks":1772,"text":1773},"dae9ce7d0e27",[],"The stock and bond market are living in alternate realities. The stock market is enthusiastic about corporate earnings, with 86% of companies beating analysts’ estimates in the second quarter. The S&P 500 set new highs, finishing up 2.3% for the quarter. The bond market has been left out of the party. The 10-year Treasury yield rose from 4.44% to 5.29% during the quarter, and in early October it briefly topped 5.3%, its highest level in more than 20 years. The Bloomberg U.S. Aggregate Bond Index lost 3.51%. The selloff was not an American story alone. Japan’s 10-year yield crossed 3% for the first time since 1996, and France now pays more to borrow for ten years than Italy or Greece.",[],{"_key":1776,"_type":1755,"children":1777,"markDefs":1782,"style":32},"1ab057a680ce",[1778],{"_key":1779,"_type":28,"marks":1780,"text":1781},"c28a5b18e8da",[],"It is tempting to read the bond market’s mood as a verdict on stocks, or as the opening act of a fiscal crisis. We think it’s neither, and our conclusion is more encouraging than the headlines. The forces that made the past few years painful for bondholders have also made bonds more rewarding to own than they have been in many years.",[],{"_key":1784,"_type":1755,"children":1785,"markDefs":1790,"style":32},"f8afe8550a49",[1786],{"_key":1787,"_type":28,"marks":1788,"text":1789},"1c57f83df10b",[63],"The Story: It’s Not the $40 Trillion",[],{"_key":1792,"_type":1755,"children":1793,"markDefs":1798,"style":32},"0c7cd0fef5e6",[1794],{"_key":1795,"_type":28,"marks":1796,"text":1797},"d4b2124460c3",[],"On August 19, the Treasury reported that federal debt had passed $40 trillion for the first time. That same week, the 30-year Treasury yield briefly passed 5.3%, its highest since 2007. Financial media drew the obvious line between the two. It’s a tidy story, and it’s mostly wrong.",[],{"_key":1800,"_type":1755,"children":1801,"markDefs":1806,"style":32},"02a47e1ff597",[1802],{"_key":1803,"_type":28,"marks":1804,"text":1805},"4ebf839bdaa1",[],"The problem is that this was not a surprise. With the government running deficits near 6% of GDP, the date on which the debt would cross $40 trillion was foreseeable. Markets reprice on new information. A milestone everyone could see coming is not new information.",[],{"_key":1808,"_type":1755,"children":1809,"markDefs":1814,"style":32},"0d4452372f34",[1810],{"_key":1811,"_type":28,"marks":1812,"text":1813},"3a8a10c3d71d",[],"To see what’s moving interest rates, it helps to look under the hood. A Treasury yield has two main components. The first is the real yield: what a lender earns after inflation. The second is compensation for the inflation the lender expects over the life of the bond. The Treasury does us the favor of selling both ordinary bonds and inflation-protected bonds, known as TIPS, whose yields are real yields. Subtracting one yield from the other reveals the market’s own inflation expectation.",[],{"_key":1816,"_type":1755,"children":1817,"markDefs":1822,"style":32},"f4f0d7a8d88a",[1818],{"_key":1819,"_type":28,"marks":1820,"text":1821},"6fdb4e29638c",[],"Over the twelve months ending September 30, the 10-year Treasury yield rose from 4.15% to 5.29%, an increase of 1.14 percentage points. The 10-year real yield rose from 1.80% to 2.93%, an increase of 1.13 points. Expected inflation barely moved, from 2.35% to 2.36%. Virtually all of the increase came from real yields. This happened in a year when oil traded above $100 a barrel and consumer inflation reached 4.2% in May. The bond market looked straight through the energy shock. It is not worried that inflation will run away over the coming years. It is demanding a higher real price for money.",[],{"_key":1824,"_type":1755,"children":1825,"markDefs":1830,"style":32},"b16bab8cec80",[1826],{"_key":1827,"_type":28,"marks":1828,"text":1829},"19fd9ee27906",[],"Worry about government debt could show up in real yields, as extra compensation for lending over long periods. The shape of the move, however, implies this is not the case. If fiscal fear were the driver, the longest-dated bonds would have moved the most, since that is where a borrower’s long-run solvency matters most. They moved the least. The 30-year yield rose 0.90% over the year. The 3-year and 5-year yields rose 1.38% and 1.35%. That middle stretch of the curve is governed by where investors expect the Federal Reserve to set rates over the next few years. ",[],{"_key":1832,"_type":1833,"data":1834,"image":1844,"markDefs":9,"type":21},"0fed85ae74e8","media",{"altText":9,"asset":1835,"bgColor":1837,"caption":9,"dimensions":1838,"lqip":1842,"originalFilename":1843},{"_ref":1836,"_type":12},"image-7ac6c9a8de63dd0eb93194c65deeaec1766edfd0-1542x992-png","#fcfaf3",{"_type":15,"aspectRatio":1839,"height":1840,"width":1841},1.5544354838709677,992,1542,"data:image/png;base64,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","Screenshot 2026-10-21 at 8.11.03 PM.png",{"_type":21,"asset":1845},{"_ref":1836,"_type":12},{"_key":1847,"_type":1755,"children":1848,"markDefs":1853,"style":32},"dcf87d7ffc46",[1849],{"_key":1850,"_type":28,"marks":1851,"text":1852},"c02b10237c67",[],"A year ago, the curve sagged in the middle because investors expected the Fed to keep cutting. Today it slopes steadily upward because they expect it to raise rates. The Fed raised rates in September for the first time since 2023, and it rarely stops at one hike. September’s increase also came over the White House’s objections. In our Q1 letter, we warned about a repeat of Arthur Burns’s error in the 1970s, a Fed that bends to political pressure and lets inflation take root. So far, this Fed has chosen otherwise, and stable inflation expectations are the market’s acknowledgment.",[],{"_key":1855,"_type":1755,"children":1856,"markDefs":1861,"style":32},"546414088886",[1857],{"_key":1858,"_type":28,"marks":1859,"text":1860},"c8125b3fe38f",[],"Real rates are rising because the economy wants to borrow more than savers want to lend. U.S. growth has repeatedly beaten expectations, and the Atlanta Fed’s GDPNow model puts third-quarter growth at 3.6%. Business investment grew at a 9% annualized pace in the second quarter, led by data centers for artificial intelligence. The five largest cloud providers spent about $330 billion on capital investment in the first half of the year and have issued $230 billion of bonds so far this year, double last year’s total. ",[],{"_key":1863,"_type":1755,"children":1864,"markDefs":1869,"style":32},"6cc629f1b248",[1865],{"_key":1866,"_type":28,"marks":1867,"text":1868},"11e95f7b60ef",[],"Further adding to yield pressure is a change in buyers. At the Fed’s June meeting, its markets desk told policymakers that ownership of Treasuries had shifted “from relatively price-insensitive official-sector holders to more price-sensitive private investors.” Central banks are shrinking their bond portfolios. Pension funds that once bought long bonds almost regardless of price are giving way to retirement plans that favor stocks. The marginal buyer now negotiates, and they’re demanding a higher yield.",[],{"_key":1871,"_type":1755,"children":1872,"markDefs":1877,"style":32},"08b392a0f1b7",[1873],{"_key":1874,"_type":28,"marks":1875,"text":1876},"cd79ac2f45f4",[],"The Treasury department drew the wrong conclusion. On August 19, without the usual advance notice, it announced that it would at least double its purchases of its own long-term bonds, and Treasury Secretary Scott Bessent argued that yields did not reflect the underlying fundamentals. The market’s reply was clear. Yields kept rising, the dollar fell, and gold rallied. Breaking a thermometer does not change the temperature. The temperature here is the price of capital in an economy that wants a great deal of it.",[],{"_key":1879,"_type":1755,"children":1880,"markDefs":1885,"style":32},"b4cc0b17b3ca",[1881],{"_key":1882,"_type":28,"marks":1883,"text":1884},"3598e44c97e0",[63],"There Is Now an Alternative",[],{"_key":1887,"_type":1755,"children":1888,"markDefs":1893,"style":32},"af4b0bdc74f9",[1889],{"_key":1890,"_type":28,"marks":1891,"text":1892},"b1f4928d934f",[],"For most of the past fifteen years, investors were told there was no alternative to stocks. With cash and bonds paying close to nothing, that was a fair description of the choice. It no longer is.",[],{"_key":1895,"_type":1755,"children":1896,"markDefs":1901,"style":32},"34bbb1c29c3b",[1897],{"_key":1898,"_type":28,"marks":1899,"text":1900},"abba8e19a34f",[],"As of September 30, the 10-year TIPS yields 2.93%, the highest since 2008. In plain terms, the U.S. government will pay an investor nearly 3% a year above inflation, whatever inflation turns out to be, for the next decade. ",[],{"_key":1903,"_type":1755,"children":1904,"markDefs":1909,"style":32},"e7a9b7d3b1ee",[1905],{"_key":1906,"_type":28,"marks":1907,"text":1908},"c8bd126f2485",[],"Compare that with what stocks offer. Since 1871, U.S. stocks have returned about 7% a year after inflation, which makes 3% look modest. But that average was earned from much cheaper starting prices. The average cyclically adjusted price-to-earnings ratio over that history was about 18, less than half of today’s. A better gauge of what stocks offer today is the earnings yield, a company’s earnings divided by its price. Using analysts’ forward estimates, as of September 30 the S&P 500 trades at 21.2x earnings, an earnings yield of about 4.7%. That leaves a premium of about 1.8% for owning stocks rather than a government-guaranteed real return. ",[],{"_key":1911,"_type":1755,"children":1912,"markDefs":1917,"style":32},"77f8c08838b4",[1913],{"_key":1914,"_type":28,"marks":1915,"text":1916},"0fcc9993ddf8",[],"This is not a forecast that stocks will fall. Expensive markets can stay expensive for years; valuations were already stretched in early 1997, and the S&P 500 roughly doubled before it peaked in 2000. What this says is that when stocks offer only a modest premium over a guaranteed real return, the reward for bearing equity risk has historically been thin. Today, an investor does not have to accept that risk to earn a real return. A lender is paid to wait.",[],{"_key":1919,"_type":1755,"children":1920,"markDefs":1925,"style":32},"d49f8cfad77f",[1921],{"_key":1922,"_type":28,"marks":1923,"text":1924},"0754d8e04b3c",[63],"Don’t Judge Bonds in the Rearview Mirror",[],{"_key":1927,"_type":1755,"children":1928,"markDefs":1933,"style":32},"9c1e87273183",[1929],{"_key":1930,"_type":28,"marks":1931,"text":1932},"5f0e985ee823",[],"Many investors have sworn off bonds, and it is easy to understand why. Over the past five years, the Bloomberg U.S. Aggregate Bond Index returned a cumulative -3.16%, compared to 90.6% for the S&P 500. That poor performance is precisely what created today’s opportunity. Judging bonds by their last five years is like driving by watching the rearview mirror.",[],{"_key":1935,"_type":1755,"children":1936,"markDefs":1941,"style":32},"36fa02a256e2",[1937],{"_key":1938,"_type":28,"marks":1939,"text":1940},"e28329e90c46",[],"A bond’s return over a year comes from two sources: the income it pays and the change in its price. When rates rise, prices fall, and when rates fall, prices rise. How far they move depends on the bond’s duration, a measure of its sensitivity to interest rates. ",[],{"_key":1943,"_type":1755,"children":1944,"markDefs":1949,"style":32},"7cedd3855e69",[1945],{"_key":1946,"_type":28,"marks":1947,"text":1948},"51fdbd304ba4",[],"Consider a 10-year Treasury. In August 2020, it yielded 0.52% and had a duration of nearly 10. Today it yields 5.29%, and its duration has fallen to about 7.7. That combination works in the investor’s favor in both directions. If rates rise, the higher income and lower duration result in a much smaller loss. If rates fall, the higher starting yield leaves room for a meaningful gain, something a bond yielding half a percent could not offer.",[],{"_key":1951,"_type":1755,"children":1952,"markDefs":1957,"style":32},"697465296a66",[1953],{"_key":1954,"_type":28,"marks":1955,"text":1956},"625073c23775",[],"The chart below shows the range of outcomes over a one year period. If rates rise by one percentage point, a 10-year Treasury bought today loses about 1.4%, compared with 7.9% for one bought in 2020. A two-point rise costs about 7.7%, half the 15.5% loss in 2020. If a downturn instead pushed rates down by one point, today’s bond would return 12.7%, and a two-point drop would deliver 20.8%. In 2020, that upside likely did not exist, because yields could not fall that far without turning negative.",[],{"_key":1959,"_type":1833,"data":1960,"image":1970,"markDefs":9,"type":21},"71abbff0cd4e",{"altText":9,"asset":1961,"bgColor":1963,"caption":9,"dimensions":1964,"lqip":1968,"originalFilename":1969},{"_ref":1962,"_type":12},"image-9521e1aa48da096d6720fcb93af4b4d2273107f9-1458x754-png","#1c1206",{"_type":15,"aspectRatio":1965,"height":1966,"width":1967},1.93368700265252,754,1458,"data:image/png;base64,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","Screenshot 2026-10-21 at 8.13.20 PM.png",{"_type":21,"asset":1971},{"_ref":1962,"_type":12},{"_key":1973,"_type":1755,"children":1974,"markDefs":1979,"style":32},"81036cefe80a",[1975],{"_key":1976,"_type":28,"marks":1977,"text":1978},"1f8f28f99cc6",[],"In our Q1 letter, we explained that bonds hedge stocks well in growth scares and poorly in inflation scares. With inflation expectations anchored and real yields near 3%, bonds have recovered much of their ability to cushion a portfolio when growth falters.",[],{"_key":1981,"_type":1755,"children":1982,"markDefs":1987,"style":32},"6527f7a20273",[1983],{"_key":1984,"_type":28,"marks":1985,"text":1986},"d9c5b6647ef9",[63],"Our Positioning: The Boring Corners",[],{"_key":1989,"_type":1755,"children":1990,"markDefs":1995,"style":32},"6a2a11b83c86",[1991],{"_key":1992,"_type":28,"marks":1993,"text":1994},"61aa5b1c623e",[],"The best opportunities sit in the least exciting parts of the bond market. We are cautious on corporate credit. Corporate bonds pay only about 0.8% more than Treasuries, the narrowest gap in more than 25 years, and they tend to fall alongside stocks in a downturn, exactly when a portfolio needs its bonds to hold up. We prefer the middle of the Treasury curve, where the 5-year and 7-year yield 5.09% and 5.19% (as of September 30, 2026), nearly as much as the 10-year with a little over half its interest-rate risk. For taxable accounts, short-term municipal bonds stand out. A top-bracket California resident pays a combined 54.1% in federal, investment income and state tax on ordinary bond interest. For that investor, as of September 30, a 2- to 3-year California municipal bond rated A to AA and yielding about 3.2% is worth as much after tax as an ordinary bond paying 6.97% and a Treasury bond paying 5.4%.",[],{"_key":1997,"_type":1755,"children":1998,"markDefs":2003,"style":32},"21b1793af0f4",[1999],{"_key":2000,"_type":28,"marks":2001,"text":2002},"64d5e711d32e",[63],"Closing Thoughts",[],{"_key":2005,"_type":1755,"children":2006,"markDefs":2011,"style":32},"b0540b38e609",[2007],{"_key":2008,"_type":28,"marks":2009,"text":2010},"a3ed1f11759a",[],"For more than a decade, lenders subsidized borrowers. Savers lent to governments at rates below inflation and called it safety. That arrangement is now over. The bond market is once again charging borrowers, governments included, a real price for money. That is uncomfortable for anyone who borrows. For anyone who lends, it is the best setup in many years.",[],{"_key":2013,"_type":1755,"children":2014,"markDefs":2019,"style":32},"f334f3ce9a00",[2015],{"_key":2016,"_type":28,"marks":2017,"text":2018},"1a955da919da",[],"We do not know whether yields go higher from here, and we do not need to. At 5%, the math is forgiving, and an investor who waits is paid to do so. ",[],{"_key":2021,"_type":1755,"children":2022,"markDefs":2027,"style":32},"b6f8088eea31",[2023],{"_key":2024,"_type":28,"marks":2025,"text":2026},"f5a09c4a13e2",[],"Thank you for your continued trust and partnership. ",[],{"_key":2029,"_type":1755,"children":2030,"markDefs":2043,"style":32},"177a94e77160",[2031,2035,2039],{"_key":2032,"_type":28,"marks":2033,"text":2034},"fe98db4e1fdb",[63],"Razmig Der-Tavitian, CFA, CAIA\n",{"_key":2036,"_type":28,"marks":2037,"text":2038},"a1515ce53c31",[800],"Chief Investment Officer & Managing Partner\n",{"_key":2040,"_type":28,"marks":2041,"text":2042},"6ef6733b807a",[],"Evolve Private Wealth",[],{"_key":2045,"_type":1755,"children":2046,"markDefs":2050,"style":2051},"1e4d274429b3",[2047],{"_key":2048,"_type":28,"marks":2049,"text":96},"4edb7c25e1b1",[],[],"label",{"_key":2053,"_type":1755,"children":2054,"markDefs":2058,"style":2051},"c8a58be49a0b",[2055],{"_key":2056,"_type":28,"marks":2057,"text":96},"892e5ff95e41",[],[],{"_key":2060,"_type":1755,"children":2061,"markDefs":2070,"style":32},"c71faea85873",[2062,2066],{"_key":2063,"_type":28,"marks":2064,"text":2065},"894e12930c06",[800,63],"Please let your financial advisor know if there have been any changes to your financial situation",{"_key":2067,"_type":28,"marks":2068,"text":2069},"f33bd136e702",[800],".",[],{"_key":2072,"_type":1755,"children":2073,"markDefs":2078,"style":32},"a21f748a8cec",[2074],{"_key":2075,"_type":28,"marks":2076,"text":2077},"598b1d188227",[],"Evolve Private Wealth Management, LLC (“Evolve”) is a Registered Investment Adviser. 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. This content is intended to provide general information about Evolve. It is not intended to offer or deliver investment advice in any way. Advisory services are only offered to clients or prospective clients where Evolve and its representatives are properly licensed or exempt from licensure. Information regarding investment services are provided solely to gain an understanding of our investment philosophy, our strategies and to be able to contact us for further information. 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. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur. Indices are unmanaged, not available for direct investment, and do not reflect the deduction of fees, transaction costs, or other expenses. Past performance is not a guarantee of future results. Any discussion of prospective investment strategies, opportunities, or potential fund launches is provided for informational purposes only and does not constitute an offer or solicitation to invest in any security. Any such offering would be made only pursuant to formal offering documents, which would include additional information regarding risks, fees, and investment objectives.",[],{"description":123,"image":2080,"title":134},{"altText":9,"asset":2081,"bgColor":127,"caption":9,"dimensions":2082,"lqip":132,"originalFilename":133},{"_ref":126,"_type":12},{"_type":15,"aspectRatio":129,"height":130,"width":131},{"data":2084,"type":21},{"altText":2085,"asset":2086,"bgColor":2088,"caption":9,"dimensions":2089,"lqip":2092,"originalFilename":2085},"Evolve News",{"_ref":2087,"_type":12},"image-135d1995dd26a7fb40845df7650a6500468cacae-384x384-png","#1c1404",{"_type":15,"aspectRatio":2090,"height":2091,"width":2091},1,384,"data:image/png;base64,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","2026-10-21",[2095,2340,2702],{"_createdAt":2096,"_id":2097,"_updatedAt":2098,"categories":2099,"content":2101,"media":2333,"publishedDate":2337,"slug":2338,"title":2339},"2026-07-21T03:32:34Z","8479ec94-f927-4d36-84e3-03adb75de08c","2026-07-23T12:48:10Z",[2100],{"slug":1759,"title":1760},[2102,2105,2113,2120,2129,2137,2145,2153,2161,2169,2177,2185,2193,2201,2209,2217,2225,2233,2241,2249,2257,2265,2273,2280,2288,2295,2302,2311,2316,2321,2328],{"_key":1763,"_type":1764,"markDefs":9,"name":2103,"quote":2104},"Warren Buffett","What the wise man does in the beginning, the fool does in the end.",{"_key":2106,"_type":1755,"children":2107,"markDefs":2112,"style":32},"b4ed3ada4ee0",[2108],{"_key":2109,"_type":28,"marks":2110,"text":2111},"a6fe24204e26",[],"The first half of 2026 rewarded almost everyone, but it did not reward everyone equally, and the pattern of who won is worth studying. Emerging markets rose 23.8%. Small-cap U.S. stocks rose 22.6%, their best first half since 1991. Value stocks in the Russell 1000 gained 16.2%. International developed markets, measured by the MSCI ACWI ex-US index, gained 13.7%. The S&P 500 returned 10.2%, and the growth end of the large-cap market, the very corner most associated with artificial intelligence, returned 5.3%. Bonds were roughly flat, with the U.S. Aggregate up 0.6%.",[],{"_key":2114,"_type":1755,"children":2115,"markDefs":2119,"style":32},"ad3051bacc12",[2116],{"_key":2109,"_type":28,"marks":2117,"text":2118},[],"We begin with that scoreboard because it complicates the story most investors are telling themselves. The headline says American technology leads and everything else follows. This year’s data says the opposite. And underneath both stories sit fundamentals that are genuinely strong: S&P 500 earnings rose 19% in the first quarter, and analysts expect the next twelve months to be better still. This is not a market resting on nothing, which is exactly why the risk is behavioral rather than fundamental. When the underlying business is good, the mistake is rarely doubting the business. The mistake is paying any price to own it.",[],{"_key":2121,"_type":1755,"children":2122,"markDefs":2127,"style":2128},"64f887eee7e0",[2123],{"_key":2124,"_type":28,"marks":2125,"text":2126},"ba320281d642",[],"When Optimism Turns into Euphoria",[],"h3",{"_key":2130,"_type":1755,"children":2131,"markDefs":2136,"style":32},"061c7b2b3f03",[2132],{"_key":2133,"_type":28,"marks":2134,"text":2135},"fb623017ce7f",[],"There is a difference between optimism and euphoria, and it is not a matter of degree. Optimism pays a full price for prospective growth. Euphoria pays a price that no growth can justify, and then goes searching for reasons. The line between the two is usually visible only in hindsight, but occasionally the market leaves fingerprints.",[],{"_key":2138,"_type":1755,"children":2139,"markDefs":2144,"style":32},"da83044098bf",[2140],{"_key":2141,"_type":28,"marks":2142,"text":2143},"b8e36305d71c",[],"The clearest set of fingerprints this year is in the options market. For most of financial history, put options have cost more than calls, for a sensible reason: large institutions buy puts as insurance against a crash, and markets tend to fall faster than they rise. Today, the average call option on the Nasdaq costs nearly as much as the average put. That inversion means the buying is no longer coming from institutions protecting themselves. It is coming from speculators betting on the upside, and there are now enough of them, trading furiously enough, to outweigh the insurers. Options that expire the same day they are bought, useless for hedging and useful only for gambling, now account for nearly half of all retail options volume, up from 13% in 2021. Leveraged and inverse exchange-traded funds, products designed to multiply a single day’s move, now outnumber the companies in the S&P 500, and their assets have grown more than fourfold since 2020. The casino has moved to the center of the floor.",[],{"_key":2146,"_type":1755,"children":2147,"markDefs":2152,"style":32},"82c50a53ece6",[2148],{"_key":2149,"_type":28,"marks":2150,"text":2151},"897316e937d2",[],"The emblem of the moment is SpaceX, which listed in June at a valuation near $1.8 trillion, more than 90 times its annual revenue, while losing roughly $5 billion last year. Within four trading days the stock was up more than 40%, and shortly after, the company agreed to pay $60 billion in shares for an AI-coding firm. Whether 90 times revenue is a great price is a question with a long and instructive history, which we turn to next.",[],{"_key":2154,"_type":1755,"children":2155,"markDefs":2160,"style":2128},"b5f893b544a6",[2156],{"_key":2157,"_type":28,"marks":2158,"text":2159},"ffd3b8f091b3",[],"SpaceX, Anthropic, OpenAI: Base Rates Beat Hot Takes",[],{"_key":2162,"_type":1755,"children":2163,"markDefs":2168,"style":32},"4c204e7f9f92",[2164],{"_key":2165,"_type":28,"marks":2166,"text":2167},"a2e796fed95d",[],"Many of our clients have asked how to gain exposure to the marquee names going public this year. SpaceX has listed. Anthropic and OpenAI are expected to follow. The enthusiasm is understandable. We want to give you something more useful than enthusiasm: a framework.",[],{"_key":2170,"_type":1755,"children":2171,"markDefs":2176,"style":32},"805daaaf5d2d",[2172],{"_key":2173,"_type":28,"marks":2174,"text":2175},"1a64d9eee02c",[],"The framework is called base rate analysis, and it is the single most powerful tool available to an investor who does not have inside information, which is to say, almost everyone. The idea is simple. Before you ask whether a particular investment is special, ask what has historically happened to investments with similar characteristics. The specific story is always vivid: rockets, satellite data centers, artificial general intelligence. The base rate is boring by comparison, which is exactly why most people ignore it, and exactly why it offers an edge. You do not need to know anything about SpaceX’s satellite ambitions to know how stocks priced like SpaceX have historically performed. The reference class does the work.",[],{"_key":2178,"_type":1755,"children":2179,"markDefs":2184,"style":32},"3177375d0fa2",[2180],{"_key":2181,"_type":28,"marks":2182,"text":2183},"029962828a58",[],"Consider first the two ways an individual investor can gain access, because both carry the odds against them. The first is buying in before the offering, typically through a special purpose vehicle assembled by a third party. These vehicles are marketed as privileged early access, and they carry fees to match. The trouble is that early access is not the same as good access. In 2016, Morgan Stanley offered its wealth clients a fund called New Riders LP that provided pre-IPO exposure to Uber at roughly $48.77 per share, with a minimum investment of $250,000 and fees of up to 2% of committed capital. The 290-page offering document listed risk factors but included no basic financial statements; clients were asked to take the $62.5 billion valuation largely on faith. When Uber finally went public in 2019, it priced at $45 and fell below $27 within six months. The clients who paid for early access had lost money before the public was even allowed to buy. Morgan Stanley ran similar vehicles for other private darlings that fared far worse. The reason you rarely hear about those is the halo effect: the handful of pre-IPO winners are advertised endlessly, and the losers quietly disappear from the story. Enthusiasm for pre-IPO access is a recurring feature of late-stage bull markets, and the arithmetic rarely changes: the individual investor pays premium fees for the privilege of unfavorable odds.",[],{"_key":2186,"_type":1755,"children":2187,"markDefs":2192,"style":32},"c031d8e775ea",[2188],{"_key":2189,"_type":28,"marks":2190,"text":2191},"9783c73dfdc9",[],"The second way in is to buy on the day of the offering. Here the disadvantage is subtler. The first-day pop that everyone covets is real, but it accrues almost entirely to those who receive an allocation at the offer price, and allocations flow first to large institutions and the underwriters’ most valuable relationships. Roughly 90% of a typical U.S. offering goes to institutions; retail investors share what is left. SpaceX, unusually, reserved a larger slice for individuals. Even so, when one of our custodians made shares available to clients, the allocation came to 55 shares per account, an amount immaterial to any real portfolio. By the time an ordinary investor can buy a meaningful position in the open market, the pop has already happened, and the base rate has already turned against them.",[],{"_key":2194,"_type":1755,"children":2195,"markDefs":2200,"style":32},"44af29dabfb8",[2196],{"_key":2197,"_type":28,"marks":2198,"text":2199},"9d93e235b352",[],"That base rate for IPOs is concerning. Professor Jay Ritter of the University of Florida has tracked more than 9,000 IPOs from 1980 through 2024. Measured from the first-day closing price and held for three years, the average IPO underperformed the overall market by roughly 20%. Unprofitable companies fared worse than profitable ones. Companies that went public during high-volume, enthusiastic years, years like this one, fared worst of all. And most relevant to today, of the fourteen IPOs in Ritter’s data with over $100 million in sales that went public at more than 40 times revenue, twelve underperformed the market over the following three years. SpaceX went public at more than double that multiple.",[],{"_key":2202,"_type":1755,"children":2203,"markDefs":2208,"style":32},"47660c1c5827",[2204],{"_key":2205,"_type":28,"marks":2206,"text":2207},"0a4de0e0a48e",[],"We want to be precise about what this does and does not say. It is not a prediction that SpaceX, or Anthropic, or OpenAI, will decline. Any one of them may prove to be the exception, and revolutionary companies do occasionally justify extraordinary prices. What the base rate says is that a stock priced for extraordinary outcomes is a stock where those outcomes have already been priced in. The buyer is no longer betting that the company succeeds. The buyer is betting that the company exceeds the market’s exuberant expectations. A narrative can be entirely correct and still produce a poor investment, because the price paid, not the quality of the story, determines the return.",[],{"_key":2210,"_type":1755,"children":2211,"markDefs":2216,"style":2128},"554830e07c52",[2212],{"_key":2213,"_type":28,"marks":2214,"text":2215},"26eb28459086",[],"What If You Knew the Future?",[],{"_key":2218,"_type":1755,"children":2219,"markDefs":2224,"style":32},"37c2e74f671f",[2220],{"_key":2221,"_type":28,"marks":2222,"text":2223},"b834d7857a10",[],"Suppose we removed all the uncertainty. Suppose you were handed tomorrow’s newspaper today and allowed to trade ahead of the news. How would you do?",[],{"_key":2226,"_type":1755,"children":2227,"markDefs":2232,"style":32},"9df796c2c94f",[2228],{"_key":2229,"_type":28,"marks":2230,"text":2231},"d051bea8d456",[],"A group of researchers at Elm Wealth ran precisely this experiment, using old newspapers. Participants were shown real Wall Street Journal front pages from years past, with the market data blacked out, and could bet on stocks and bonds at the prices that prevailed before that day's news hit. In effect, each player held tomorrow's paper. The results were humbling. Roughly half of the participants lost money, and about one in six went bust. When the researchers gave the same advantage to the leading artificial-intelligence models, most over-leveraged their positions and some were wiped out entirely. Only a small group of professional macro traders reliably made money, and their edge had little to do with foresight. What set them apart was how they sized their bets.",[],{"_key":2234,"_type":1755,"children":2235,"markDefs":2240,"style":32},"c0121e8c8a71",[2236],{"_key":2237,"_type":28,"marks":2238,"text":2239},"cb8313057ccc",[],"The lesson is one we return to often. Foresight is not an edge. Even perfect foresight, it turns out, is not an edge. Behavior is the edge, and specifically the discipline of position sizing and the patience to sit still when the situation does not warrant action. Even if you knew with certainty how the AI story ends, an undisciplined approach to sizing and timing could still ruin you. The correct response to a market that has turned manic is therefore not a dramatic countermove. It is not to abandon equities, and it is certainly not to bet against the mania, because in the famous words widely attributed to John Maynard Keynes, “markets can remain irrational longer than you can remain solvent”. The correct response is to lean toward the parts of the world where prices still make sense.",[],{"_key":2242,"_type":1755,"children":2243,"markDefs":2248,"style":2128},"5bb343c5c5f5",[2244],{"_key":2245,"_type":28,"marks":2246,"text":2247},"9bf8a9a0e2aa",[],"The Unloved: Where Capital Is Priced More Sensibly",[],{"_key":2250,"_type":1755,"children":2251,"markDefs":2256,"style":32},"5149425ac169",[2252],{"_key":2253,"_type":28,"marks":2254,"text":2255},"653eb3192b5a",[],"We closed last year by noting that the unloved corners of the market had started to win, and that global diversification had reasserted itself as a practical tool rather than an academic one. The first half of 2026 extended the lesson.",[],{"_key":2258,"_type":1755,"children":2259,"markDefs":2264,"style":32},"a6c544083d44",[2260],{"_key":2261,"_type":28,"marks":2262,"text":2263},"d95a288d46f5",[],"The most sensibly priced opportunities begin at home, in the parts of the U.S. market that the AI trade left behind. Small-cap stocks returned 22.6% in the first half, their best first half since 1991. After years in the shadow of the mega-caps, small companies entered the year cheap. Small companies also earn more of their revenue domestically, which makes them less exposed to the trade frictions that have unsettled multinationals. For now, small caps are where reasonable prices live.",[],{"_key":2266,"_type":1755,"children":2267,"markDefs":2272,"style":32},"a28709ddb5e6",[2268],{"_key":2269,"_type":28,"marks":2270,"text":2271},"f08c9bb8e902",[],"The more telling story is abroad, and it is telling precisely because of what did not happen. International markets have historically depended on two conditions that were both absent this year. A weakening dollar normally flatters foreign returns, and a calm geopolitical backdrop normally invites capital abroad. This year delivered neither. The dollar strengthened and the geopolitical environment deteriorated, with the conflict between the United States and Iran escalating back into active hostilities after a brief truce. Historically, that combination would have punished international equities severely. Instead, international markets, as measured by the MSCI ACWI ex US index, outperformed the S&P 500. When an asset class stops responding to the forces that used to move it, something structural has changed. Part of the explanation is valuation: international and emerging equities remain meaningfully cheaper than their U.S. counterparts, and a decade of global underallocation is slowly reversing. Part of it, we suspect, is the gradual erosion of American financial dominance that we have written about in prior letters, a shift that happens not in a single dramatic moment but at the margins, until it becomes impossible to ignore.",[],{"_key":2274,"_type":1755,"children":2275,"markDefs":2279,"style":2128},"5cc5453f0220",[2276],{"_key":2277,"_type":28,"marks":2278,"text":2002},"18b980b97d6c",[],[],{"_key":2281,"_type":1755,"children":2282,"markDefs":2287,"style":32},"218657c79a78",[2283],{"_key":2284,"_type":28,"marks":2285,"text":2286},"ca3afe55b3b0",[],"The fundamentals underpinning this market are real, and the euphoria layered on top of them is also real. Both can be true at once. The edge available to us is not a forecast about how the AI era resolves, and it is not a coveted allocation to the next hot offering. Those are the things the market is most eager to sell and least able to deliver. The edge is duller and more durable: knowing the base rate before you act, sizing your commitments with discipline, and leaning steadily toward the places where capital is still priced with some humility. Our work has never been to tell you what the future holds. It is to build portfolios that are honest about the odds, and to keep our heads while the crowd, in Buffett’s phrase, does at the end what the wise did at the beginning.",[],{"_key":2289,"_type":1755,"children":2290,"markDefs":2294,"style":32},"27c69afe9d12",[2291],{"_key":2292,"_type":28,"marks":2293,"text":2026},"605d37ec44a6",[],[],{"_key":2296,"_type":1755,"children":2297,"markDefs":2301,"style":2051},"2d23519612e8",[2298],{"_key":2299,"_type":28,"marks":2300,"text":96},"83d0aabc133d",[],[],{"_key":2029,"_type":1755,"children":2303,"markDefs":2310,"style":32},[2304,2306,2308],{"_key":2032,"_type":28,"marks":2305,"text":2034},[63],{"_key":2036,"_type":28,"marks":2307,"text":2038},[800],{"_key":2040,"_type":28,"marks":2309,"text":2042},[],[],{"_key":2045,"_type":1755,"children":2312,"markDefs":2315,"style":2051},[2313],{"_key":2048,"_type":28,"marks":2314,"text":96},[],[],{"_key":2053,"_type":1755,"children":2317,"markDefs":2320,"style":2051},[2318],{"_key":2056,"_type":28,"marks":2319,"text":96},[],[],{"_key":2060,"_type":1755,"children":2322,"markDefs":2327,"style":32},[2323,2325],{"_key":2063,"_type":28,"marks":2324,"text":2065},[800,63],{"_key":2067,"_type":28,"marks":2326,"text":2069},[800],[],{"_key":2072,"_type":1755,"children":2329,"markDefs":2332,"style":32},[2330],{"_key":2075,"_type":28,"marks":2331,"text":2077},[],[],{"data":2334,"type":21},{"altText":2085,"asset":2335,"bgColor":2088,"caption":9,"dimensions":2336,"lqip":2092,"originalFilename":2085},{"_ref":2087,"_type":12},{"_type":15,"aspectRatio":2090,"height":2091,"width":2091},"2026-07-21","/our-perspectives/article/the-house-edge-q2-2026","The House Edge - Q2 2026",{"_createdAt":2341,"_id":2342,"_updatedAt":2343,"categories":2344,"content":2346,"media":2695,"publishedDate":2699,"slug":2700,"title":2701},"2026-04-14T22:16:30Z","aa00685d-8173-4b40-98e2-c2545d32abe5","2026-04-15T13:41:46Z",[2345],{"slug":1759,"title":1760},[2347,2350,2358,2366,2374,2382,2390,2398,2406,2414,2422,2430,2444,2452,2460,2468,2476,2484,2492,2500,2508,2516,2524,2532,2540,2548,2556,2564,2572,2580,2594,2602,2610,2618,2625,2633,2641,2649,2656,2663,2672,2677,2682,2689],{"_key":1763,"_type":1764,"markDefs":9,"name":2348,"quote":2349},"John Maynard Keynes","The difficulty lies not in the new ideas, but in escaping from the old ones.",{"_key":2351,"_type":1755,"children":2352,"markDefs":2357,"style":32},"a8b289f32d90",[2353],{"_key":2354,"_type":28,"marks":2355,"text":2356},"ce9196c221e0",[],"The first quarter of 2026 produced no shortage of noise. A war. An oil shock. AI disruption. Threats to annex Greenland. The removal of Venezuela’s president by force. In periods like this, the temptation is to focus on the events, to treat a war, an annexation threat, or market volatility as the story. We think the events are symptoms. The story is something larger. The environment that shaped investor assumptions for the past three decades has structurally shifted, and many portfolios were not built for the world that now exists.",[],{"_key":2359,"_type":1755,"children":2360,"markDefs":2365,"style":32},"1b54f0605089",[2361],{"_key":2362,"_type":28,"marks":2363,"text":2364},"218ba51d85e2",[],"This letter addresses three of those shifts. Each one is distinct. Together, they point toward the same conclusion.",[],{"_key":2367,"_type":1755,"children":2368,"markDefs":2373,"style":2128},"3ba23e5338cd",[2369],{"_key":2370,"_type":28,"marks":2371,"text":2372},"12657c14b8d7",[63],"The Post-Cold War Order, In Memoriam",[],{"_key":2375,"_type":1755,"children":2376,"markDefs":2381,"style":32},"6d96e2ae9672",[2377],{"_key":2378,"_type":28,"marks":2379,"text":2380},"afcf95f9c55d",[],"In February 2026, the Munich Security Conference, the premier annual gathering of Western heads of state and defense officials, published its conference report titled \"Under Destruction.\" German Chancellor Friedrich Merz told the assembled leaders that \"the world order as it has stood for decades no longer exists\" and that we are now in a period of \"great power politics\" where freedom \"is no longer a given.\" French President Emmanuel Macron urged leaders to \"reorganize our architecture of security\", arguing that Europe must take full responsibility for defending its own economic and geopolitical interests. U.S. Secretary of State Marco Rubio declared that we have entered a new era of geopolitics, acknowledging that the old-world order has passed.",[],{"_key":2383,"_type":1755,"children":2384,"markDefs":2389,"style":32},"ff0a24932019",[2385],{"_key":2386,"_type":28,"marks":2387,"text":2388},"f8b46c5be858",[],"We write this not to alarm, but because it matters for how we think about investment portfolios. These are not outside analysts making a provocative call. These are the stewards of the post-Cold War system, the system that shaped three decades of investor assumptions about dollar stability, rules-based trade, and geopolitical risk. When those stewards declare the system finished, investors who are still positioned for it face a structural mismatch with today’s reality.",[],{"_key":2391,"_type":1755,"children":2392,"markDefs":2397,"style":32},"5e4cad6784a9",[2393],{"_key":2394,"_type":28,"marks":2395,"text":2396},"63e53fdf3cbb",[],"The post-Cold War era was, by any historical measure, an anomaly. U.S. military and economic dominance enforced a set of predictable rules: trade disputes went to the WTO, conflicts stayed peripheral, the dollar anchored global finance, and supply chains optimized for efficiency rather than resilience. Markets adapted by assigning virtually zero geopolitical risk premium into asset prices. It was a rational response to conditions, but those conditions are no longer valid.",[],{"_key":2399,"_type":1755,"children":2400,"markDefs":2405,"style":32},"1461b3e09110",[2401],{"_key":2402,"_type":28,"marks":2403,"text":2404},"99d3d183eed0",[],"Iran and Ukraine are not the story, but the symptoms. The story is the simultaneous renegotiation of the rules on trade, energy, reserve currencies, and military alliances, a process that takes years to resolve. BRICS+ nations are building payment infrastructure that routes around the dollar. Germany reversed its constitutional debt brake to fund military spending, its largest fiscal shift since reunification. China now prices meaningful volumes of oil in yuan. The dollar fell 9.4% against major currencies in 2025. These are not idiosyncratic events. They are the infrastructure of a new order being built.",[],{"_key":2407,"_type":1755,"children":2408,"markDefs":2413,"style":32},"0a7e82f9cb77",[2409],{"_key":2410,"_type":28,"marks":2411,"text":2412},"dbb7566eb8b0",[],"History suggests that world orders rarely break in one dramatic moment; they erode at the margins, then suddenly become impossible to ignore. The British pound still retained an important international role in the early 1950s, years after Bretton Woods had formally established the dollar as the anchor of the global financial system. Britain’s financial position weakened over time, and the Suez Crisis of 1956, when U.S. financial pressure forced Britain to retreat, exposed Britain’s financial vulnerability and confirmed a transition that was already underway. The lesson is that systems can look durable long after their foundations have begun to shift. In that kind of environment, prudence argues against portfolios built on a single geopolitical or monetary assumption and in favor of diversification and resilience across assets and regimes.",[],{"_key":2415,"_type":1755,"children":2416,"markDefs":2421,"style":2128},"b6d69f8b43cb",[2417],{"_key":2418,"_type":28,"marks":2419,"text":2420},"507097719cdf",[63],"The Correlation Is Not “Broken”",[],{"_key":2423,"_type":1755,"children":2424,"markDefs":2429,"style":32},"d69197e04645",[2425],{"_key":2426,"_type":28,"marks":2427,"text":2428},"6e7c4c165bd4",[],"Across financial media and publications from major banks and asset managers, there’s frequent mention that the stock-bond correlation is \"broken\". Implicit in their statement is the assumption that stocks and bonds should always move in opposite directions. The stock-bond correlation is not broken. It is behaving exactly as it should, given the current macroeconomic environment. Those who call it \"broken\" are treating the past 30 years as the norm and calling anything that deviates from what they’ve observed during their careers a malfunction. A more careful reading of history reaches the opposite conclusion. In the chart below, we show the 5-year US stock-bond correlation going back to 1875. What stands out as the anomaly is the past three decades. ",[],{"_key":2431,"_type":1833,"data":2432,"image":2442,"markDefs":9,"type":21},"5a72aa7d22d4",{"altText":9,"asset":2433,"bgColor":2435,"caption":9,"dimensions":2436,"lqip":2440,"originalFilename":2441},{"_ref":2434,"_type":12},"image-1f0efaf267df9ab7eef933d9f99ab117d35c3b17-820x502-png","#fce4e3",{"_type":15,"aspectRatio":2437,"height":2438,"width":2439},1.6334661354581674,502,820,"data:image/png;base64,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","Screenshot 2026-04-14 at 3.25.06 PM.png",{"_type":21,"asset":2443},{"_ref":2434,"_type":12},{"_key":2445,"_type":1755,"children":2446,"markDefs":2451,"style":32},"3f0dff0d74b9",[2447],{"_key":2448,"_type":28,"marks":2449,"text":2450},"c2bebc318f94",[],"Here is how the correlation actually works. There are two key macroeconomic risks: growth and inflation. In a growth-driven recession, stocks lose value in response to economic contraction, inflation expectations plummet, bond yields decline and bond prices rally. Stocks and bonds genuinely offset each other. The portfolio works as advertised. This is the foundation for the 60/40 portfolio (60% stocks, 40% bonds) prevalent across the wealth management industry.",[],{"_key":2453,"_type":1755,"children":2454,"markDefs":2459,"style":32},"b3e29a4a144b",[2455],{"_key":2456,"_type":28,"marks":2457,"text":2458},"21d7f130fdbd",[],"In an inflation-driven shock, inflation expectations rise and bonds plummet as the bond market demands a higher return to compensate for the erosion of purchasing power. Both stocks and bonds suffer simultaneously. The 60/40 portfolio provides no shelter.",[],{"_key":2461,"_type":1755,"children":2462,"markDefs":2467,"style":32},"10964225c0eb",[2463],{"_key":2464,"_type":28,"marks":2465,"text":2466},"bce86288ae83",[],"This is not new. The 1970s delivered a decade of precisely this dynamic. After the 1973 OPEC embargo, Fed Chair Arthur Burns raised rates only modestly and reversed course prematurely under political pressure, allowing inflation expectations to become entrenched. Workers demanded higher wages. Companies passed costs to consumers. What was supposed to be a temporary shock became a decade of stagflation. From 1973 to 1981, both stocks and bonds produced negative real returns. Only Volcker's appointment in 1979, and the punishing recession that followed, broke the cycle.",[],{"_key":2469,"_type":1755,"children":2470,"markDefs":2475,"style":32},"a7a39efbb1f0",[2471],{"_key":2472,"_type":28,"marks":2473,"text":2474},"734fa1c04636",[],"Markets in 2022 updated this precedent. The S&P 500 declined 18.1%. The Bloomberg U.S. Aggregate Bond Index declined 13%. Both fell simultaneously for the same underlying reason: inflation at 9.1% forced the bond market to reprice, raising yields and compressing equity valuations at the same time. ",[],{"_key":2477,"_type":1755,"children":2478,"markDefs":2483,"style":32},"fd8c85f25264",[2479],{"_key":2480,"_type":28,"marks":2481,"text":2482},"c9820bbdfaf8",[],"The first quarter of 2026 delivered the same signal. The S&P 500 fell 4.3%. The 10-year Treasury yield increased from 4.17% to 4.32%. Bonds and stocks declined together. Rate cut expectations, which stood at two to three cuts at the start of the year, were entirely removed by quarter-end, with talk of rate hikes returning as oil prices surged. ",[],{"_key":2485,"_type":1755,"children":2486,"markDefs":2491,"style":32},"e2dc17b74192",[2487],{"_key":2488,"_type":28,"marks":2489,"text":2490},"c675da4a9742",[],"The parallel to the 1970s is instructive not because we are predicting a repeat, but because the policy mistakes of that era are precisely the ones to watch for today. Several of the conditions that enabled Burns's error are present now. Political pressure on the Fed from the White House echoes the Nixon-era dynamic. Government debt levels are far higher than the 1970s, limiting fiscal flexibility. Year-over-year inflation, as measured by the CPI, increased to 3.3% by the end of the quarter. And the Iran war has pushed oil above $100 per barrel, a supply-side shock of the exact variety that the 1970s taught us can be persistent and deeply resistant to monetary tools designed for demand-driven problems.",[],{"_key":2493,"_type":1755,"children":2494,"markDefs":2499,"style":32},"8b2abf8744bf",[2495],{"_key":2496,"_type":28,"marks":2497,"text":2498},"e5b7a23e82c9",[],"In 2021, out of concern that inflation was not “transitory” as the Fed communicated, we conducted an extensive study of every major asset class and investment strategy under inflationary conditions. We were looking for diversifiers that would hold up when the standard tools could not. Two emerged with strong historical records: commodities and trend-following strategies.",[],{"_key":2501,"_type":1755,"children":2502,"markDefs":2507,"style":32},"acb28d1787fc",[2503],{"_key":2504,"_type":28,"marks":2505,"text":2506},"72e32afb0c58",[],"Commodities belong in an inflation-regime portfolio for a reason that goes beyond correlation. They are frequently the source of inflation. Oil prices drive transportation and manufacturing costs. Agricultural prices flow directly into food prices. When commodities are the engine of inflation, they rally in the precise environment when traditional portfolios suffer most. The Bloomberg Commodity Index gained 24.4% and the S&P GSCI Commodity Index rose 40% in Q1 2026. The S&P 500 Energy sector surged 38.3% during the quarter. This is the inflation regime expressing itself through the assets most directly linked to it.",[],{"_key":2509,"_type":1755,"children":2510,"markDefs":2515,"style":32},"a1a2cf78a894",[2511],{"_key":2512,"_type":28,"marks":2513,"text":2514},"80cac4376c8a",[],"Trend-following strategies tend to do well during inflationary periods for a different reason: inflationary periods produce sustained, persistent directional moves across asset classes, the kind of moves trend following strategies are designed to capitalize. Bonds sell off for months or years as the inflation premium is continuously repriced. Commodities rally for extended trends. Equities reprice in a grinding adjustment. In 2022, the SG Trend Index returned 27.3%. In Q1 2026, the same index of trend-following managers returned 7.1%, again outperforming both stocks and bonds during a quarter when the traditional toolkit failed. ",[],{"_key":2517,"_type":1755,"children":2518,"markDefs":2523,"style":32},"5bf101a675e7",[2519],{"_key":2520,"_type":28,"marks":2521,"text":2522},"8e394b16b4fe",[],"A portfolio built to withstand multiple regimes does not require anyone to predict which regime is coming. It requires an understanding of the fundamental drivers of each asset class and investment strategy, and of thoughtful construction to build portfolio resilience.",[],{"_key":2525,"_type":1755,"children":2526,"markDefs":2531,"style":2128},"18b48ce956a8",[2527],{"_key":2528,"_type":28,"marks":2529,"text":2530},"65a09d47fe7b",[63],"A Structural Problem in Private Credit",[],{"_key":2533,"_type":1755,"children":2534,"markDefs":2539,"style":32},"967bd99d03fd",[2535],{"_key":2536,"_type":28,"marks":2537,"text":2538},"394ad467a45a",[],"In 2023, we published a letter titled \"Private Markets: Buyer Beware.\" In it, we outlined three concerns: the opaque and stale valuations of private holdings, the rise of continuation funds that seemed to prioritize the interests of private equity firms over their investors, and the risks embedded in private credit funds lending to heavily leveraged companies (a subset known as “direct lending”). We cited KKR's own annual report, which disclosed that its public stock holdings fell 57% in 2022 while its private holdings fell just 1%. We asked the obvious question and concluded the private marks were artificially inflated. We advised caution.",[],{"_key":2541,"_type":1755,"children":2542,"markDefs":2547,"style":32},"3557ad9581b9",[2543],{"_key":2544,"_type":28,"marks":2545,"text":2546},"5f97d55c0283",[],"Today, we want to describe a problem that has developed in the years since, one that resembles the classical case of a prisoner's dilemma (a dynamic where individually rational decisions produce a collectively harmful outcome). Private credit funds structured as non-traded BDCs and interval funds hold loans with typical maturities of three to seven years, while offering investors quarterly redemptions. In normal conditions, this gap between asset duration and liability terms is manageable. The structure works because not everyone wants out at the same time.",[],{"_key":2549,"_type":1755,"children":2550,"markDefs":2555,"style":32},"70ef16c84646",[2551],{"_key":2552,"_type":28,"marks":2553,"text":2554},"c3852f8dd99b",[],"The prisoner's dilemma emerges when that assumption breaks down. If all investors remain in the fund, it functions as designed: loans mature, interest payments come in, capital is returned. But once any meaningful group of investors believes that others are heading for the exit, the individually rational response is to redeem first, before the NAV marks are revised down and manager’s gate investors from exiting. Early movers exit at currently stated values. Those who wait hold an increasingly illiquid portfolio at marks that may no longer reflect what a buyer would actually pay. The structure rewards those who act first at the expense of those who stay. This is not panic; it is game theory.",[],{"_key":2557,"_type":1755,"children":2558,"markDefs":2563,"style":32},"4daee2c67d69",[2559],{"_key":2560,"_type":28,"marks":2561,"text":2562},"56089db32d78",[],"The inflated NAV marks are the accelerant. Private credit assets are valued quarterly using models and third-party appraisers, but the inputs are sufficiently subjective, leading to biased outputs as appraisers are selected by the fund managers, who the appraisers want to satisfy. When early investors redeem at marks that are above where the secondary market would actually clear, they are extracting value from the investors who remain.",[],{"_key":2565,"_type":1755,"children":2566,"markDefs":2571,"style":32},"598198b60461",[2567],{"_key":2568,"_type":28,"marks":2569,"text":2570},"f70fb4535970",[],"For investors who participated in private credit over recent years, the experience thus far has been positive. The high-interest rate environment generated attractive income, and default rates remained remarkably low relative to historical norms. Those who captured that income and have not yet been subjected to NAV markdowns have a window to exit at a premium to where these assets would clear in today's market.",[],{"_key":2573,"_type":1755,"children":2574,"markDefs":2579,"style":32},"52341163faaa",[2575],{"_key":2576,"_type":28,"marks":2577,"text":2578},"a4f8bc1b6dc0",[],"The evidence that this dynamic is active is no longer theoretical. Blue Owl Capital faced redemption requests of 22% on its $36 billion flagship credit fund and 40% on its Technology Income fund. In addition to Blue Owl, Ares, Apollo, Carlyle, Cliffwater and BlackRock all had unmet redemption requests. Unlike non-traded BDCs, publicly traded BDCs are valued by the open market. According to Reuters, most publicly traded BDCs are trading below the net asset values stated by their managers. ",[],{"_key":2581,"_type":1833,"data":2582,"image":2592,"markDefs":9,"type":21},"8d548f2127b9",{"altText":9,"asset":2583,"bgColor":2585,"caption":9,"dimensions":2586,"lqip":2590,"originalFilename":2591},{"_ref":2584,"_type":12},"image-15d9cf4bdf99b7aa7440c5ae260137d06379d910-1632x640-png","#e9bd98",{"_type":15,"aspectRatio":2587,"height":2588,"width":2589},2.55,640,1632,"data:image/png;base64,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","Screenshot 2026-04-15 at 6.40.19 AM.png",{"_type":21,"asset":2593},{"_ref":2584,"_type":12},{"_key":2595,"_type":1755,"children":2596,"markDefs":2601,"style":32},"f06618ac9f4d",[2597],{"_key":2598,"_type":28,"marks":2599,"text":2600},"c58892a55b01",[],"The collectively rational response would be for investors to remain patient and allow loans to mature. In a structure with genuinely locked-up capital and aligned incentives, that patience is structurally embedded. But the individually rational response with funds that offer quarterly liquidity is to redeem. When investors can buy shares in publicly traded versions of these same funds at meaningful discounts to stated NAV, the math is straightforward: exit the private fund at the inflated mark, buy the traded equivalent at the lower price, and profit off the spread. Every quarter where redemption requests exceed the gate creates anxiety among remaining investors, which generates more redemption requests, which forces managers to either gate further or sell assets at distressed prices, which validates the concern that started the cycle.",[],{"_key":2603,"_type":1755,"children":2604,"markDefs":2609,"style":32},"5c0122e0e711",[2605],{"_key":2606,"_type":28,"marks":2607,"text":2608},"f2edc7391fcf",[],"We expect this dynamic to persist. The underlying structural mismatch between illiquid assets and semi-liquid wrappers cannot be resolved by a single quarter of improved sentiment. The refinancing cliff for many of the software companies in these portfolios lies ahead. And the AI disruption that triggered the initial repricing is accelerating, not moderating. Until fund managers can convince investors that the loans they hold are worth what they say they are, the incentive to be first through the door will remain powerful. ",[],{"_key":2611,"_type":1755,"children":2612,"markDefs":2617,"style":32},"b7941532d8ef",[2613],{"_key":2614,"_type":28,"marks":2615,"text":2616},"dba3916cf7bf",[],"For our part, our skepticism was tactical, not permanent. The dysfunction we avoided is now creating a supply-demand imbalance that favors patient, disciplined capital. A recent article in the Financial Times ran with the headline “Distressed-debt funds target private credit downturn as 'greatest opportunity' since 2008”. We are launching our private markets fund in Q2 2026 specifically to target these dislocations: secondaries at meaningful discounts to stated NAV, niche specialists in the lower-middle market where deal sizes are too small for the mega-funds, and real estate where valuations have diverged sharply from replacement cost. ",[],{"_key":2619,"_type":1755,"children":2620,"markDefs":2624,"style":2128},"0ae01da929b8",[2621],{"_key":2622,"_type":28,"marks":2623,"text":2002},"82e047932123",[63],[],{"_key":2626,"_type":1755,"children":2627,"markDefs":2632,"style":32},"7bd3f7fdb6fc",[2628],{"_key":2629,"_type":28,"marks":2630,"text":2631},"52ff2301d80b",[],"The three themes of this letter share a common thread. An environment shaped investor assumptions. Those assumptions shaped portfolios. The environment has changed. The post-Cold War order trained investors to price almost no geopolitical risk. The long disinflationary era trained them to treat the 60/40 portfolio as permanently reliable. The past decade trained them to accept illiquid private credit structures at face value. Each of those assumptions has now either reversed or is under serious pressure.",[],{"_key":2634,"_type":1755,"children":2635,"markDefs":2640,"style":32},"fc327f56a357",[2636],{"_key":2637,"_type":28,"marks":2638,"text":2639},"d899a67cbc16",[],"Our work is not to predict what comes next. We have written at length about why that exercise produces a false sense of confidence. Our work is to build portfolios that are honest about the world that already exists: one with a higher geopolitical risk premium than any model built in the last 30 years, one in which inflation can make the standard toolkit unreliable, and one in which some of the most aggressively marketed investment structures carry risks that are not visible on the surface.",[],{"_key":2642,"_type":1755,"children":2643,"markDefs":2648,"style":32},"ee6426212ca8",[2644],{"_key":2645,"_type":28,"marks":2646,"text":2647},"f2a56660a041",[],"A portfolio designed for multiple regimes does not require certainty about the future. It requires the insight to stop treating the last 30 years as a permanent baseline.",[],{"_key":2650,"_type":1755,"children":2651,"markDefs":2655,"style":32},"ed531fe6b771",[2652],{"_key":2653,"_type":28,"marks":2654,"text":2026},"eaa423190ec6",[],[],{"_key":2657,"_type":1755,"children":2658,"markDefs":2662,"style":2051},"2a034b78be90",[2659],{"_key":2660,"_type":28,"marks":2661,"text":96},"548846cdb6a4",[],[],{"_key":2029,"_type":1755,"children":2664,"markDefs":2671,"style":32},[2665,2667,2669],{"_key":2032,"_type":28,"marks":2666,"text":2034},[63],{"_key":2036,"_type":28,"marks":2668,"text":2038},[800],{"_key":2040,"_type":28,"marks":2670,"text":2042},[],[],{"_key":2045,"_type":1755,"children":2673,"markDefs":2676,"style":2051},[2674],{"_key":2048,"_type":28,"marks":2675,"text":96},[],[],{"_key":2053,"_type":1755,"children":2678,"markDefs":2681,"style":2051},[2679],{"_key":2056,"_type":28,"marks":2680,"text":96},[],[],{"_key":2060,"_type":1755,"children":2683,"markDefs":2688,"style":32},[2684,2686],{"_key":2063,"_type":28,"marks":2685,"text":2065},[800,63],{"_key":2067,"_type":28,"marks":2687,"text":2069},[800],[],{"_key":2072,"_type":1755,"children":2690,"markDefs":2694,"style":32},[2691],{"_key":2075,"_type":28,"marks":2692,"text":2693},[],"Evolve Private Wealth Management, LLC (“Evolve”) is a Registered Investment Adviser. 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. This content is intended to provide general information about Evolve. It is not intended to offer or deliver investment advice in any way. Advisory services are only offered to clients or prospective clients where Evolve and its representatives are properly licensed or exempt from licensure. Information regarding investment services are provided solely to gain an understanding of our investment philosophy, our strategies and to be able to contact us for further information. 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. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur. Past performance is not a guarantee of future results. Any discussion of prospective investment strategies, opportunities, or potential fund launches is provided for informational purposes only and does not constitute an offer or solicitation to invest in any security. Any such offering would be made only pursuant to formal offering documents, which would include additional information regarding risks, fees, and investment objectives.",[],{"data":2696,"type":21},{"altText":2085,"asset":2697,"bgColor":2088,"caption":9,"dimensions":2698,"lqip":2092,"originalFilename":2085},{"_ref":2087,"_type":12},{"_type":15,"aspectRatio":2090,"height":2091,"width":2091},"2026-04-14","/our-perspectives/article/a-world-that-no-longer-exists-q1-2026","A World That No Longer Exists - Q1 2026",{"_createdAt":2703,"_id":2704,"_updatedAt":2705,"categories":2706,"content":2708,"media":3072,"publishedDate":3076,"slug":3077,"title":3078},"2026-01-14T00:24:00Z","2e8e89de-0e7a-4c3f-aee3-ec68eeaac159","2026-01-14T13:52:08Z",[2707],{"slug":1759,"title":1760},[2709,2713,2721,2729,2737,2745,2753,2761,2770,2778,2786,2794,2802,2814,2826,2834,2841,2849,2857,2865,2873,2881,2889,2897,2905,2913,2921,2929,2937,2945,2953,2961,2969,2977,2985,2993,3001,3009,3016,3024,3031,3038,3047,3052,3057,3064],{"_key":2710,"_type":1764,"markDefs":9,"name":2711,"quote":2712},"5dab000e3ca1","Sir John Templeton","The only investors who shouldn’t diversify are those who are right 100% of the time.",{"_key":2714,"_type":1755,"children":2715,"markDefs":2720,"style":2128},"5c3087e8d79a",[2716],{"_key":2717,"_type":28,"marks":2718,"text":2719},"746d832cc9b8",[63],"The Year in Review: From Narratives to Outcomes",[],{"_key":2722,"_type":1755,"children":2723,"markDefs":2728,"style":32},"b4b49cd4961b",[2724],{"_key":2725,"_type":28,"marks":2726,"text":2727},"3bf1a8948095",[],"2025 reminded us that market leadership is rarely permanent. After years of narrow, consensus positioning, leadership widened and valuation discipline returned. Against this backdrop, three themes stood out which we believe will matter for the years to come. ",[],{"_key":2730,"_type":1755,"children":2731,"markDefs":2736,"style":32},"1371d7428542",[2732],{"_key":2733,"_type":28,"marks":2734,"text":2735},"d0f188743598",[],"First, after a period in which American exceptionalism felt like the only trade that mattered, 2025 has marked a clear rotation. International equities have outpaced U.S. equities by the widest margin in more than a decade, and the leadership has come from the corners of the market that were most overlooked. This outcome aligns with how we positioned portfolios entering the year, as valuations and concentration risk argued for a more balanced approach. ",[],{"_key":2738,"_type":1755,"children":2739,"markDefs":2744,"style":32},"baddf40890bf",[2740],{"_key":2741,"_type":28,"marks":2742,"text":2743},"c8aa5f70f558",[],"Second, AI remains one of the most important technological shifts in decades. We never doubted that. What we questioned, consistently, was the market’s willingness to price the future as if it were already delivered. This year, the narrative has begun to mature from “hype” to “show me,” as investors focus more on bottlenecks and real-world economics. ",[],{"_key":2746,"_type":1755,"children":2747,"markDefs":2752,"style":32},"e367764534b8",[2748],{"_key":2749,"_type":28,"marks":2750,"text":2751},"5a3efa3ef45c",[],"Third, private markets are finally offering the kind of opportunity we’ve been waiting for as the supply and demand balance has shifted. For the last several years, we resisted the industry’s push to broaden access to illiquid strategies as pricing discipline was deteriorating. Today, public market reality is forcing a repricing of private markets, and we believe the next phase will reward investors who can selectively provide liquidity.",[],{"_key":2754,"_type":1755,"children":2755,"markDefs":2760,"style":32},"f8be05492dc1",[2756],{"_key":2757,"_type":28,"marks":2758,"text":2759},"edcab5c9a401",[],"In the sections that follow, we expand on each theme and outline how we are incorporating them into portfolio construction. Our approach remains unchanged: we seek to compound capital prudently over time, anchored in diversification and disciplined underwriting.",[],{"_key":2762,"_type":1755,"children":2763,"markDefs":2768,"style":2769},"07214ff65f6f",[2764],{"_key":2765,"_type":28,"marks":2766,"text":2767},"d58ee8be96cf",[],"The Return of Global Diversification: The Unloved Win",[],"h4",{"_key":2771,"_type":1755,"children":2772,"markDefs":2777,"style":32},"ceefce7abf79",[2773],{"_key":2774,"_type":28,"marks":2775,"text":2776},"4ced43a87dd2",[],"For much of the last decade, global diversification was treated as an academic concept rather than a practical advantage. U.S. equities, led by a small group of mega-cap technology companies, delivered such dominant returns that global allocations often felt like a drag. That experience created a false impression that diversification is something you do only when you are pessimistic about the United States.",[],{"_key":2779,"_type":1755,"children":2780,"markDefs":2785,"style":32},"f2fa4265244e",[2781],{"_key":2782,"_type":28,"marks":2783,"text":2784},"3405a0ed3bb4",[],"We have viewed it differently. Diversification is not a statement about national decline or national strength. It is a statement about portfolio resilience. Concentration, whether in a handful of stocks or in a single currency regime, is the quiet enemy of long-term compounding.",[],{"_key":2787,"_type":1755,"children":2788,"markDefs":2793,"style":32},"4a22e6a0acfa",[2789],{"_key":2790,"_type":28,"marks":2791,"text":2792},"7e7113d16156",[],"This year’s outcome has reinforced that view. International markets outperformed U.S. equities by a margin we have not seen in 16 years, and the rotation is not subtle. The “Magnificent” has given way, at least for now, to the “Unloved.” The MSCI ACWI ex US index is up 32.4% versus 17.9% for the S&P 500, with notable strength in markets such as South Korea (+76%) and Spain (+49%).",[],{"_key":2795,"_type":1755,"children":2796,"markDefs":2801,"style":32},"606fea6d2857",[2797],{"_key":2798,"_type":28,"marks":2799,"text":2800},"9821b6a03904",[],"Two drivers are especially worth highlighting.",[],{"_key":2803,"_type":1755,"children":2804,"markDefs":2813,"style":32},"469761ea5c49",[2805,2809],{"_key":2806,"_type":28,"marks":2807,"text":2808},"1d369dc33e36",[63],"First",{"_key":2810,"_type":28,"marks":2811,"text":2812},"19d098f3a6fc",[],", currency is no longer a tailwind for U.S. assets. A 9.4% decline in the U.S. dollar against other major currencies has been a material contributor to international returns in dollar terms. Currency moves are notoriously difficult to forecast, but they are also one of the most underappreciated sources of portfolio risk for U.S. investors. With U.S. deficits still running at crisis-like levels of around 7% of GDP, many global investors increasingly view diversifying away from the dollar as a hedge against fiscal imbalances and concerns about monetary policy credibility.",[],{"_key":2815,"_type":1755,"children":2816,"markDefs":2825,"style":32},"1d2e2f5df4f1",[2817,2821],{"_key":2818,"_type":28,"marks":2819,"text":2820},"6e3de425848a",[63],"Second",{"_key":2822,"_type":28,"marks":2823,"text":2824},"284cfbf61428",[],", international strength has not been driven solely by currency. Broader European markets have benefited from defense spending and fiscal support. In Asia, corporate governance reform and semiconductor leadership have created a foundation for returns that is not simply a derivative of U.S. technology. To add to the fundamental picture, international equities continue to trade at attractive valuations when compared to their U.S. counterparts.",[],{"_key":2827,"_type":1755,"children":2828,"markDefs":2833,"style":32},"99886032a850",[2829],{"_key":2830,"_type":28,"marks":2831,"text":2832},"985f9c7c92cc",[]," Our conclusion is not that international markets will lead for the foreseeable future. Rather, it is that global diversification is regaining its role as a practical portfolio tool. When one market becomes expensive, crowded, and concentrated, the world offers other places where capital is priced more reasonably.",[],{"_key":2835,"_type":1755,"children":2836,"markDefs":2840,"style":32},"8620e63cc02c",[2837],{"_key":2838,"_type":28,"marks":2839,"text":1158},"d4ada0a41b69",[],[],{"_key":2842,"_type":1755,"children":2843,"markDefs":2848,"style":2769},"5a7a586b3527",[2844],{"_key":2845,"_type":28,"marks":2846,"text":2847},"9c01562a92ce",[],"AI Enters the “Show Me the Money” Phase",[],{"_key":2850,"_type":1755,"children":2851,"markDefs":2856,"style":32},"ed6dd7ba9d89",[2852],{"_key":2853,"_type":28,"marks":2854,"text":2855},"83d24c3eb161",[],"In prior quarters, we described AI as both transformative and vulnerable to exuberance. That duality remains the right frame. Markets can recognize a genuine technological revolution and overpay for it.",[],{"_key":2858,"_type":1755,"children":2859,"markDefs":2864,"style":32},"4b8a4c88221d",[2860],{"_key":2861,"_type":28,"marks":2862,"text":2863},"4b98dffd35a9",[]," We believe 2025 has been a turning point in the narrative. Markets are beginning to focus less on what AI could do and more on which companies will earn durable profits from it. That shift is healthy. ",[],{"_key":2866,"_type":1755,"children":2867,"markDefs":2872,"style":32},"8788fbe43526",[2868],{"_key":2869,"_type":28,"marks":2870,"text":2871},"2fde2c9fd3ba",[]," The core issue is the mismatch between the amount of capital expenditures AI requires relative to the revenues it generates. According to a study conducted by The Economist, the industry has spent over $400 billion on capex while producing roughly $50 billion in revenues. That gap does not invalidate the opportunity, but it does raise the bar for valuations. If the path to monetization takes longer than investors assumed, valuations will need to adjust.",[],{"_key":2874,"_type":1755,"children":2875,"markDefs":2880,"style":32},"8908934b6461",[2876],{"_key":2877,"_type":28,"marks":2878,"text":2879},"47145964b5d3",[]," The second issue is physical. AI is not purely software. It is power generation, grid capacity, data centers, cooling, permitting, construction timelines, and supply chains. The assumption of frictionless scaling is being challenged by power shortages and build delays, which have already punished some of the market’s former darlings. When an industry runs into real-world constraints, timelines extend, and extended timelines are a problem when expectations are priced as if delivery is imminent.",[],{"_key":2882,"_type":1755,"children":2883,"markDefs":2888,"style":32},"f0ec4d98f3db",[2884],{"_key":2885,"_type":28,"marks":2886,"text":2887},"6b836d523702",[]," Our approach to AI remains measured. We remain constructive on innovation, but skeptical of single-theme concentration. We do not believe portfolios should be held hostage to a single narrative, no matter how compelling. We underwrite AI as an evolution, not a guaranteed windfall. The technologies that endure are often separated from the early market winners. History is full of examples where the infrastructure proved essential, but leadership changed. Recent volatility in AI stocks is a reminder that investing is not about identifying the most important story. It is about paying a sensible price for uncertain outcomes.",[],{"_key":2890,"_type":1755,"children":2891,"markDefs":2896,"style":2769},"7ea776a1a5b8",[2892],{"_key":2893,"_type":28,"marks":2894,"text":2895},"87eb3b8fae73",[],"Private Markets: Why we were right to wait",[],{"_key":2898,"_type":1755,"children":2899,"markDefs":2904,"style":32},"37d6394de23c",[2900],{"_key":2901,"_type":28,"marks":2902,"text":2903},"aa3bfac64779",[],"For the last three years, we deliberately stayed on the sidelines of many “democratized” private market offerings. The messaging suggested that private markets were a simple upgrade over public markets, offering higher returns with smoother volatility. We disagreed, not because private markets lack merit, but because the lack of pricing discipline had morphed the illiquidity premium into an illiquidity discount.",[],{"_key":2906,"_type":1755,"children":2907,"markDefs":2912,"style":32},"ad3e865f9d79",[2908],{"_key":2909,"_type":28,"marks":2910,"text":2911},"b83fb08a59a1",[]," The stress test arrived when certain private vehicles attempted to list publicly. The market demanded a haircut when Bluerock Private Real Estate listed at a 39.7% discount to stated NAV, and FS Specialty Lending traded at a 25% discount, underscoring the gap between appraised value and market reality. ",[],{"_key":2914,"_type":1755,"children":2915,"markDefs":2920,"style":32},"c779625ed2eb",[2916],{"_key":2917,"_type":28,"marks":2918,"text":2919},"ff18d3cc40ce",[],"To add to liquidity concerns, private equity performance has disappointed investors, with 5.8% annualized returns over the last three years versus 11.6% for the S&P 500, according to a recent MSCI study. This validates our concern about inflated valuations, which we wrote about three years ago. As for private credit, we remain cautious as discounts to NAV and the growing use of payment-in-kind structures have become more prevalent",[],{"_key":2922,"_type":1755,"children":2923,"markDefs":2928,"style":2769},"868be3a083e6",[2924],{"_key":2925,"_type":28,"marks":2926,"text":2927},"720337280e6e",[],"Private Markets: Today’s Opportunity and our Q1 Fund Launch",[],{"_key":2930,"_type":1755,"children":2931,"markDefs":2936,"style":32},"4ca2c7da6451",[2932],{"_key":2933,"_type":28,"marks":2934,"text":2935},"4ce60dd07141",[],"Our skepticism was tactical, not permanent. The very dysfunction we were concerned about is now creating a supply and demand imbalance. Traditional institutions are over-allocated, distributions have dried up as funds struggle to monetize holdings, and scarcity of capital gives patient liquidity providers leverage on price and terms.",[],{"_key":2938,"_type":1755,"children":2939,"markDefs":2944,"style":32},"264f05733b39",[2940],{"_key":2941,"_type":28,"marks":2942,"text":2943},"ee899b2da209",[],"Against this backdrop, we are preparing to launch a private markets fund in Q1 2026, designed specifically to target today’s dislocations. Our focus will be on three areas:",[],{"_key":2946,"_type":1755,"children":2947,"markDefs":2952,"style":2769},"f5d4af0a3227",[2948],{"_key":2949,"_type":28,"marks":2950,"text":2951},"828a084348d7",[],"Opportunity 1: Secondaries at a discount",[],{"_key":2954,"_type":1755,"children":2955,"markDefs":2960,"style":32},"89a1aea0d341",[2956],{"_key":2957,"_type":28,"marks":2958,"text":2959},"f3e65f43bf94",[],"Secondaries are, in our view, the cleanest expression of today’s imbalance. When LPs need liquidity, they often sell quality exposures at meaningful discounts. That can allow us to: 1) buy below stated marks, improving expected return, 2) bypass part of the J-curve, as seasoned portfolios typically have greater visibility into assets, and 3) control pacing, deploying capital when pricing is attractive rather than on a fixed fundraising calendar.",[],{"_key":2962,"_type":1755,"children":2963,"markDefs":2968,"style":32},"5d4f0df70e0f",[2964],{"_key":2965,"_type":28,"marks":2966,"text":2967},"200999292bb6",[],"The key here is selection. A discount is not enough to warrant an investment. We are focused on high-quality managers and structures where alignment and transparency are clear.",[],{"_key":2970,"_type":1755,"children":2971,"markDefs":2976,"style":2769},"9a1dff409674",[2972],{"_key":2973,"_type":28,"marks":2974,"text":2975},"80ea9ab09e70",[],"Opportunity 2: Niche specialists in the lower-middle market",[],{"_key":2978,"_type":1755,"children":2979,"markDefs":2984,"style":32},"90bd0f2ccfc5",[2980],{"_key":2981,"_type":28,"marks":2982,"text":2983},"27f05eff6d83",[],"The largest private platforms have become asset-gathering machines, structurally pushed toward multi-billion-dollar deals where competition is fiercest and pricing power belongs to the seller. Our focus is different. We believe the lower-middle market offers: 1) true inefficiencies, because deal sizes are too small for mega-funds to pursue efficiently, 2) operational value creation, where outcomes can be driven by execution rather than multiple expansion, and 3) better entry discipline, because specialist managers can be selective without the pressure to deploy enormous pools of capital quickly.",[],{"_key":2986,"_type":1755,"children":2987,"markDefs":2992,"style":2769},"9021772eba9e",[2988],{"_key":2989,"_type":28,"marks":2990,"text":2991},"f746a34354db",[],"Opportunity 3: Real Estate",[],{"_key":2994,"_type":1755,"children":2995,"markDefs":3000,"style":32},"6a4424baae13",[2996],{"_key":2997,"_type":28,"marks":2998,"text":2999},"f6dee41b7e3d",[],"Real estate is where price and replacement cost have meaningfully diverged. Valuations have fallen, with the overall commercial real estate market down approximately 20% since 2022 according to Green Street, while construction costs have risen 20% to 30%. This gap creates a powerful setup for patient capital to buy high-quality assets below replacement cost.",[],{"_key":3002,"_type":1755,"children":3003,"markDefs":3008,"style":32},"f957ef329348",[3004],{"_key":3005,"_type":28,"marks":3006,"text":3007},"fc67404fb87a",[],"We are focused on situations where refinancing cliffs force motivated behavior. This can create opportunities to acquire assets at deep discounts, improve the capital structure, and underwrite returns based on cash flow durability rather than optimistic terminal assumptions.  ",[],{"_key":3010,"_type":1755,"children":3011,"markDefs":3015,"style":2769},"1bbece580212",[3012],{"_key":3013,"_type":28,"marks":3014,"text":2002},"b3d7db47cfe9",[],[],{"_key":3017,"_type":1755,"children":3018,"markDefs":3023,"style":32},"78635f1333ca",[3019],{"_key":3020,"_type":28,"marks":3021,"text":3022},"c6e22fe29eba",[],"If there is a unifying lesson from this year, it is that markets eventually reward what is sensible, even if at times what’s sensible seems unpopular. Global diversification felt unnecessary until it suddenly mattered. AI enthusiasm felt unstoppable until the market began asking for profits. Private markets felt like a free lunch until liquidity reminded everyone that price discovery is real. At Evolve, our work is not to predict the next headline. It is to build portfolios that can endure many headlines. ",[],{"_key":3025,"_type":1755,"children":3026,"markDefs":3030,"style":32},"bed9d8da4cad",[3027],{"_key":3028,"_type":28,"marks":3029,"text":2026},"a73ac6bc6963",[],[],{"_key":3032,"_type":1755,"children":3033,"markDefs":3037,"style":32},"9dd1927b9e5c",[3034],{"_key":3035,"_type":28,"marks":3036,"text":1158},"cd9350691901",[],[],{"_key":2029,"_type":1755,"children":3039,"markDefs":3046,"style":32},[3040,3042,3044],{"_key":2032,"_type":28,"marks":3041,"text":2034},[63],{"_key":2036,"_type":28,"marks":3043,"text":2038},[800],{"_key":2040,"_type":28,"marks":3045,"text":2042},[],[],{"_key":2045,"_type":1755,"children":3048,"markDefs":3051,"style":2051},[3049],{"_key":2048,"_type":28,"marks":3050,"text":96},[],[],{"_key":2053,"_type":1755,"children":3053,"markDefs":3056,"style":2051},[3054],{"_key":2056,"_type":28,"marks":3055,"text":96},[],[],{"_key":2060,"_type":1755,"children":3058,"markDefs":3063,"style":32},[3059,3061],{"_key":2063,"_type":28,"marks":3060,"text":2065},[800,63],{"_key":2067,"_type":28,"marks":3062,"text":2069},[800],[],{"_key":3065,"_type":1755,"children":3066,"markDefs":3071,"style":32},"3f96ba6c7e22",[3067],{"_key":3068,"_type":28,"marks":3069,"text":3070},"b3de4eeb204d",[],"Evolve Private Wealth, LLC (“Evolve”) is a Registered Investment Adviser. 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. This content is intended to provide general information about Evolve. It is not intended to offer or deliver investment advice in any way. Advisory services are only offered to clients or prospective clients where Evolve and its representatives are properly licensed or exempt from licensure. Information regarding investment services are provided solely to gain an understanding of our investment philosophy, our strategies and to be able to contact us for further information. 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. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.",[],{"data":3073,"type":21},{"altText":2085,"asset":3074,"bgColor":2088,"caption":9,"dimensions":3075,"lqip":2092,"originalFilename":2085},{"_ref":2087,"_type":12},{"_type":15,"aspectRatio":2090,"height":2091,"width":2091},"2026-01-14","/our-perspectives/article/year-end-letter-q4-2025","Year-End Letter - Q4 2025",{"_type":139,"createdAt":1752,"image":9,"noindex":145,"title":3080,"updatedAt":1756},"Paid to Wait  - Q3 2026","/our-perspectives/article/paid-to-wait-q3-2026",1792639474882]