On Money & More – February 2026

THIS PAST YEAR was one of transformation. Perhaps the biggest change occurred in the political realm, with President Trump pursuing a policy agenda unlike any in the past century. Tariffs dominated headlines, until they didn’t. The government shutdown dominated headlines, until it did not. Investors able to be comfortable being uncomfortable were the most successful this past year, as persistence ultimately ruled the day and markets once again had a banner year.

Much of the current change in our society is being driven by Artificial Intelligence. The rapid buildout of AI infrastructure is similar in scale (inflation adjusted) to historical technological transformations of the past such as the railroad (a boom that directly impacted Jacksonville’s history) or telecom buildouts. The US economy has remade itself time and time again in response to technological changes, and we are in the midst of decidedly doing so again.

Change is never easy. Jobs are displaced. Routines are upset. And past investment leadership falls by the wayside. This monthly column first appeared in the Jacksonville Review in May of 2014. When that article was written, the S&P 500 index sat at just 1814. Today? Nearly 7000! This type of growth is not possible without embracing risk and change. Currently, the largest company in the stock market is NVIDIA, representing a massive 7.5% of the index. About the time we wrote our first article, NVIDIA was valued at $10 billion, while Apple was $469 billion. Today? Apple has grown to over $3 trillion, but NVIDIA has grown to over $4.5 trillion! Yes, this company is an anomaly, but investors across the board have been well rewarded over the past twelve years for bearing risk. This is the paradox of investing—risk is actually a good thing. Of course, when implemented correctly. In our view, the future for investors remains just as bright as it was twelve years ago.

Cutler’s industry has also changed over the past decade plus. The continued proliferation of passive investments and development of software tools have created a new value proposition for wealth management clients. Gone are the days of the “stockbroker” with their hot stock tips. Today’s Advisors are holistic, focused on advising clients on every aspect of their financial lives. A more “hands on” approach is taken with clients, typically providing them a financial plan and analyzing various iterations of spending patterns and financial outcomes. Just as with most aspects of our modern lives, more information is available than ever before. The new role of advisors is to harness that information for more effective decision making.

We would estimate that we have shared nearly 100 articles over the past 12 years of writing for the Review. Some of these have been philosophical (How should you think about an asset allocation?), some have been historic (What can investors learn from the life and career of C.C. Beekman?), some have been timely (How tax law changes might impact you). But all of them have been fun to write and all of us at Cutler would like to thank you for reading all of these years. We are taking a break from our monthly articles but not from living and working in Jacksonville. As your friend and neighbors, if ever there are questions that you would like to discuss, know that there is a welcoming ear available to listen at Bigham Knoll.

All opinions and data included in this commentary are as of January 13, 2026 and are subject to change without notice. The opinions and views expressed herein are of Cutler Investment Counsel, LLC and are not intended to be a forecast of future events, a guarantee of future results or individual investment advice including the asset allocation provided. Nothing herein should be construed as tax advice. This article is provided for informational purposes only and should not be considered a recommendation or solicitation to purchase or sell securities. This information should not be used as the sole basis to make any investment decision. Investing involves risk, including the potential loss of principle.