Ali Dhanji at Raymond James

🏛️ 26 Years of Market History, One Timeless Lesson!

March 24, 2000. The dot-com bubble peaks.

What followed was brutal, a ~50% collapse in the S&P 500, and three additional bear markets over the next two and a half decades.

And yet.

Despite all of it, the S&P 500 has delivered a cumulative ~325% return (~5.7% annualized) since that peak.

Technology, the very sector that cratered ~83% from its dot-com high, has actually outpaced the broader market, returning a cumulative ~430% (~6.6% annualized) over the same period.

Yesterday also marked six years since the COVID market bottom, a moment worth reflecting on.

In early 2020, the S&P 500 fell 34% in just 23 trading days, the fastest bear-market drawdown ever recorded.

Panic was everywhere. The headlines were terrifying.

Those who stayed invested have since seen a cumulative gain of ~195% (~19.8% annualized) over those six years.

Through dot-com crashes. A global financial crisis. A pandemic. A land war in Europe. A US-China trade war. The market has absorbed all of it.

The lesson isn't new, but the data keeps proving it:
Time in the market has consistently outperformed trying to time the market.

Volatility is uncomfortable. Uncertainty is real. But history rewards patience.

If you're feeling uneasy about today's headlines, zoom out. The long view has rarely disappointed.

February 19th: The Date That Proves Everything About Long-Term Investing

Here's a coincidence that will blow your mind. February 19 marked the peak before BOTH:

→ The 2020 COVID crash (34% drop)
→ The 2025 tariff sell-off (19% drop)

Two of the scariest moments in recent market history. Same exact date.

If you bought at those peaks, literally the worst possible timing, and simply held on, you'd have earned 14% and 13% annualized returns.

But here's what most investors did instead: They sold during the panic and missed the recovery.

The numbers don't lie:
📊 S&P 500 annualized return over 20 years: 9.3%
📊 Miss the 10 best days: return drops to 6.0%
📊 Miss the 50 best days: return drops to 2.9%

The cruel irony? The best days almost always happen right after the worst days.

→ February 10, 2009: One of the worst days of the Financial Crisis
→ March 10, 2009: One of the best days post Financial Crisis, just ONE MONTH later
→ March 16, 2020: Devastating COVID crash day
→ March 24, 2020: Massive post COVID recovery, just EIGHT DAYS later

Market timing isn't just hard. It's nearly impossible.

You'd need to correctly predict BOTH when to sell AND when to buy back in before the recovery.

Since 1950, the S&P 500 has had 57 corrections of 10% or more.

Every. Single. One. Recovered.

The investors who built wealth? They stayed invested through the fear.

Time in the market beats timing the market. Every. Single. Time.

💕 Love and Ledgers: Financial Conversation Every Couple Needs

Did you know financial disagreements are the #1 predictor of divorce?

Not infidelity. Not in-laws. Money.

But here's the thing: couples rarely fight about money because they had financial problems. They had financial problems because they were fighting about money.

This week I'm sharing something important: The Four Money Languages. Just like love languages, we all speak different money languages:

1. Drivers, see money as achievement
2. Analytics, see it as security
3. Amiables, see it as connection
4. Expressives, see it as freedom

Understanding your partner's money language changes everything.

This Valentine's Day, give your relationship something that lasts longer than roses: an honest conversation about money.

And remember, the best things in life can't be bought:
✨ A happy family
✨ Inner peace
✨ True love
✨ Respect
✨ Passion
✨ Time

Happy Valentine's Day! 💝

🦫 Happy Groundhog Day! Phil Saw His Shadow. Six More Weeks of Winter Ahead.

Punxsutawney Phil made his prediction this morning, and we're officially in for six more weeks of winter weather.

If you haven't seen it, I highly recommend watching Groundhog Day with Bill Murray. It's an awesome movie.

Murray's character gets stuck reliving the same day over and over again in the small town of Punxsutawney. He begins to go crazy doing the same things repeatedly ... until he realizes it's time to make a change. That's when his predicament turns into an advantage.

Right now, investors might feel like they're in their own Groundhog Day loop, reading the same alarming headlines on repeat:

🔄 The recurring shadows:
-Escalating geopolitical tensions & tariff threats
-Tech sector volatility (worst start since 2000)
-Dollar decline & gold's rapid ascent
-Consumer confidence at 2014 lows
-DHS funding disputes threatening a brief shutdown

But just like Bill Murray's character, recognizing the pattern is the first step to breaking free from it.

📈 Here's what the data actually shows:
-Foreign demand for US assets remains strong
-Dollar still remains strong & world's reserve currency
-Gold's rising share largely reflects its price gain, not broad reserve reallocations
-Consumer spending remains above 5% YoY despite depressed sentiment
-Tech earnings remain strong with AI demand outpacing supply

When you separate recurring headline noise from fundamental reality, you can make better decisions while others stay stuck in the loop.

Turn off the alerts. Stop reacting to every headline. Trust your long-term plan. That's when your predicament turns into your advantage.

❓ A Strong Economy, But Few Feel The Benefits.

Recent data shows a puzzling disconnect in the U.S. economy. Growth remains solid, markets have delivered exceptional returns and GDP forecasts have been revised higher. Yet consumer confidence and sentiment are hovering near historic lows.

Why the gap?
A big reason is who is benefiting from this expansion. Many working households still feel stretched by higher costs, even as the economy grows. At the same time, a powerful group is quietly supporting spending: i.e. the retirees who stayed invested.

Thanks to an exceptional equity cycle since 2016, many retirees with 401(k)s and IRAs have seen their portfolios grow even after years of withdrawals. For some, the challenge isn't running out of money, it's managing taxes from large RMDs. This wealth‑driven spending is helping keep sectors like travel, leisure and hospitality resilient, even as job growth slows.

The bigger takeaway:
Today's economy is increasingly shaped by accumulated wealth rather than wage growth. That helps explain why spending holds up while confidence lags, and why planning decisions made years ago are paying dividends now.

Closing thought:
Understanding where growth is really coming from, and how it shows up differently across households, is essential when thinking about retirement, taxes and long‑term financial decisions.

It's a perspective I spend a lot of time discussing with clients.

💡 News Headlines Are The Biggest Risk

📉 Tuesday: S&P 500 plunges 2.1%. Headlines scream crisis. $1.2 trillion evaporates.
📈 Wednesday: S&P 500 surges 1.2%. Crisis averted. Markets recover.

If you sold Tuesday in fear, you locked in losses and missed Wednesday's recovery. If you did nothing? You're basically where you started, minus the stress.

Here's what I've learned in 20 years: The biggest risk in your investment strategy isn't market volatility. It's your reaction to headlines about market volatility.

- UC Berkeley research found that investors who checked portfolios daily were 50% more likely to panic-trade and underperformed by 2.5% annually—not because they had worse investments, but because they reacted to noise.
- Vanguard found that investors who made zero portfolio changes outperformed active traders by 1.5% annually over 15 years. The "do nothing" investors weren't smarter. They just ignored the noise better.

Financial media keeps you anxious by design. "Markets Plunge" generates more clicks than "Normal Market Volatility."

What actually builds wealth? Not daily headlines, but fundamentals driving earnings over decades.

Economic growth and innovation compound over time, regardless of this week's crisis.

Your strategy shouldn't change based on Tuesday's tariff threat or Wednesday's deal. It should reflect your goals, time horizon, and risk tolerance—factors that don't shift with headlines.

Investors who build lasting wealth don't react fastest to headlines. They ignore the noise, trust their plan, and let compounding work.

Turn off the alerts. Stop checking every hour. Trust your long-term plan. That's how you win.

❄️ Our Winter 2026 newsletter just dropped! Here's what we're covering this quarter:
✔️ Q1 2026 Investment & Capital Markets Strategy
✔️ Less policy uncertainty = more economic growth
✔️ 2025 Business Owners Report
✔️ Direct indexing explained
✔️ Navigating an AI-driven world
✔️ Financial resolutions for 2026
✔️ Planning for aging solo

Whether you're running a business, planning for retirement, or just want to make smarter money moves this year, we've got you covered.

Click the link to read the full newsletter or message us to chat about your financial goals for 2026.

Ali Dhanji's Quarterly | PDF to Flipbook heyzine.com

What do YOU want your money to do in the world?

86% of investors want their investments to reflect their personal values. But many jump straight to ESG scores and carbon metrics, missing this deeper question.

Investors know their allocation but only a few know what their portfolio actually does in the world.

Ask these three questions to yourself:

1. If you could solve one problem with your wealth, what would it be?
2. What industries would you refuse to profit from, regardless of returns?
3. What do you want your grandchildren to say about how you used your money?

Now look at your actual holdings.

You might own to***co stocks through index funds, even though smoking killed someone you loved.

Your "socially responsible" fund might have nothing to do with your actual values.

Generic ESG screen have nothing to do with your actual values.

The good news? Small, intentional shifts can create alignment without compromising returns. You don't need to rebuild everything. You just need to be intentional.

Imagine explaining to your grandchildren not just what you own but why.

That's a legacy worth more than any inheritance check.

When ESOP Gains Become a Crossroad!

A client called this week. He'd turned $53K into $92K through his Employee Stock Options, a solid 73% return. His company just announced a buyback offer.

His question: "Should I hold or sell?"

But here's what made this complex: He'd paid Indian taxes assuming $20/share. Current price? $15. That tax bill wasn't coming back, even if the stock dropped further.

Nearly $100K concentrated in a single stock. Cross-border tax implications b/w the US and India. No clear "right" answer.

We explored three paths:
1. Recover the $53K capital / cost and let the profit ride
2. Take half off the table, maintain exposure with the other half
3. Stay fully invested and protect the downside via options

We mapped out the tax optimization strategy. Identified the right cross-border specialists. Quantified the real risks beyond the obvious ones.

Here's the point:
A good financial advisor isn't measured solely by returns generated.

The real value? Turning complexity into clarity when you're standing at a financial crossroads. Helping you see trade-offs you didn't know existed. Giving you the confidence that comes from a well-informed decision.

That's immeasurable.

Returns fluctuate. Markets change. But peace of mind from knowing you made the right choice for YOUR situation? That's the foundation of lasting wealth.

What's a financial decision where you needed more than just numbers? You needed perspective?

Here's an uncomfortable truth: Making money and knowing what to do with it are completely different skills.

Most high-earning clients I meet haven't thought about WHY they're accumulating wealth.

They're great at making money. They know how to negotiate salaries, close deals, or build businesses.

But when I ask "What do you want this money to do for your life?" they pause.

Here's what I've learned: Your investment strategy should flow from your values, not the other way around.

Before we talk about portfolio allocation or tax optimization, we start with three questions:

What does financial security mean to you?
What impact do you want your wealth to have?
What keeps you up at night about money?

Your answers shape everything else—how much risk makes sense, what investments align with your beliefs, how you structure your estate.

Financial planning isn't just about maximizing returns. It's about building a life that reflects what matters most to you.

What would your answer be to those three questions?

Here's an uncomfortable truth: Your future self is not more disciplined than you are right now.

Every January, we make promises. "This year I'll max out my 401(k). This year I'll build that emergency fund." And for a few weeks, it works. Then life happens: a stressful week, a sick kid, a crisis, and suddenly those tasks just slip.

Not because you're lazy. Because you're human.

In 2001, economists Richard Thaler & Shlomo Benartzi worked with employees who kept saying they'd save for retirement "next year." Instead of lecturing them about discipline, they created the "Save More Tomorrow" program, workers could agree TODAY to automatically increase retirement contributions with FUTURE raises.

The results were incredible. Savings rates jumped from 3.5% to 13.6% in just 40 months.

These people didn't become more disciplined. They just stopped relying on themselves to make good decisions every single pay period. One decision made all the future decisions for them.

Here's what changes everything: Good financial behavior isn't about ironclad discipline. It's about designing a life where the right choices happen automatically, whether you're having a good day or a terrible one.

This January, forget the resolution. Build a system instead:
💰 Automate your savings (even $50/paycheck counts)
📈 Increase your 401(k) by just 1%
✅ Set one important bill to auto-pay

The biggest benefit isn't just the money you save, it's the mental space you reclaim. Every financial task you have to remember manually is a small weight you carry, creating constant low-level anxiety.

When you automate, you put those weights down.
Financial success isn't about superhuman discipline. It's about removing the need for discipline in the first place.

Here's to working smarter in 2026, not harder. 🎯

What's one financial task you could automate this month?

🎉✨ Wishing everyone a happy and prosperous New Year! May 2026 bring you health, happiness, and success in all your endeavors.