Twist and Shout! | Steve Henderly, CFA

Printer Friendly PDF: September 2026 Commentary

The final song of The Beatles debut album, Twist & Shout, was recorded on a single take at the end of a very long day.  John Lennon was fighting a bad cold and his voice was nearly shot.  Despite these challenges, in that single take, John delivered one of the finest vocal recording of all-time!  The song is upbeat, powerful, and full of raw energy.

Financial markets continued to provide reason for investors to both twist and shout in August.  In a somewhat surprising twist, The U.S. Treasury announced it would expand purchases of longer dated Treasury securities, a move reminiscent of the Federal Reserve’s “Operation Twist” back in 2011.  Bond yields rose and prices declined.  On the other hand, stocks continued to move higher and the S&P 500 established several new record highs, causing some investors to shout with joy.  With that as our backdrop, here are the things we think mattered most in August:

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Drinking from a Firehose: 2025 in Review | Steve Henderly, CFA

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The first half of 2025 felt like drinking from a firehose. President Trump’s return to the White House brought a rapid sequence of policy headlines – including DOGE initiatives, tariffs, renewed focus on immigration, and sweeping tax and spending proposals.  It felt chaotic and markets struggled to keep pace with the speed of change.  Those following the news were drinking from the proverbial firehose.  By comparison, the final few months of the year were less frantic but arguably more conflicted for investors with bulls and bears locked in a tug of war rather than one side clearly in control.

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