28 Jul 2025

Heat Wave Inflation: A Decade Running Hot

Last week, I described Vanguard’s take on growth and inflation, and it got me thinking about inflation. In general, I was comforted by their views, which I characterized as ‘Steady as She Goes,’ but the inflation number started to bother me a little bit. Their forecast is for core Personal Consumption Expenditure (PCE), which is the Federal Reserve’s preferred measure for inflation, and Vanguard projected 3.0 percent for 2025 and… Read More

21 Jul 2025

Steady as She Goes: Vanguard’s Take on Growth and Inflation

Last week, we had the pleasure of hosting a very sharp economist from Vanguard who shared the firm’s latest views on the economy. I found the conversation illuminating because it helped cut through much of the noise we often hear in the financial media. I’m not suggesting their forecasts are more or less accurate than anyone else’s. That’s an impossible standard, since no one knows what the future holds, especially… Read More

16 Jul 2025

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review Estate Planning, Beyond Taxes Inside the Economy: Tariffs Phone Phishing Scams The Big Picture Click here to read the issue: 2Q 2025 Portfolio Insights

14 Jul 2025

The One Big Beautiful Bill Act

The One Big Beautiful Bill Act is now law. It’s a 940-page document, and I haven’t read it, but my reliable tax sources are highlighting some of the key provisions for individuals that I thought you might find helpful. Before I get into the OBBBA (or OBBB or OBB; they’re still working on the acronym), it’s worth noting that Missouri Governor Mike Kehoe signed a bill that will eliminate individual… Read More

7 Jul 2025

Estate Planning – Who’s Who

The last two weeks focused on the core estate planning documents and why it’s a good idea to keep your documents in good order. This week, I will define the major players in the documents, hopefully putting some of the legal terms in plain English. Since this article will stand alone on our website, I want to state that I’m not a lawyer, Acropolis isn’t a law firm, this isn’t… Read More

30 Jun 2025

Estate Planning, Part 1.5

I always enjoy it when readers reply to these emails, and last week was particularly gratifying because several people said something along the lines of, “I’ve been meaning to do this for a while, and I’m going to call my lawyer this week and get it updated.” That’s great! I also heard from one of my favorite estate lawyers, Tim Yeaglin, the Co-Chair of Lewis Rice’s Estate Planning and Probate… Read More

23 Jun 2025

Beyond Taxes: Estate Planning Matters Enormously

When the federal estate tax exemption started climbing rapidly in the 2000s (and even went to zero for one year in 2010), an estate lawyer friend told me he was glad because estate planning shouldn’t be so focused on tax avoidance. “What do you mean?!?” I thought. I had always believed that tax savings were the main point of estate planning. And in 2002, when we launched Acropolis, the tax… Read More

16 Jun 2025

Let’s Talk About Stagflation

A few months ago, the term ‘stagflation’ was mentioned too casually and frequently, in my opinion. Investors were worried about the impact of a trade war, which is natural, but were too quick to go to “The S Word.” Stagflation is a portmanteau of stagnation and inflation, coined in the 1970s when economic growth was very low (and sometimes negative) and inflation was very high. The term stagnation was often… Read More

2 Jun 2025

Gold is Glittering Bright (maybe too bright)

It’s not surprising that clients are inquiring about gold, as it has risen 25.3 percent so far this year. When we started this business in August 2002, I thought gold was a terrible investment idea. However, in the 273 months since then, it has handily beaten foreign stocks and bonds, and even eked out a small win over the S&P 500. That’s right, during this time frame, gold gained 10.9… Read More

19 May 2025

Following the Tornado, Risk is on My Mind

On Friday, an EF-3 tornado hit St. Louis County and City. At least five people passed away, and thousands of homes were damaged, some beyond repair. Although the official National Weather Service report isn’t complete, initial reports suggest that the tornado likely formed in Clayton, moved northeast through Forest Park, DeBaliviere Place, Fountain Park, the Greater Ville, O’Fallon Park, and crossed the Mississippi into Illinois. My home is in DeBaliviere… Read More