We interrupt your usual programming to bring you a truly unique take on the current economic climate.

In the process of writing this newsletter for the past year, we’ve gotten literal whiplash from the headlines we’re compiling. Is the bull market gathering unstoppable momentum? Or is it a Jenga stack held up by a single brick? Every financial publication seems to believe one or the other — or both.

So we reached out to three experienced wealth advisors for their take on the uncertainty, and how they’re guiding their high-net-worth clients in navigating it.

Today’s top story is an abridged version of their answers. We highly recommend you read the entire article on our website as well. We found their insights invaluable, and think you will, too.

Read the full version (for free) here.

Finally, read to the end for a portfolio as stacked as Philly’s O-line…

— Brooks & Cas

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$CPB ( ▲ 4.23% ) More People Are Cooking at Home. That's Been Good for Campbell's (Investopedia)

$FANG ( ▼ 2.85% ) Diamondback Declares Divestment of Equity Interest in EPIC Crude (YF)

$M ( ▲ 0.38% ) Macy’s stock rallies after same-store sales see first growth since 2022 (MarketWatch)

$BRKR ( ▲ 3.46% ) Bruker stock falls after $600 million convertible preferred stock offering (Investing.com)

$TGTX ( ▲ 0.94% ) TG Therapeutics announced a new $100M share buyback program after completing its previous $100M repurchase. (SeekingAlpha)

CNBC: US job openings, measured by JOLTS, fell to 7.2M in July, the lowest since 2024 and near pandemic-era levels.

Reuters: President Trump warned the US may unwind trade deals with the EU, Japan, and South Korea if tariffs are ruled illegal.

AP: Newsmax $NMAX ( ▼ 0.53% ) filed an antitrust lawsuit against Fox News $NWSA ( ▲ 0.43% ), alleging intimidation and exclusionary practices to maintain market dominance.

SeekingAlpha: OpenAI expanded its secondary share sale to $10.3B at a $500B valuation, letting employees cash out equity.

YF: Polymarket received CFTC approval to launch in the US, clearing the crypto betting platform to operate domestically.

The financial press is split between two extremes: a market barreling ahead with unstoppable momentum, or an AI-fueled bubble teetering on collapse. So we asked three wealth advisors to weigh in, describing how they’re advising their high-net-worth clients to navigate today’s uncertain market.

In short? Walk the middle path.

Mary Gilligan of MG Financial dismissed bold predictions outright. “We don’t try to predict where the market’s going to go,” she said. “Rather, we try to work with where we are right now and take advantage of things as they unfold.” Peter Scholtz of Scholtz & Co echoed the caution, saying he is “right on my benchmark, eager to figure out which way this thing is going to fall.”

Advisors may be hedging their bets on the market’s trajectory. But when it comes to how they’re hedging, they spoke with true conviction. Here are some of their takes.

Gilligan has her eye on real estate, where she sees fallout from banks shoring up balance sheets after the 2023 crisis. With some properties repriced lower, she believes investors may find high-quality assets at more reasonable levels.

Scholtz continues to lean heavily on bonds, especially structured products like steepeners. With coupons tied to the spread between long- and short-term government yields, he views them as an attractive play if the yield curve steepens from its current inversion.

And Vitaliy Katsenelson of Investment Management Associates has built positions in health maintenance organizations (HMOs), noting the sector has dropped sharply. Rather than choosing a single company, he spread investments across multiple HMOs such as UnitedHealth $UNH ( ▲ 1.53% ), Humana $HUM ( ▼ 1.29% ), and Elevance $ELV ( ▲ 1.86% ) to diversify exposure.

Despite their different approaches, all three advisors returned to the same theme: don’t let headlines dictate portfolio moves.

Scholtz recalled clients wanting to sell everything depending on who occupied the White House. Gilligan underscored that politics shouldn’t drive investment decisions. Katsenelson advised focusing on discipline rather than hype.

Ultimately, as Scholtz put it, the single most dangerous asset is cash. Sitting out a rally risks missing gains that never come back.

That’s the gist of the advisors’ takes. But they had much more to say, on assets ranging from European defense stocks to data center energy plays. We’d wholeheartedly encourage you to take a deep dive into their unique POVs.

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