New Year, New Tax Considerations: What You Need to Know Before Filing Your 2025 Taxes

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Filing your tax return may feel routine. But the devil is in the details, as they say, and those details have a pesky habit of shifting from year to year. The 2025 tax year is a good example: Rule changes this year include both incremental adjustments and larger shifts stemming from the One Big Beautiful Bill Act (OBBBA), passed in July. Understanding these changes now can help you maximize deductions, spot planning opportunities and avoid surprises when you file.

A Boost for Traditional Deductions

The OBBBA made several taxpayer-friendly provisions permanent, starting with a higher standard deduction. For 2025, the standard deduction rises to $15,750 for single filers, up from $15,000 in 2024. For married couples filing jointly, the deduction increases to $31,500, up from $30,000.

The legislation also expanded the Child Tax Credit, raising it to $2,200 per qualifying child, compared with $2,000 under prior law.

Brand New Tax Deductions

The OBBBA introduced several new deductions to be on the lookout for: 

  • Personal deduction for seniors: If you were born before Jan. 2, 1961, you can take a $6,000 deduction ($12,000 if married filing jointly) in addition to your standard or itemized deduction. This deduction is phased out if your modified adjusted gross income (MAGI) is between $75,000 ($150,000 for joint filers) and $175,000 ($250,000 for joint filers). 
  • Tax deduction for tips and overtime pay: The Trump administration has described these provisions as “no tax” on tips and overtime, but that framing oversimplifies how the new code works. In practice, there is now a deduction for voluntary cash or charged tips earned in industries where tipping is customary. From 2025 through 2028, eligible single filers can deduct up to $25,000 in tipped income, though the deduction begins to phase out for individuals with MAGI above $150,000.

    A similar deduction applies to a portion of qualified overtime pay from 2025 through 2028. In most cases, this refers only to the premium portion of overtime—for example, the extra “half” in “time-and-a-half” pay—rather than the worker’s full hourly wage. For single filers, the deduction is capped at $12,500 of eligible compensation for those with MAGI below $150,000. The deduction is phased out above that amount and is zeroed out once above $275,000.
  • Car loan interest deduction: If you financed the purchase of a new vehicle in 2025, you may be eligible to deduct up to $10,000 in interest paid on that loan. But here’s the fine print: The vehicle must be for personal use, and it must have been built in the United States. To determine if your car fits the bill, look at your vehicle identification number (VIN). Cars built in the United States will have a VIN that starts with a 1, 4 or 5. The cap also phases out for single filers with MAGI above $100,000.

    In future years, lenders will be required to report auto loan interest payments directly to both taxpayers and the IRS. For this year, you may need to do a little digging through your loan statements, or you can request a summary of interest paid from your lender.

Gift and Estate Tax Exemptions

The OBBBA gave some much-needed clarity to a crucial estate planning rule. The lifetime estate and gift tax exemption was previously scheduled to sunset at the end of the year, which would have reduced the exemption from nearly $14 million to about $6 million. Instead, the higher exemption has been made permanent. Here’s where things stand now:

  • The estate and gift tax exemption is $13.99 million for 2025 and is scheduled to rise to $15 million in 2026.
  • The annual gift tax exclusion is $19,000 per recipient in 2025 and will remain at that level in 2026.

While it’s too late to make a tax-free gift for 2025, now is a good time to begin planning gifting strategies for 2026.

Tax Reporting on Cryptocurrency 

Beginning in 2025, the IRS now requires that crypto transactions are reported. If you sold or exchanged digital assets on a platform such as Coinbase, you should receive a Form 1099-DA. a new tax form created specifically for digital assets. Capital gains taxes may apply to crypto sales and trades. It’s also worth noting that digital currencies may be taxed as ordinary income if you receive them as payment.

It’s Not Too Late to Fund Your IRA

Your window for 2025 401(k) contributions closed at the end of the year. But if you want to pad your traditional or Roth IRA with 2025 contributions, you can do so up until the April 15 filing deadline. The contribution limit for IRAs is $7,000, but you can save an additional $1,000 if you’re 50 or older.

Planning Ahead Matters 

The impact of these changes depends on your income, filing status and long-term goals. Take time now to review your situation, gather the right documentation and coordinate tax decisions with your broader financial plan to make most of the current rules. And if you have any questions, we’re here to help bring clarity and confidence as you head into the filing season.

Ernest Jones, CPA

Director of Tax, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

This is for informational purposes only and is not meant to be construed as tax advice. Please consult your accountant for advice or to review any recommendation herein. The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

How Much Do I Need to Retire in 2026?

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A few years ago, ads from financial services companies asked, “What’s your number?” The “number” represented the amount of money you needed to retire comfortably. There are, of course, various approaches to estimating your retirement “number,” all of which are influenced by your goals and factors, such as your expected retirement age and the lifestyle you hope to maintain in retirement. So, while this question may have been an effective way to spark conversations about retirement, we believe that it doesn’t paint the complete picture.

Retirement isn’t just about reaching a specific monetary goal. It also involves creating a comprehensive strategy that looks to optimize your various savings vehicles, each playing a different role in your retirement income approach. It also means factoring in healthcare costs, thinking about the legacy you wish to leave, and being flexible enough to adapt to life’s unexpected twists and turns. Ultimately, your strategy needs to consider how your assets will work together to fund the retirement you envision.

An essential part of orchestrating your retirement income strategy is determining which assets to take and in which order. 

There is no one-size-fits-all answer, but some general guidelines can help when you are starting to think about a withdrawal strategy.

For example, one approach to consider is withdrawing money from taxable accounts first, then tax-deferred, then tax-exempt. By using taxable money first, you can avoid paying taxes as long as possible with tax-deferred investments. And your tax-exempt accounts remain tax-exempt for a longer period. Ultimately, your decision will be influenced by a wide range of other considerations, including withdrawal fees, surrender charges, and other costs that may be associated with each specific account. But when possible, consider using the power of tax deferral and tax exemption to your advantage. 

Regardless of your age or financial position, having a well-thought-out retirement strategy is one of the most critical actions you can take. If you would like to review your current strategy, please contact our office. We’re here for you!

Emily Balmages, CFP®

Director of Financial Planning, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

2026 Outlook: Beyond AI & Mega-Cap Tech

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“Is AI a bubble?” my uncle asked as I put my fork down mid-bite on New Year’s Eve. I’d wager that this question dominated dinner tables and family gatherings across the country this holiday season. Even my sister, whose focus lies entirely within the arts and creative pursuits, managed to put the two words “AI” and “Bubble” together.

This tells me two things: 1) Concern around AI and “bubble-ness” is virtually inescapable and 2) this question is dominating the audience’s perception of markets, perhaps even more so than the meteoric rise of silver and gold as we enter 2026.

Why Does AI Deserve So Much Attention?

In 2025, AI-related names drove ~60% of the increase in the S&P 500’s value. Furthermore, AI spending from the “Hyperscalers” (Google, Microsoft, etc.) accounted for the lion’s share of our economy’s growth. Without the spending on data center infrastructure—servers, GPUs, and the centers themselves—some estimates suggest US GDP would have grown at a measly 0.1% in the first half of 2025. It’s safe to say that AI alone kept the economy afloat for most of last year.

The robust figures above underscore why AI rightfully commands significant attention. However, fixating on the bubble label can be a trap, much like timing the market. Instead, we should look at bubble psychology and how those excesses may be extending into the AI ecosystem.

Settling the AI Bubble Talk

It’s been over 20 years since we’ve seen such a transformative, general-purpose technology with the potential to deliver productivity gains eclipsing the internet era. This fervor has already minted a class of early winners, leaving everyone else watching with a potent mix of envy and regret. It’s the classic setup for FOMO, where the “AI train” starts looking less like a sound, technological investment and more like a high-speed shortcut to a cushy nest egg.

The danger is that the faster this train moves, the easier it is to speed right past the following flags:

  • Starting Valuations: We pay prices regardless of whether reasonable returns can be generated.
  • Risk/Reward Profiles: We stop asking if we’re actually being compensated for the layers of risk we’re adding to our broader portfolio.
  • Lofty Narratives: AI’s newness unrestrains the imagination to justify price tags that reality can’t yet support.

Behind the Excitement: What’s Different This Time?

A Stronger Starting Line-Up Unlike the fragile startups of the dotcom era, today’s main AI spenders are profitable, cash-printing businesses. They are self-funding a massive AI arms race with capital expenditures set to leap by 60%, from $250bn in 2025 to over $400bn in 2026. Operating cash flows continue to outspace AI spend as a percentage of sales, allowing this historic investment to feel like a strategic augmentation of their core businesses rather than a reckless gamble.

Justified Valuations While Forward P/E ratios look expensive, today’s multiples are anchored by real-world profit. Take Nvidia: its stock price increased 14x over the last five years, but earnings grew 20x. Today’s titans aren’t as frothy as the dotcom class of 2000 because they are delivering healthy bottom-line results. However, this optimism hinges on perfection. While bulls argue we are buying “cheaper” growth today than at any point in the decade, that narrative leaves a near zero margin for error if adoption slows.

Infrastructure Demand In contrast to the fiber-optic mania of the 90s, the demand for AI build-outs can’t seem to catch a break. Data center vacancy rates are at a record low of 1.6%, and ~75% of pre-construction builds are already pre-leased. Additionally, past infrastructure bubbles saw spending peak between 2% and 5% of GDP, whereas today’s AI investment sits at roughly 1%. This suggests the build-out still has room to run.

Show Me the Money Revenues are skyrocketing. Alphabet’s Q3 2025 results proved that AI-driven features are accelerating search and ads, with generative AI product revenue surging into the triple-digit percentage range year-over-year. Beyond the titans, some industry participants have grown revenues nearly ninefold since ChatGPT launched. For now, the receipts are keeping the optimism alive.

AI Is Running Fast… But Will it Trip a Wire?

We are in a high-stakes arms race on both a micro level (hyperscalers) and a macro level (US vs. China). Businesses are pouring trillions into this effort to secure US leadership in a technology that will change the fabric of society. But in this race to the top, it’s easy to overlook the blind spots.

Revenues & Profits: Can We Reach the Promised Land? Despite the growth, there is a staggering gap between spending and earning. Analyst Azeem Azhar points out that AI companies are projected to generate $60bn in revenue against $400bn in spending for 2025. That’s a 6-7x gap—far wider than the dotcom bubble (4x) or the railroad boom (2x). Even if revenue catches up, will it translate to profit, or will we see a “race to the bottom” where large language models (LLMs) become commoditized?

Is Demand Real? Adoption is still in its awkward early stages. Only roughly 10% of firms are using AI to produce goods, though 45% pay for LLM subscriptions. According to the Stanford AI Index and McKinsey, the majority of firms are seeing only modest cost savings (≤10%) and negligible revenue gains (≤5%). Will AI adoption ever truly scale into broad, durable profit expansion?

How Long is Your (Useful) Life? Hyperscalers like Microsoft and Google have boosted profits by extending the “useful life” of their AI assets in their books. If innovation renders chips obsolete in 24 months, these companies will face massive write-downs. More importantly, they are funding this short-lived hardware with 30-year debt, leaving investors holding the bag for “obsolete” infrastructure that won’t be paid off for decades.

The AI Ouroboros There is an increasingly circular dance where Microsoft invests in OpenAI and then books cloud revenue from them. Nvidia buys stakes in the startups they sell chips to. This means a chunk of today’s “booming” revenue is an internal recycling of capital where true economic profit from external customers remains hypothetical.



Cloudy with a Chance of IOUs: While the biggest players usually use cash, we’re seeing a pivot toward the bond market. Oracle and Meta have emerged as outliers, using long-term bonds and project finance to bankroll their data centers. As free cash flow wilts under the weight of AI spend, their stock prices are feeling the gravity. Furthermore, the industry is using Special Purpose Vehicles (SPVs) to hide this leverage off-balance sheet, adding a layer of obscurity to the trillions being spent.

Conclusion: A Massive Collection of What-Ifs

Ultimately, the AI story comes down to “what-ifs.” What if AGI finally shows up and productivity explodes? Or, what if demand never materializes and the hyperscalers finally blink? With cracks showing—like OpenAI’s recent “Code Red”—it’s impossible to say if we’re headed for a minor correction or a systemic burst.

Our 2026 Recommendations:
  1. Keep a seat at the table: Exposure to market-cap weighted indices allows you to benefit if the “promised land” materializes.
  2. Diversify your sources of risk: Anchor beyond US tech. Gold, international markets, and bonds offer a necessary buffer if signs of excess turn into a choppy ride.

Rebalance systematically: Rebalancing is a controllable hedge. When sector weights become excessive, returning to target allocations helps lock in gains and reduce concentration risk.

Phillip Law, CFA

Senior Portfolio Manager, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

2026 Investment Outlook: AI, Economy, Inflation

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With 2025 in the rear view mirror, we look towards the new year. What lessons did we learn and what trends deserve attention? How do we allocate portfolios based on that knowledge? In this piece, we’d like to share three areas of focus heading into 2026:

  1. Artificial Intelligence and Bubbleness
  2. The State of the US Economy
  3. The Biggest Risks to Asset Markets (Namely Inflation)

2025 Recap: Laughing in the Face of Di-worsification:

After years of US led-dominance, we saw narratives across asset classes flip on their heads. For the first time in years:

  • US Stocks underperformed developed international and emerging market geographies.
  • Gold, held for its diversification benefits, shined more brightly than most major asset categories. 

Source: YCharts

The year reminded us that “di-worsification” – a term long used to parody the idea that diversifying into less correlated, non-US assets only made portfolios worse – isn’t a universal truth. In 2025, holding different asset segments helped weather volatile trade policy, weakening dollar, and US deficit concerns.

Ultimately, we left 2025 with a more fragmented globe where nations now emphasize national security and independence over globalized efficiencies. In this new regime where the global economy is de-synchronized, we believe diversification is more essential than ever.

Looking to 2026: What of AI and Its Bubbleness?

The topic of artificial intelligence being a bubble is almost inescapable. AI Hyperscalers, bolstered by massive spending commitments on AI investments,  drove over 60% of the S&P 500’s growth and was a key lifeline for the economy in 2025. With AI hyperscalers and key players constituting a significant portion of the S&P 500, the ecosystem will likely continue to define US markets in 2026. So is it a bubble?

We have a separate piece that deep dives into the AI Bubble question which I’ve summarized below:

The Bull Case:

Proponents argue that this time is different compared to other speculative manias. The players here are profitable, cash-printing businesses whose valuations are not only reasonable, but also are pricing in achievable growth. Furthermore, there is ample demand for infrastructure, particularly data centers, unlike the railroad and dotcom bubbles. This all will enable revenue to follow, which has already exhibited enormous growth rates.

The Bear Case:

Despite tremendous growth, AI companies are spending way more than they’re making, (higher than past bubbles). Demand from businesses remains uncertain, with early studies showing only modest cost savings/revenue gains. Also, most revenue booked today is a result of circular investing amongst AI players. Meanwhile, AI companies are using aggressive accounting methods for their chips, which puts future earnings estimates at risk. Lastly, debt is now being used to finance spending, officially adding a shot clock for return on investment to materialize.

What to Do?

Within the deep-dive, we reach two conclusions: 

1. Focusing on the “bubble” label is often unproductive. Even if excesses exist, timing the eventual “burst” is a fool’s errand—will it be in one year or five? Selling too early means potentially missing out on healthy gains.

As Peter Lynch noted, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.”

2. The AI dilemma is ultimately a huge collection of what-ifs, but we believe keeping a seat at the table while diversifying sources of risk and return in other parts of the portfolio such as international stocks, bonds, or gold is prudent.

How’s the US Economy?

Objectively speaking, the economy is in a healthy state heading into 2026. Let’s look at a few primary indicators:

  • A Productive Economy – GDP grew at an astonishing annualized rate of 4.3% in Q3 2025 and is projected to grow ~2% (long-term average) in 2026. We expect AI spending to continue as hyperscalers add to productivity and other businesses increase adoption.
  • The Spending Surprise – Despite rising concerns around job security and waning sentiment, Americans are still spending. In late 2025, retail sales surged 3.5% year-over-year and we observed a healthy uptick in credit card balances.
  • Fiscal & Monetary Stimulus: 
    •  Heading into 2026, we’ve unlocked tax credits from the One Big Beautiful Bill (OBBB). We take estimates with a grain of salt, but if $100bn in total tax refunds and a $3,750 average tax cut per filer could further stimulate consumer spending.
    • The market currently anticipates two rate cuts, which will lower the cost of borrowing for both businesses and consumers (maybe more, pending Federal Reserve politics).

With a solid launching pad to start the year followed by additional liquidity in consumers pockets, we believe the US economy is well-equipped heading into 2026.

What About the Risks?

We believe the primary, non-wildcard risk to asset markets is inflation. Although inflation has stabilized from recent years, it remains sticky compared to pre-pandemic levels (around 2%), with the Fed’s preferred measure recently estimated at 2.8%.

The current economic backdrop does allow more sensitivities to a spike in inflation.

  1. Trade fragmentation and tariffs – while most businesses seemingly absorbed the price increases of tariffs in 2025, we’ve begun to see some price hikes passed to consumers in recent inflation prints. 
  2. Is Stimulus a Double-Edged Sword? – While increased liquidity for consumers can be helpful, it may also fuel inflation. The prior stimulus checks led to double-digit drops in equities and bonds (2022) as we raised rates to fight policy-driven inflation.
  3. Financial Repression – With US Debt-to-GDP approaching 120%, there is a risk that policymakers resort to “financial repression” – intentionally allowing higher inflation to “inflate away” the real value of government debt.

With US equities trading expensively and bonds vulnerable to inflation, I’d park this risk in the low probability, but high impact camp. To mitigate this risk, owning a portion of your portfolio to hedges (gold, commodities, natural resources) can cushion against a potential 2022 repeat.

Conclusion:

Ultimately, the backdrop seems favorable for US equity markets heading into 2026. Even if markets are frothy, the solution to managing potential excesses and drawdowns is not in timing them, but instead: a) building adequately diversified portfolios b) aligning allocations with your risk tolerance and financial objective and c) rebalancing into weakness to harness the long-term growth of capital markets at more advantageous price levels.

That’s our 2026 outlook. Our advice remains: use these investing principles as your foundation. This will allow 2026 to be less about watching tickers and more about the life you’re building. Hit that PR, read those books, or learn to cook—aim to achieve your best self. While we can recommend investments and share outlooks, there’s no substitute for investing in your own growth and happiness.

Phillip Law, CFA

Senior Portfolio Manager, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

Five Behavioral Finance Resolutions for a Better Financial Year

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As the old year draws to a close and a new one begins, millions of Americans will once again make New Year’s resolutions. For many, these resolutions focus on health or wealth, and when it comes to financial resolutions, the usual suspects tend to surface: spend less, save more and pay down debt.

These are, of course, worthwhile goals. But this year, consider adding another set of resolutions that go beyond budgeting and focus on the behavioral tendencies that shape—and sometimes sabotage—financial decision-making. In the year ahead, consider the following behavioral resolutions to help you make sound financial choices.

Dial Down Your Emotions

Emotions often move faster than logic. They can override rational thinking and push you toward decisions that may feel good in the moment but undermine long-term financial health. This year, resolve to take emotion out of investing. 

Separating feelings from financial choices can help you sidestep several potentially damaging behavioral biases, including loss aversion. This is the tendency for investors to fear losses more than they value gains. This bias can lead to panic selling in volatile markets, potentially causing you to lock in losses and miss market rebounds. Alternatively, it could cause you to hold onto losing positions far too long, making you unwilling to cut your losses even when it is financially beneficial to do so. 

Emotional investing can also fuel home bias, the instinct to stick with what’s familiar to you. Maybe that’s a certain company or an industry you know well. Or maybe it’s focusing on U.S. stocks to the exclusion of shares of international companies. Instead, practice viewing your investments not as extensions of your preferences or identity, but simply as the tools that are helping you reach your long-term objectives. 

Get a Second Opinion

Every once in a while, you may be tempted to alter your long-term financial plan. Before pulling the trigger, it pays to seek a second opinion. Expert counsel can help rein in a pair of common behavioral biases: overconfidence and confirmation bias. 

Overconfidence bias is the tendency for investors to believe they know more than they do or can predict outcomes with greater accuracy than is likely possible. The danger here is it might lead to risky behaviors like trying to time the market or going big on what they think is a can’t-miss investment opportunity. 

Meanwhile, confirmation bias is the tendency to seek out only information that supports existing beliefs. This can land you in an echo chamber where it’s hard to tell whether an investment decision is a good idea or not. 

Seeking outside advice helps you pressure-test ideas, reveal assumptions you may have missed and move forward with greater clarity.

Keep an Open Mind

Financial markets evolve constantly. Rigid thinking increases the risk of missing potential opportunities or holding onto investments that are no longer serving you.

Keeping an open mind helps you stay adaptable and able to reevaluate long-held assumptions and adjust when new information emerges. This helps counter status quo bias, the impulse to stick with the current situation purely because it’s familiar and what’s already happening. It also helps avoid anchoring, the tendency to rely too heavily on the first piece of information encountered. For example, investors might anchor to the original price of a stock, using it as a benchmark for future decisions—such as when to buy and sell—rather than focusing on other, more relevant information.

Look at Things From Different Angles

How information is presented can dramatically shift how we interpret it. The same facts can feel very different depending on how they’re presented. Marketers, pundits and headline writers understand this well; it’s one of the ways they can make news seem sensational.

But before accepting something as true, especially in finance, it’s useful to examine it from multiple angles. Seek out contrarian viewpoints, reframe the story and ask yourself what the opposite case might look like.

This approach helps guard against framing bias, where decisions are influenced by how information is presented rather than what the information actually says. For example, a fund described as having a “5% chance of loss” might feel riskier than one described as having a “95% chance of success,” even though both statements describe the same probability.

Stepping back, asking questions and challenging your first interpretation can lead to better, more balanced decisions.

Start a Media Diet

Today’s information ecosystem is noisy, fragmented and optimized to snag your attention. Headlines are crafted to provoke emotion, and social media feeds tend to amplify the sensational. 

A media diet can help restore balance. You don’t have to disengage entirely, but you may want to limit exposure to influencers offering unvetted advice, sticking instead to outlets with strong editorial standards. Part of a healthy media diet also involves resisting the urge to check the market every day. Your long-term strategy doesn’t require play-by-play updates.

A healthier personal media environment helps curb availability bias, where recent or highly publicized events distort your perception of risk. It also combats recency bias, which leads investors to overweight the latest market movements. And by lowering exposure to trending narratives, it limits the pull of herding—the impulse to follow the crowd, chasing whatever big name is dominating the week’s headlines.

Mastering Your Mindset

Good financial decision-making is largely about controlling behavioral impulses. Being more deliberate about how you think—less emotional, more open-minded and more balanced in how you consume information—can put you in a better position to stay focused on what truly matters: your long-term goals and the plan designed to help you meet them. 

If you ever have any questions or want to talk more about how to put these principles into practice, reach out, and we’d be happy to talk. 

Veronica Cabral

Wealth Advisor, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

Introducing Warren Street Global Equity ETF (WSGE) – An Informed Approach to Diversification

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We’re thrilled to announce a major milestone for our firm and our clients: the launch of the Warren Street Global Equity ETF (NASDAQ: WSGE)!

This new Exchange-Traded Fund (ETF) is now available, bringing our disciplined investment philosophy to the public in a convenient, accessible format. This is an exciting step forward as we continue to provide sophisticated investment solutions while delivering on our fiduciary commitment.

The Warren Street Wealth Advisors team celebrates the launch with a visit to the NASDAQ MarketSite in Times Square, New York.

What is WSGE and Why Did We Create It?

The Warren Street Global Equity ETF (WSGE) is designed to be a smarter way to invest in the global stock market. The traditional choice has always been either a simple, broad index fund or a complicated, expensive actively managed fund. We created WSGE to give you the best of both worlds: global diversification with a smart strategy built to enhance returns.

Focus on You: The Key Client Benefits

While the investment strategy is robust, the most important reason we created WSGE is to provide direct, tangible benefits to you, our clients, and to uphold our fiduciary standard:

  • Embedded Tax Efficiencies: As an ETF, WSGE is structured to minimize capital gains distributions compared to traditional mutual funds. This powerful tax efficiency helps you keep more of your investment returns, making your portfolio work harder over the long term.
  • Economies of Scale: By bundling diverse global exposures and our proprietary strategy into a single vehicle, we achieve significant economies of scale. This approach reduces complexity and overall costs, effectively providing you with institutional-quality management at a lower expense.
  • Uniformity Across Clients: WSGE ensures every client benefits from the exact same research-driven exposure and proprietary factor tilts. This uniformity across clients leads to greater consistency, streamlined execution, and clearer reporting, regardless of account size.
  • Time Savings & Simplicity: The single-fund structure drastically simplifies trade execution, rebalancing, and overall portfolio maintenance. This provides time savings for both our advisory team and you, the client, allowing us to focus more on your comprehensive financial plan, retirement goals, and tax strategies.

Learn More

When you invest in WSGE, you’re accessing the same level of rigorous due diligence that defines Warren Street Wealth Advisors. We meticulously select the fund’s underlying investments, focusing on quality management, low cost, and alignment with our goals.

We are proud to bring this innovative solution to market and look forward to partnering with you on your journey toward long-term capital appreciation.

To learn more about the fund, view the prospectus, and review important disclosures, please visit warrenstreetetf.com.

Phillip Law, CFA

Senior Portfolio Manager, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information is contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.714.876.6200. Please read the prospectus carefully before investing.

The Fund is actively-managed and is subject to the risk that the strategy may not produce the intended results. The Fund is new and has a limited operating history to evaluate.

Median 30 Day Spread: is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Basis Points (bps): A unit of measure used in quoting yields, changes in yields or differences between yields. One basis point is equal to 0.01%, or one one-hundredth of a percent of yield and 100 basis points equals 1%.

Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

Fixed-Income Risk. The market value of fixed-income securities will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed-income investments. During periods of falling interest rates, the values of outstanding fixed-income securities and related financial instruments generally rise. Conversely, during periods of rising interest rates, the values of such securities and related financial instruments generally decline. Fixed-income investments are also subject to credit risk.

Large-Capitalization Companies Risk. Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better – or worse – than the stock market in general. These periods have, in the past, lasted for as long as several years.

Mid-Capitalization Companies Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Depositary Receipt Risk. ADRs and GDRs are generally subject to the risks of investing directly in foreign securities and, in some cases, there may be less information available about the underlying issuers than would be the case with a direct investment in the foreign issuer. ADRs are U.S. dollar-denominated receipts representing shares of foreign-based corporations. GDRs are similar to ADRs but are shares of foreign-based corporations generally issued by international banks in one or more markets around the world.

Risk of Investing in Other ETFs. Because the Fund may invest in Underlying ETFs, the Fund’s investment performance is impacted by the investment performance of the selected Underlying ETFs. An investment in the Fund is subject to the risks associated with the Underlying ETFs that then-currently comprise the Fund’s portfolio. At times, certain of the segments of the market represented by the Fund’s Underlying ETFs may be out of favor and underperform other segments.

Focus Investing Risk. The Fund seeks to hold the stocks of approximately 40 companies. As a result, the Fund invests a high percentage of its assets in a small number of companies, which may add to Fund volatility.

Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on U.S. securities. Investments in or exposures to foreign securities are subject to special risks,  including differences in information available about issuers of securities and investor protection standards. In addition, foreign securities denominated in other currencies could decline due to changes in local currency.

Factor-Based Investing Risk. There can be no assurance that the factor-based investment selection process employed by the Sub-Adviser will enhance the Fund’s performance. Exposure to the different investment cycles identified by the Sub-Adviser may detract from the Fund’s performance in some market environments.

ETFs may trade at a premium or discount to their net asset value. ETF shares may only be redeemed at NAV by authorized participants in large creation units. There can be no guarantee that an active trading market for shares will exist. The trading of shares may incur brokerage.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. We make no representation or warranty as to the accuracy or completeness of the information contained herein including third-party data sources. The views expressed are as of the publication date and subject to change at any time. No part of this material may be reproduced in any form, or referred to in any other publication without express written permission. References to other funds should not to be interpreted as an offer or recommendation of these securities.

An investment in the Fund involves risk, including possible loss of principal. Exchange-traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus.

Shares of the Funds Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Warren Street Wealth Advisors, LLC serve as the Sub-advisers to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Warren Street Wealth Advisors, LLC. Learn more about PINE Distributors LLC at FINRA’s BrokerCheck.

ETFAC-4941235-10/25

Claiming Social Security: What’s a Break-Even?

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When you’re deciding when to start claiming Social Security benefits, you’re facing a trade-off. Claim as early as age 62, and you’ll receive a larger number of smaller payments. Delay as late as age 70, and you’ll receive a smaller number of larger payments. To weigh your options, it’s helpful to find your “break-even” point—the age at which waiting longer to claim Social Security will result in a greater lifetime benefit. 

Picking the Right Horse

To begin, here’s a little scenario to help illustrate what a break-even is. Imagine a race between two horses—Early Bird (No. 62) and Late Breaker (No. 70). Late Breaker is a faster horse than Early Bird, no question. So to keep the competition interesting, Early Bird gets a half-lap head start. 

We know that, given enough time, Late Breaker will eventually catch up to Early Bird. Let’s call that moment the break-even. If the race ends any time after that break-even point, Late Breaker is a sure thing. If the race ends any time before the break-even, all the smart money is on Early Bird.

We can think of the way Social Security benefits accumulate in a similar way. Claiming early gives you a head start in accumulating benefits, but they come at a slower pace. Claiming later can earn you bigger checks, but it will take time before it catches up to the total accumulated benefits of claiming earlier. If you live past that break-even point, you will ultimately receive more income by claiming later. If you don’t, you will receive more by claiming earlier.

A Concrete Example

In reality, there are more than two horses in a race, and there are more than two options for when to start claiming Social Security benefits. In fact, you can choose any point after you reach your early retirement age of 62. For every year between the ages of 62 and 70, your monthly benefits will increase. (You can wait longer than age 70, but your benefits won’t continue to grow.) Any two points between ages 62 and 70 will have their own break-even.

Let’s consider three scenarios:

  • 1. You claim your benefits at age 62.
  • 2. You wait until full retirement age (67 for anyone born in 1960 or later) to claim. 
  • 3. You wait until age 70 to claim.

If you claim at 62—60 months before you reach full retirement age (FRA)—your checks will be 30% smaller than your full Social Security benefit. If your full monthly benefit is $2,000, your checks will be pared back to $1,400.

If you claim at full retirement age (67), you will receive the full $2,000 every month. 

If you delay your claims until age 70, your checks will be 24% larger than your full benefit. Instead of $2,000, you receive $2,480.  

If you chart the accumulated benefits of those three scenarios on a line graph, you’ll find the break-evens where the lines intersect:

You’ll notice that the break-even between claiming at 62 and claiming at 67 is around age 78. Meanwhile, the break-even between claiming at 67 and claiming at 70 is around age 82, and the break-even between claiming at 62 and claiming at 70 is around age 80.

There’s a lot of math to consider—including a key variable we haven’t discussed: how long you expect to live. If you expect to live past 78, claiming benefits at full retirement age may be worth more over time than claiming at 62. If you expect to live past 83, then claiming benefits at age 70 may be worth more over time than claiming at 67. If you expect to live past 80, then claiming benefits at age 70 may be worth more over time than claiming at 62. 

Of course, none of us can predict our life expectancy with any certainty. But we can make some educated guesses based on factors like our current health and our family medical history. For instance, if both of your parents lived well into their 90s, you might have more confidence in your own life expectancy.

Other Important Considerations

Break-evens are a useful tool in deciding when to start claiming Social Security benefits, but they aren’t the only factor. For example, you may prefer to have more money in the early part of your retirement so you can spend more on the experiences money can buy. Coming out ahead in the final tally may be less important to you.

Depending on your specific circumstances, there may be strategic reasons to claim early or claim late—say, to reduce your tax burden or to fill in a necessary income gap. These reasons make this decision about more than simply pitting your expected longevity against different break-even points.

We don’t expect you to calculate break-evens for every possible scenario. Understanding the concept of break-even will help you take a more informed approach to this important decision on your retirement journey. We’re happy to work with you to do the math for different claiming strategies and how they might fit in with your larger financial picture and retirement goals. As always, the best choice is the one that makes the most sense for you.

Justin D. Rucci, CFP®

Wealth Advisor, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

Decoding the AI Hype: How Today’s Market Compares to the Dot-Com Bubble

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You’ve likely seen headlines comparing today’s AI-driven market to the late-1990s dot-com era. We take those comparisons seriously. This note outlines what’s different today, what still deserves caution, and, most importantly, how we’re positioning your strategy to hold up across a range of outcomes.1

Where Valuations Stand

Stock prices have climbed, and by simple measures of “price versus earnings,” the market looks more expensive than its long-term average. That’s a reason for discipline. However, it’s also true that the broad market remains below the most extreme levels reached in the late 1990s. You can see this in the valuation charts that track the relationship between prices and earnings over time.2

What’s Different From Dot‑Com Era

Back then, Barron’s magazine cover story in March 2000, called “Burning Up,” reported that 74% of 207 publicly traded internet companies had “negative cash flows” and at least 51 of those companies were projected to run out of money in the next 12 months. In contrast, today the largest parts of the market are producing real earnings, and overall profit margins across the major U.S. index remain above their five-year average. That doesn’t remove risk, but it does mean prices are supported by business results that we didn’t see from some companies in the dot-com cycle. FactSet’s latest quarterly review provides a good snapshot.3

AI Isn’t Just a Story—There’s Heavy Investment Behind It

A big reason certain companies have led is the build-out of the “plumbing” for AI: data centers, chips, software, and power. You can see this in government data, which shows manufacturing construction near record highs, much of it related to chip facilities, and in rising business spending on information-processing equipment and software. Those are dollars going into real plants, servers, and tools that support future productivity.4,5

Real Fundamentals – But Are AI Profits a Distant Dream?

Today’s AI landscape, where players boast robust business models and real fundamentals stemming from their core businesses, still is not without questions. While fortress balance sheets, resilient revenue, and strong earnings growth remain in place, the central point becomes: does the uncertain return on investment for AI justify the existing valuation levels, even if they aren’t as extreme as the Dotcom era? 

We have to remember that many of today’s leading AI companies still look expensive based on profits they made last year. Meanwhile, the forward looking bull-argument rests entirely on whether their earnings will grow to meet the evergrowing mountain of expectations. 

Intertwining Illusions of Growth

Beyond the frothy valuations, the AI hyperscaler ecosystem can feel like an Ouroboros (i.e.,  a snake that eats its own head). Okay, maybe that’s a bit extreme. However, it doesn’t take away from the increasingly circular dance of chipmakers, cloud providers, and foundational AI companies increasingly investing in one another.

Take for example, Microsoft’s $13billion investment in OpenAi in exchange for OpenAI agreeing to purchase $250 billion in Azure cloud services over the next decade. Microsoft is relying on OpenAI to find real, external customers to honor commitments in due time. 

However, readers should ask – even if OpenAI succeeds in building an Artificial Generative Intelligence (AGI), will there be enough downstream demand for its products and services (especially if AI is displacing jobs)? Or will the primary customer base for AGI simply be the same tech giants who funded its creation? With more interdependence, one setback amongst one of these players could ripple across the entire industry. 

Put simply, today’s “booming” AI revenue isn’t necessarily from new, organic customers with demand for AI services – it’s an internal recycling of investment capital that creates an illusion of growth where economic profit from external customers remains largely hypothetical. While long-term prospects for AI remain strong and we aren’t predicting a bubble, does being invested in an “expensive,” concentrated space predicated on nascent technologies warrant a closer look?  We think it does.

How We’re Managing Your Strategy

That brings us to AI and concentration levels in US Markets. While we’re not sounding alarm bells or declaring an “AI Bubble,” we do recognize concentrated exposure in US Markets (and especially to AI) presents vulnerabilities. That’s why we continue to build adequately diversified portfolios that not only invest around the globe, but also across asset classes such as bonds, gold, and commodities. Recently, we’ve performed a partial rebalance of our market-cap weighted S&P 500 holdings (heavily concentrated to AI) towards US companies with stronger balance sheets and profitability (i.e., “quality” characteristics). Ultimately, we believe we’re in a state where diversifying our client’s sources of “risk” will be prudent for meeting their long-term goals.

If you’d like to meet and discuss how your portfolio is positioned for both stronger and more challenging environments, please give us a call to schedule a meeting.9,10

Bottom line, your portfolio is being actively managed with vigilance and care, and we’re always here if you’d like to discuss further.

Phillip Law, CFA

Senior Portfolio Manager, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

Sources:

1. Insights.com, October 08, 2025. “This Is How the AI Bubble Bursts” https://insights.som.yale.edu/insights/this-is-how-the-ai-bubble-bursts Yale Insights

2. Yardeni.com, 2025. “Stock Market P/E Ratios“ https://yardeni.com/charts/stock-market-p-e-ratios/ Yardeni Research

The S&P 500 Composite Index is an unmanaged index that is considered representative of the overall U.S. stock market. Index performance is not indicative of the past performance of a particular investment. Past performance does not guarantee future results. Individuals cannot invest directly in an index. The return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost.

The term “Magnificent 7” refers to a group of seven influential companies in the S&P 500, including Apple, Microsoft, Alphabet (Google), Amazon, Nvidia, Tesla, and Meta Platforms.

The S&P MidCap 400 is a benchmark for mid-sized companies. The index is designed to measure the performance of 400 mid-sized companies,

The S&P SmallCap 600 is a benchmark for small-cap companies. The index is designed to track companies that meet inclusion criteria, which include liquidity and financial viability.

3. FactSet.com, October 31, 2025. “Earnings Insight” https://www.factset.com/earningsinsight factset.com

4. Fred.StLouisFed.org, September 25, 2025. “Total Construction Spending: Manufacturing (TLMFGCONS) (manufacturing construction near record highs)” https://fred.stlouisfed.org/series/TLMFGCONS FRED

5. Fred.StLouisFed.org, September 25, 2025. “Private fixed investment in information processing equipment and software” https://fred.stlouisfed.org/series/A679RC1Q027SBEA FRED

6. FederalReserve.gov, October 29, 2025. “Statement” https://www.federalreserve.gov/newsevents/pressreleases/monetary20251029a.htm Federal Reserve

7. Reuters.com, October 29, 2025. “Fed to end balance-sheet reduction on Dec 1, 2025; cuts rates by 0.25%” https://www.reuters.com/business/finance/fed-end-balance-sheet-reduction-december-1-2025-10-29/ Reuters

8. Bloomberg.com, September 30, 2025. “What a US Government Shutdown Means for Markets” https://www.bloomberg.com/news/newsletters/2025-09-30/what-a-us-government-shutdown-means-for-markets Bloomberg 

9. Corporate.Vanguard.com, 2025. “Vanguard’s Principles for Investing Success” https://corporate.vanguard.com/content/dam/corp/research/pdf/vanguards_principles_for_investing_success.pdf Vanguard

10. Morningstar.com, April 1, 2025. “Q1’s Biggest Lesson for Investors: Diversification Works” https://www.morningstar.com/markets/q1s-biggest-lesson-investors-diversification-works

Your Year-End Financial Planning Checklist

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As the year draws to a close, it’s the perfect time to review your financial situation and set yourself up for a strong start in the new year. Year-end financial planning can help you optimize your tax situation, review your investment performance, and make sure you’re on track to meet your long-term goals.

Here’s a checklist to guide you through the process:

1. Maximize Your Retirement Contributions:

  • 401(k) or 403(b): If you haven’t already, now is the time to max out your employer-sponsored retirement plan. For 2025, the contribution limit is $23,500, with an additional $7,500 catch-up contribution for those age 50 and over. For those aged 60 to 63, you can contribute up to $11,250 as a “super catch-up”, for a total of $34,750.
  • IRA: Contribute to your traditional or Roth IRA. The 2025 limit is $7,000, with a $1,000 catch-up contribution for those age 50 and over. Remember, you have until the tax-filing deadline in April 2026 to make these contributions. 
  • Solo 401(k) or SEP IRA: If you’re a small business owner or self-employed, consider making contributions to these plans to reduce your taxable income.

2. Review Your Investment Portfolio:

  • Rebalance: Check your asset allocation to ensure it aligns with your risk tolerance and financial goals. If one asset class has significantly outperformed, you may need to sell some of it and buy into an underperforming one to get back to your target allocation.
  • Tax-Loss Harvesting: This is a strategy that involves selling investments at a loss to offset capital gains and up to $3,000 of ordinary income. This can be a great way to reduce your tax bill, but be mindful of the wash-sale rule. If you are a client of ours, we do this automatically.

3. Optimize Your Tax Situation:

  • Charitable Giving: Donations to qualified charities are tax-deductible. Consider making year-end contributions, or even donating appreciated stock to avoid capital gains tax.
  • Flexible Spending Account (FSA): Use up the funds in your FSA before the year-end deadline. You could lose any money left in the account.
  • Health Savings Account (HSA): If you have an HSA, you can contribute up to $4,300 for an individual or $8,550 for a family in 2025. HSAs offer a triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
  • Deductible Expenses: Gather receipts and documentation for potential tax deductions, such as property taxes, mortgage interest, and medical expenses.

4. Review Your Estate Plan:

  • Wills and Trusts: Ensure your will and trust documents are up to date and reflect your current wishes.
  • Beneficiaries: Check the beneficiary designations on your retirement accounts, life insurance policies, and annuities. These designations supersede your will, so it’s crucial to make sure they’re accurate.
  • Power of Attorney: Confirm that you have a durable power of attorney and a healthcare proxy in place.

5. Look Ahead to the New Year:

  • Budget Review: Analyze your spending from the past year to identify areas where you can save more.
  • Financial Goals: Revisit your short-term and long-term financial goals and make a plan to achieve them.
  • Meet with Your Financial Advisor: A comprehensive year-end review is the perfect opportunity to discuss your progress and make any necessary adjustments with your financial advisor.

By taking the time to review these key areas, you’ll not only gain a clearer picture of your current financial health but also lay the groundwork for a successful and prosperous new year.

Veronica Cabral

Wealth Advisor, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.