Summer 2026 Newsletter

Welcome to our Summer Newsletter!

Hazy Clarity.
 
I can think of no better phrase to describe the current feel around investment markets, domestic political events, interest rate movements, energy prices, geopolitical tensions, and seemingly countless other driving forces.
 
Many of the biggest questions that dominated headlines earlier this year have begun to take shape, and markets have responded accordingly.  Equities have staged an impressive recovery over the last few months.  An enormous IPO and the incredible investment levels surrounding the buildout of AI-based infrastructure continue to remind investors that innovation and growth remain alive and well.  Geopolitical events, including the conflict in Iran, have evolved in ways that, while still deeply concerning from a human perspective, have reduced some of the immediate uncertainty surrounding global energy markets.  Likewise, questions surrounding monetary policy and the leadership of the Federal Reserve have become clearer, allowing investors to shift their focus back toward economic fundamentals.
 
Of course, hazy clarity is not the same as certainty.  And there is no question that a stubborn sense of unease still persists.
 
If history has taught us anything, it is that markets have a remarkable ability to adapt to known challenges while continuing to struggle with the unexpected.  As we look ahead, there is no shortage of issues that could create new bouts of volatility – including a fresh election season.  (Does election season ever really end by the way?)
 
In investing, the only certainty we have is uncertainty.  This is why we continue to focus on what has served investors well through every market cycle: maintaining perspective, remaining disciplined, and resisting the temptation to react to every headline.  While the news cycle naturally gravitates toward the next surprise, long-term investment success is built on patience, thoughtful planning, and the ability to distinguish between temporary noise and lasting change.
 
Here at StraightLine, we continue to invest in our people, our technology, and the resources available to you.  As markets evolve, so do we, always with the goal of providing clearer guidance, and the personalized advice you expect from our growing team.
 
Thank you for the trust you continue to place in StraightLine. We hope you enjoy this edition of our newsletter, and as always, if you have questions about the markets or your financial plan, please don't hesitate to reach out.
 
---Mike

Michael Bisaro, AIF®
​President and CEO

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Quarterly Market Update

From your Investment Strategy Team

Although we continue to live in a world at odds with itself, markets have generally kept climbing upward. Stocks spent most of the second quarter rebounding from the March selloff, led primarily by artificial intelligence leaders, particularly within the semiconductor industry. While we have recently seen this relentless move experience a breather, we view it as a temporary and healthy consolidation, rather than a sustained decline. Whether or not this cycle ultimately culminates in an investment  bubble, this period will likely be remembered as a profoundly transformative era for the global   economy.
 
Geopolitics continue to exert a persistent influence on portfolio management. The ongoing nature of the conflict involving Iran remains a central focus, even if there is a temporary truce. Predictably, energy prices have moved higher from the start of the year. Until there is a concrete resolution, the risk of further volatility remains elevated. Global oil stockpiles continue to dwindle, and supplies  remain below pre-war levels.

A similar dynamic is playing out in natural gas, which has become a vital cog in the evolving global energy landscape, serving as a critical bridge from traditional fossil fuels to an electrified future. Should the conflict persist, the broader economic ramifications are significant, ranging from the   negative impact of reduced fertilizer exports on global food supplies to the restriction of crucial helium exports required by the semiconductor industry.
 
Naturally, we need to spend some time on the evolving AI narrative. At first it was all about Nvidia’s GPUs and model training, then last year, the spotlight shifted to the massive power infrastructure and industrial capacity required to build out data centers. This year, memory stocks are having their moment in the sun. As agentic AI and its real-world use cases expand, significantly more memory and storage are required to facilitate inference, the process by which an AI model utilizes its knowledge to "think" and generate output.
 
Equally compelling is the sheer volume of capital being deployed into this buildout. Hyperscalers continue to live up to the term, as they revise their capital expenditure targets upward, pouring hundreds of billions of dollars into infrastructure. Unlike the telecom bubble of the late 1990s, where networks were built years ahead of actual demand, there is no spare capacity today. However, because these tech giants are funding these massive expenditures through cash flows and, increasingly, debt, we must question the long-term sustainability of this pace. Furthermore, these same     companies were previously among the largest buyers of their own shares. Corporate buyback activity has slowed noticeably in the wake of this infrastructure spending. A reduction in marginal buying may not matter while broader  market sentiment is bullish, but remains an important variable over the longer term.
 
AI is a revolutionary technology and it is here to stay, but like any technology, it ultimately fades into the background. Most of us pay little attention to the fact that we now carry around the internet, and everything it facilitates, on a little slab in our pockets. We do not want to downplay the immense excitement from a technological or investing standpoint, but some perspective is due, especially when the hype seems abundant. While we are weary of the possibility of a pullback in the coming months, we would expect that the bull will keep charging ahead thereafter.
 
As always, please reach out with any questions or concerns. Enjoy the summer, and stay cool.

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Don't miss our educational blogs and videos!

Spring Into Financial Wellness:
Simple Steps to Strengthen Your Money Mindset

Just as spring is a great season to plant new seeds and prune existing ones, improving your financial literacy can help you sow the seeds of good money habits and prune unnecessary expenses, setting yourself on a path to long-term financial growth. Whether you're just starting out or looking to refine your strategies, focusing on the basics can make a big difference. 

Click here for insights and information on a wide range of financial topics.
 
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Join us in welcoming our new team member

Jason Rickey joined the team in 2024 on a part-time basis as a Data Analyst, offering support with date hygiene, reporting, and a variety of operational projects. As he became more familiar with the firm's systems and processes, his role gradually expanded and he has now become a full-time member of the team.

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StraightLine Celebrations

The StraightLine anniversaries have stacked up since we last updated you.

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Congratulations to Kyle Zammit on earning his Chartered Financial Consultant (ChFC®) designation!
 
This achievement reflects his dedication to continuous learning and providing thoughtful, personalized financial guidance. We’re proud of Kyle’s commitment to serving our clients and helping them plan for the future with confidence.

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StraightLine In The Community

Mike Bisaro has a very exciting new venture, joining his alma mater as a part of the New Mexico State University College of Business Advisory Council. He attended his first Business Advisory Council, a professional development seminar, and participated in mock interviews with students.

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In April, Beth Mosshart headed to Kalamazoo, MI to represent StraightLine at MI CUPA-HR - Michigan College and University Professional Association for Human Resources. This was a wonderful opportunity for Beth to connect with higher education human resource professionals.

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Beth was out and about again in May, this time at the Michigan Community College Human Resources Association Conference at Kellogg Community College in Battle Creek, MI.

StraightLine is always happy to get out there and share how we can help institutions and employers engage their workforce through financial wellness, retirement planning and education.

What a great opportunity to meet some great people and have these important conversations!

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Mike Bisaro, Mike Rice and Zach Rivard headed to Central Michigan University to represent StraightLine at the CMU inaugural Financial Planning Invitational. Students showcased their financial planning knowledge by presenting their recommendations to the judges as though they were real clients - gaining experience and impressing attendees with their preparation and attention to detail.

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StraightLine sponsored the annual membership luncheon of the Michigan State Retirees Association (MSURA).  This event brought together many retirees, scholarship recipients, and two speakers from the athletic community at MSU.  StraightLine is glad to support the Association and its work for not only retirees, but the whole MSU community.

Photo from L to R
Front row: Mike Bisaro, newly elected MSURA President Sandra Buike, outgoing MSURA President David Brower, Beth Mosshart.
Back row: Kyle Zammit, Mike Rice, Zach Rivard, MSURA program co-chair, Angela Brown. 

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We were proud to sponsor two of our team members at the Child Safe Michigan Pickleball Tournament at Paddle & Par in Beverly Hills, MI.

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We had a Funny Money Joke Giveaway in May, and we couldn't have been more excited to celebrate the creativity and sense of humor that the kids in the Brighton elementary school community had.

We had so much fun reading all of the submissions and choosing the winners to our joke giveaway.

StraightLine has shared the winning jokes on Facebook and Instagram. Visit our social posts to see some of the kid’s winning jokes, read by members of the StraightLine team.

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StraightLine Market Updates

Our last Quarterly update meeting was Thursday, June 11 at 2pm ET. If you missed it, you can find a link to the zoom presentation here.

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Can’t get enough of StraightLine’s Market Updates?

Be sure that you are subscribed to receive the Weekly Market Updates directly into your inbox each Tuesday.

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Index Descriptions: The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the USA. The Russell 2000 Index is a stock market index that tracks roughly 2000 US small companies and is considered a key benchmark for US small cap stocks. The MSCI EAFE Index is a stock market index that measures the performance of large- and mid-cap companies across 21 Developed markets countries around the world. Canada and the USA are not included. EAFE is an acronym that stands for Europe, Australasia, and the Far East. The MSCI Emerging Markets Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries. The Bloomberg US Aggregate Bond Index, or the Agg, is a broad based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the USA.

Disclosures: Information presented is for informational purposes only. StraightLine Group, LLC (“StraightLine”) is a registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Past performance is not indicative of future results. Investing involves risk, including the possibility of loss of principal. The ideas and opinions expressed herein do not constitute legal, tax, or investment advice or a recommendation of any particular security or strategy. Before making any investment decision, you should seek expert, professional advice and obtain information regarding the legal, fiscal, regulatory and foreign currency requirements for any investment according to the laws of your home country and place ofresidence. Any forward-looking statements or forecasts are based on assumptions and actual results may vary. Information presented from third parties is believed to be reliable, but no warranty is provided. StraightLine is not required to update information presented, unless otherwise required by applicable law. For more information about StraightLine, including our Form ADV Part 2A Brochure, please visit https:// adviserinfo.sec.gov/firm/summary/127401 or contact us at 248-269-8366.