Quick Response Resource Center

Timely Information and Updates 

Our team has created this resource center in order to provide you with unbiased data, time sensitive information and industry updates.

We understand that market volatility and uncertainty in the economic outlook can be unsettling. There is a lot of information, and sometimes misinformation available, so we are providing the following resources in an attempt to inform and empower our clients.

December Market Review

January 1, 2025 December added a question mark to the end of an otherwise strong year of growth for the equity markets. As inflation numbers continued to stagnate above its 2% year-over-year target, the Federal Reserve (Fed) – despite cutting current interest rates by another 25 basis points – expressed diminished confidence in inflation reaching its 2% target. Back in September, investors expected four rate cuts to arrive in 2025. Now the expectation is two. This news caused a chilling effect in the markets, resulting in a flat month for the S&P 500 and a 5.3% ...
Read More

November Market Review

December 2, 2024 Equity markets experienced a post-election rally with the S&P 500 crossing 6,000 for the first time on November 11 and finishing the month up 5.7%. The S&P 500 and the Dow Jones Industrial Average each saw four all-time highs in November, driven by the market’s belief that the incoming administration’s economic agenda is pro-growth. “A post-election bounce is not unusual because the market likes clarity," said Raymond James Chief Investment Officer Larry Adam. "However, be careful not to extrapolate the recent gains as the market will increasingly focus on the fundamentals.” In equities, ...
Read More

Trim your future tax bill by thinking ahead

The tax code can be a labyrinth to navigate. Nevertheless, taking action now – while you, your financial advisor and accountant have time to think through the possibilities and maximize your 2024 tax savings – could be more than worth the effort. Consider adding one or more of these four tax-mitigating moves to your capital gain/loss harvesting and year-end charitable giving. Tip 1: Defer your year-end bonus or postpone income Who can benefit? Those who think they’ll be in the same or lower tax bracket next year. What is it? Save on this year’s higher taxes by withholding your bonus ...
Read More

The three ingredients of a purposeful retirement

The benefits of a purpose-driven life don’t dissipate when you retire. Rather, without the imposed daily and weekly structures of the working world, it may be even more important to find purpose during this distinct stage of life. With today’s longer retirements, modern retirees have the time and health to pursue ambitious new goals, redefining who they are in the world. Many report that rather than seeing retirement as an extended R&R, they’re busier they could have imagined. They’re still setting an alarm clock, but they’re making the schedule. But health and happiness are not a ...
Read More

October Market Review

November 1, 2024 Better than expected economic data drove interest rates higher, changing the market narrative and contributing to an equity market pullback early in the month. This unraveled expectations of further rate cuts by the Federal Reserve (Fed) and resulted in real rates moving higher. The 10-year Treasury has moved up 48 basis points, ending the month at 4.27%. It appeared as though the equity indexes were bound to overcome that early pullback, but an end-of-month slide proved to be enough to push the S&P 500 (-0.6%), Dow Jones (-1%) and Nasdaq (-0.1%) into slightly ...
Read More

September Market Review

October 1, 2024 September is typically the weakest month of the year for stocks, but thanks to the much-anticipated federal funds rate cut, the S&P 500 turned in its first positive performance in a September since 2019, achieving its 43rd record high of the year. “The Federal Reserve [Fed] is recalibrating policy, and we are likely to see a series of rate cuts over the coming months as it gets closer to neutral, which is ultimately market friendly,” Raymond James Chief Investment Officer Larry Adam said. The Fed took an unusual – but not entirely unexpected ...
Read More

August Market Review

September 4, 2024 August brought a bit of whiplash for investors. Markets fell at the beginning of the month, caught in the ripples of an interest rate increase in Japan disrupting a significant currency trading strategy. This led to a brief, intense global selloff. In the U.S., the incident was aggravated by a weak jobs report with unemployment rising from 4.1% to 4.3% – which remains historically low, it’s worth noting. The report brought the U.S. into Sahm rule territory, a macroeconomic assessment which judges whether the economy is in recession based on unemployment rate increases. ...
Read More

The five most popular methods for funding education

Know which options work best for you and plan early. With the cost of higher education rising, it’s important to determine how you and your family will fund it. There are several options to consider, each with their own pros and cons. How much time you have to save, your access to liquidity and the types of accounts and assets you already possess can push you toward one vehicle over another. Here are five of the most popular methods of funding education. 529 savings plan This flexible, state-sponsored savings account covers qualified primary, secondary, and college ...
Read More

July Market Review

August 1, 2024 Election news dominated headlines through July and culminated in President Joe Biden declining to seek a second term, instead endorsing Vice President Kamala Harris as the Democratic Party’s candidate. The markets don’t particularly like uncertainty, but the turbulence that followed this commotion is not likely to linger as more fundamental market forces play out. “Politics is only one of ten factors in our equity outlook framework and in fact, it ranks pretty far down the list,” said Raymond James Chief Investment Officer Larry Adam. “Macro factors and fundamentals are much more important in ...
Read More

June Market Review

July 1, 2024 Having hit 31 record highs since January and up more than 15% year to date, the S&P 500 is off to its best start to the year since 2019 and the best start to an election year ever, driven by mega-cap tech stocks and artificial intelligence (AI) tailwinds. NVIDIA’s meteoric gains and 10-for-1 stock split briefly propelled the company’s market cap above $3 trillion, surpassing Microsoft as the most valuable public company in the world. “Tech, Communication Services, and Consumer Discretionary remained center stage as market performance concentration continued — S&P 500 minus ...
Read More

The pledged-securities mortgage explained

Most buyers in the market for a home can expect to need a 20% downpayment, which represents a significant amount of money in today’s real estate market. But even if they have the funds in their bank or investment accounts, they may not want to use them – and they may not have to if they have an investment portfolio. Savvy investors can leverage their assets to secure a loan using a pledged-securities mortgage. This type of nontraditional mortgage can be advantageous for high-income borrowers, offering them more flexibility and leading to both short- and long-term ...
Read More

May Market Review

June 3, 2024 May was a month of milestones, with all three major U.S. equity indexes hitting new highs – and markets in the U.K., India and Germany also setting records. Stocks were driven up by positive corporate earnings results and greater participation from sectors other than technology – and stocks other than the MAGMAN six tech stocks – with 10 of 11 sectors having positive performance. “This was the first quarter since the fourth quarter of 2022 that the other 494 stocks in the S&P 500 had positive earnings growth,” Raymond James Chief Investment Officer ...
Read More

April Market Review

May 1, 2024 In April, the S&P 500 experienced its first 5% pullback since October 2023. This wasn’t surprising since the market had advanced over 25% from then and investors were brimming with optimism about future stock market gains. With bullish sentiment tempered, attention should focus on earnings results to re-assert the market’s upward momentum. Raymond James Chief Investment Officer Larry Adam is constructive on the market, saying: “While the scope of scenarios for Federal Reserve (Fed) rate cuts has contracted, accelerating earnings and a still healthy economy should support the market going forward.” Most sectors ...
Read More

Don’t let estate blunders get in the way of your wishes

ESTATE & GIVING These cautionary tales of estate planning mistakes offer a few important lessons. You’ve worked long and hard to build your estate. Don’t let blunders keep your wishes from being carried out and leave your family – and wealth – in the lurch. Here are a few lessons to keep in mind. No plan in place Prince Rogers Nelson did a lot of things right in his life, leaving an indelible musical legacy that spanned generations. Unfortunately, his financial legacy wasn’t as successful. The artist formally – and formerly – known as Prince passed ...
Read More

February Market Review

March 1, 2024 Equity investors didn't mind the extra day this February as both domestic large-cap stocks and small-to-mid-cap stocks saw steady gains through the month, bringing both groups into positive territory year-to-date, though the latter continues to lag. The growth in large company stocks has been driven primarily by enthusiasm for artificial intelligence (AI). “In the technology sector, the move has been an earnings-driven story, with the sector benefiting from the AI revolution. While some consolidation is likely after the recent run-up in stock prices, we remain favorable on the sector,” said Raymond James Chief ...
Read More

January Market Review

February 1, 2024 The report card is in. Despite high interest rates, elevated inflation and a challenging market environment, U.S. gross domestic product grew a strong 3.1% in 2023. And in the month since, consumer spending has continued to be robust, unemployment has remained low and the S&P 500 recorded new highs. Some took this as bad news. Supported by this resilient economy, the Federal Reserve (Fed) elected to hold interest rates steady at the first Federal Open Market Committee meeting of the year on January 31. “January was déjà vu, continuing the narrative of late ...
Read More

December Market Review

January 1, 2024 A choir of optimistic investor sentiment closed 2023 on a high note, as expectations of “steep cuts to interest rates” may be at odds with the Federal Reserve’s (Fed’s) actual sheet music. Considering the tumult of the year as sentiment focused on economic and inflation data, this discordance isn’t all that surprising and could signal volatility to come, but in the meantime, the market environment looks a lot brighter at the tail end of 2023 than it did at the close of a dreary 2022. “December’s rally was fueled by a further deceleration ...
Read More

November Market Review

December 1, 2023 A monthlong feast, November had a dish to suit nearly every taste. The four-week rally sent major market indices to near or beyond the year-to-date peaks reached at the end of the second quarter. What summoned this cornucopia? The right mix of good data and “bad” data. The good data: The Consumer Price Index tallied the inflation rate to be 3.2%, well off its recent high of over 9% in June 2022. The “bad” data: softer than expected economic performance, which led the S&P 500 to record eight consecutive days of gains, its ...
Read More

October Market Review

November 1, 2023 Many words have been published about the U.S. economy plowing through conventional expectations amid the Federal Reserve’s (Fed) campaign to lower inflation by raising interest rates. Through October, this theme would continue as headline economic data told the tale of an ultra-resilient U.S. economy, even as volatility churned financial markets. Among those data: Third-quarter retail sales were higher than expected. September saw 336,000 nonfarm jobs added (a robust number) as unemployment remained at 3.8%. And the biggest of all, the U.S. economy grew at an annualized rate of 4.9% in the third quarter, ...
Read More

September Market Review

October 1, 2023 Throughout the run of the Federal Reserve’s (Fed) inflation-fighting, rate-raising program, the equity market has shown uncommon enthusiasm supported by a growing economy, a strong labor market and healthy consumer spending. Contrary to the expected way of these things, inflation continued to cool even as the economy and the markets remained hot. However, in September, “We believe the economic cycle may be reaching an inflection point,” Raymond James Chief Investment Officer Larry Adam said. “The S&P 500 had its second-best start to a year since 1997, and we’ve warned that equity markets were ...
Read More

August Market Review

September 1, 2023 A steady stream of news drained enthusiasm from the equities markets through most of August, snapping a five-month growth streak at a time of the year known for cool market performance despite the swelter of its dog days. Among that news: A tick in the wrong direction of a key measurement ignited fears of a second wave of inflation. Oil prices rose, as did bond yields. Federal Reserve (Fed) Chairman Jerome Powell reiterated the Fed’s commitment to lowering inflation with higher interest rates. Fitch Ratings downgraded the U.S.’s sovereign credit rating one notch ...
Read More

The Wealth Transfer: A Fusion of Financial Literacy and Family Values

Wealth transfer is a multifaceted journey that extends beyond numbers and assets – it embodies the essence of family values and the preservation of legacy. In a world where affluent individuals seek to impart financial wisdom to the next generation, the fusion of financial literacy and family values takes center stage. Explore how the intersection of these elements can shape a seamless and impactful wealth transition. The Legacy of Values: The wealth transfer journey begins with a focus on the values that underpin a family's success. At its core, this process involves passing on a legacy ...
Read More

July Market Review

August 1, 2023 Have the steady hand of the Federal Reserve (Fed) and the resilience of the U.S. economy created the much-hoped-for “soft landing” at the bottom of the inflation crisis? Time will tell – even as it declines, inflation remains above target levels – but the market seems willing to give the benefit of the doubt. In July, equity markets built on a strong first half of the year and continued to push upward. The S&P 500 marked a 3% climb for the month and the Dow Jones Industrial Average reported 13 consecutive days of ...
Read More

June Market Review

July 1, 2023 The bear may have entered hibernation in June, but can we now count a bona fide bull? That may be overselling it. Equities capped off a remarkable first half of the year by continuing to gain value even as the Federal Reserve (Fed) signaled that its inflation-fighting program could yield two more rate increases in 2023. But with a long-expected recession still failing to appear, investors seemed to focus, instead, on the possibility of a pain-free untying of 2022’s post-COVID tangles. “The equity market behaved surprisingly well given that it went from expecting ...
Read More

Gifting in a Volatile Market

REVIEW YOUR CHARITABLE OPTIONS AND OPPORTUNITIES. Economic turbulence and high inflation may have you feeling cautious about making donations. The good news is there's a range of options to ensure that your charitable donations aren't forced to grind to a halt, and that causes important to you continue to receive support. Explore some of the stats and strategies that can help you continue to make a meaningful impact in spite of market volatility. Steps to prep for charitable giving Make charity a part of your tax and financial planning strategies. Find out if the charity or ...
Read More

May Market Review

June 1, 2023 Though the markets remained optimistic about the chance for a bipartisan deal on extending the federal debt limit, May was nonetheless a time of waiting and seeing, extending a streak of equity market choppiness into a second month. Affirmation came during the Memorial Day weekend with the White House and House leadership announcing a deal to ensure the government continues to pay its debt. Despite a list of legislators pledging to vote No, the deal is expected to pass, averting a jump into the unknown. Meanwhile, underneath the political drama, the domestic economy ...
Read More

April Market Review

May 1, 2023 Though equities have proven resilient, more of the long-expected effects of the Federal Reserve’s (the Fed’s) rapid interest rate-raising policy arrived in April. “After nearly 500 basis points of tightening, cracks in the labor market and economy are starting to show,” said Raymond James Chief Investment Officer Larry Adam. “This combination of decelerating economic growth and lowering inflation suggests the Fed is near the end of its most aggressive tightening cycle in over 40 years.” With so many major, contrary currents driving the market, this seems like a good opportunity to answer some ...
Read More

Define Your Personal Philanthropic Brand

ESTATE & GIVING   A compelling plan to make a genuine impact on the world has a variety of components. A growing number of families are thinking “big picture” when it comes to both their financial and philanthropic planning. Through community support projects and initiatives, philanthropic endeavors have the power to promote well-being and make a meaningful impact on people’s lives. For many high-net-worth families, philanthropy is the vehicle that enables them to contribute to key causes, embody their values and strengthen their legacies for generations to come. But building a compelling philanthropic brand – with ...
Read More

March Market Review

April 3, 2023 Events through March would again test a market that has continued to demonstrate resilience. While volatile conditions remain, and despite equities’ February retreat carrying into mid-March, the major indices ended the first quarter of 2023 up. If one were to look solely at the headlines, this may have come as a surprise. In the days before the Ides of March, the failure of Silicon Valley Bank for lack of liquidity stoked concerns of panic-induced bank runs and a bank-collapse contagion. Quick action by federal authorities and industry actors to protect depositors helped contain ...
Read More

February Market Review

March 1, 2023 In other contexts, a string of positive economic data, including reports on jobs and retail sales, would provide a tailwind for equities. In these inflationary times, however, the specter of the Federal Reserve’s (the Fed) commitment to cooling the economy via higher interest rates has made any good news suspect. The major stock market indices reflected this tension until a key measure of inflation provided the bad-enough news needed to seemingly convince the market that the Fed will continue toward a higher interest rate regimen. Thus February’s hopes of building on January’s gains ...
Read More

January Market Review

February 1, 2023 The wave of negativity that engulfed the markets last year was met with a ray of optimism in January as inflation decelerated, interest rates fell, China reopened, and earnings came in better than feared. The result: global equity markets rebounded strongly to start the year, highlighted by the S&P 500 having its second-best January over the past 25 years, the NASDAQ being up over 10%, and emerging markets technically entering a bull market by rallying 20% off of the lows. So, you may wonder, with this good news, why are some of the largest companies ...
Read More

December Market Review

January 4, 2023 December did not bring the good tidings investors wished for – and typically see in the final month of the year – as most major asset classes struggled at the end of an especially volatile year for the capital markets. December is historically the third-strongest month for the S&P 500 Index, but the blue-chip stock index declined 9.4%, among its worst December returns since the early 1930s. For the year, the Index was down 19.4%. Fixed income offered little reprieve from equity struggles. Given the sharp rise in yields, the bond market experienced ...
Read More

How does SECURE Act 2.0 change saving for retirement?

The year-end fiscal 2023 government funding bill contained legislation that makes the most significant changes to the U.S. retirement savings system in decades. The SECURE Act 2.0 legislation builds on retirement savings changes passed in 2019 and contains new provisions that further raise the required minimum distribution (RMD) age, shift to automatic plan enrollment and provide for new matching/emergency withdrawal opportunities. Most of the key provisions are effective in the 2024-2025 timeframe, but smaller adjustments (such as an increase in the RMD age to 73) will be effective in 2023. See below for a detailed overview ...
Read More

November Market Review

December 1, 2022 November gave investors reason to be thankful, including a bucket of good-enough economic news that contributed to a second consecutive month of gains. Better-than-expected inflationary data and signals from the Federal Reserve (the Fed) that its interest rate hikes may soon slow – even as they continue – likely played a role. A typical end-of-year seasonal rally and the conclusion of midterm elections may have also done their parts to push us forward. “Certainty is always more attractive to investors than uncertainty, so regardless of who wins, the end of midterms is usually ...
Read More

October Market Review

November 1, 2022 The nature of the market can at times lead us toward strange metaphors to explain its movements, but to spare you the one about a cart pulled by two competing horses, let’s describe October’s result directly: Despite the Federal Reserve’s higher-for-longer interest rate strategy and persistently high inflation, strong corporate earnings helped push October to become the best month of the year for equity investors. In the end, the S&P 500 ended the month up 7.99%. “October was a struggle between macroeconomic drivers – inflation and interest rates – and microeconomic drivers – ...
Read More

Add important financial deadlines to your year-end calendar

The year-end holiday season is full of important financial deadlines. Mark your calendar accordingly. Fall 2022 market closures Nov. 24: Thanksgiving Day Dec. 26: Christmas Day (observed) Dates to remember For deadlines that fall on a weekend, action may need to be taken by the preceding weekday. Oct. 1: Last day to establish a SIMPLE IRA plan or a safe harbor 401(k) to be effective for 2022. Oct. 15: Open enrollment for Medicare Parts C and D begins. Make any changes to your coverage by Dec. 7. Oct. 15: The final day to file a 2021 income tax return for those ...
Read More

September Market Review

October 3, 2022 Inflation remains persistent. To fight it, the Federal Reserve (the Fed) indicated it would need to raise rates higher than originally expected for longer, sending shocks through the market. As in previous months, these events drove the market’s major currents in September as investors concluded that a deeper recession in 2023 may be the necessary antidote to inflation. As a result, the S&P 500 recorded a 9.34% loss for the month, in line with the other major indices. Recession is a word that evokes a lot of dread, especially if one uses 2020 ...
Read More

August Market Review

September 1, 2022 The Federal Reserve’s (Fed’s) resolve, the end of a rally, trouble overseas and a strong jobs growth report were some of the ingredients of August’s strange brew of market news and events. We entered August in the midst of an upswing for stocks that had provided consistent, broad gains since mid-June, likely bolstered in part on the belief that the Fed would cease its interest rate raising plan. The momentum faded mid-August. Then Fed Chairman Jerome Powell deflated the optimistic speculation. Despite positive movement on inflation, Powell said households and businesses should expect ...
Read More

Exploring the various ways of funding a college education

Before your child was even born, you were planning. What will we name him? What color should we paint her room? What is the best childcare alternative? But with all the demands and decisions that new parents face, one important aspect is often unintentionally overlooked in those early stages – college. However, with tuition rates rising, it should be at the top of every parent’s planning list... no matter what the child’s age. You have big dreams for the child in your life. Don’t let a lack of planning sidetrack those aspirations. As your financial advisor, ...
Read More

July Market Review

August 2, 2022 The Federal Reserve (Fed) continued its aggressive battle against inflation, raising the federal funds rate another 0.75% at its July meeting – the fourth rate bump this year. We’re now in a neutral 2.25% to 2.5% range, and the central bankers are on track to raise rates to a mildly restrictive 3% to 3.5% range by the end of the year. While inflation fears remain high, it is likely that we are past peak inflation and the largest interest rate increases are behind us, explains Raymond James Chief Investment Officer Larry Adam, echoing ...
Read More

June Market Review

June 30, 2022 As the Federal Reserve (Fed) committed itself to battling inflation this year, one question looming large was how aggressive a tack it would take. In June, we received a second, clarifying answer. In light of continuing high inflation, the Fed took a more forceful approach than it had indicated just weeks earlier, raising the federal funds rate by 0.75% – the largest single bump to interest rates since 1994, and the third hike this year. Raising the rate affects the cost of lending across the economy, through which the Fed hopes to cool ...
Read More

May Market Review

June 1, 2022 The churn of now-familiar currents produced a market seemingly driven by headlines as the S&P 500 closed more than 1% up or down 10 times on the news of the day. At different moments, inflation and the Federal Reserve’s response to it, China and COVID-19, rising food and energy prices, and the Russia-Ukraine war provided varying guidance to a market eager for direction. At the end of May, however, the equity markets rallied, pulling the S&P 500 from a bear-like slump to close down 0.56% for the month. That rally could signal investors’ ...
Read More

In light of recent market fluctuations

Volatility is never comfortable, and this latest round is no exception. Panicked headlines may have investors feeling apprehensive and uncertain. This has been the worst start to a year for the S&P 500 in the last 25 years. However, we’ve seen this happen time and again. Market pullbacks and corrections are necessary to sustain a healthy market and that, over time, the market has experienced positive growth. “The first two years of a bull market tend to lead to investor complacency as returns are robust and broad-based,” said Raymond James Chief Investment Officer Larry Adam. “The third ...
Read More

April Market Review

May 3, 2022 The nature of the economy is that there are always causes for concern in strong markets, just as there are reasons for optimism in weaker ones. It’s fair to say, however, that April made it easier to find the concern than the optimism. Still, we take the view that the headwinds we’ve faced so far in 2022 represent discomfort masking long-term opportunity and a fundamentally tenacious economy. “While the markets have been focused on the negative, they have ignored the resiliency the economy is showing,” said Raymond James Chief Investment Officer Larry Adam. ...
Read More

Cyber Threats Amid the Russian-Ukraine War

The Russian invasion of Ukraine has led to increased awareness of potential cyberattacks, particularly within Ukraine and other Eastern European countries. We understand you may have concerns about whether these events affect the security of your financial accounts – but rest assured that our cybersecurity professionals have been monitoring and preparing to defend against threats like these for years. At this time, Raymond James hasn’t experienced any increase in cyberattack activity. Our Cyber Threat Center will continue to actively monitor the conflict and take all necessary steps to protect our networks and your personal information, including ...
Read More

March Market Review

April 4, 2022 Global equities experienced volatility throughout March, though a late rally softened some of the sharper losses from earlier in the month. The volatility of recent months continued, driven by geopolitical events that we believe are unlikely to dissipate soon, a more hawkish Federal Reserve (Fed) and higher prices. As expected, the Federal Open Market Committee raised the federal funds rate 25 basis points at its March meeting and indicated that further increases will be needed to return inflation to its 2% goal. Chair Jerome Powell reiterated the central bank’s commitment to curbing inflation, ...
Read More

Deadline Reminder: Contribute to IRAs by April 18th

Even though tax filing season is well under way, there is still time to make a contribution for 2021 to a Traditional or Roth IRA until Monday, April 18th, 2022. You can contribute up to $6,000 for 2021 or $7,000 if you were age 50 or older on or before December 31, 2021. Important Reminders When Submitting Your Contributions: Make the check payable to Raymond James. Put the contribution year and account number on the memo line of the check. Traditional IRA: You can contribute to a traditional IRA for 2021 if you had taxable compensation. ...
Read More

February Market Review

March 1, 2022 Investors have been on a bumpy ride as both domestic and emerging markets have seen continued volatility over the past few months. February was no exception with the broad-market S&P 500 dipping into its first 10% correction in almost two years as geopolitical tensions intensified. The last week of February brought the somber news of escalating conflict in Eastern Europe. We, along with many of you, hope for a peaceful resolution soon without further loss of life. The world continues to watch this very fluid situation between Russia and Ukraine. While the conflict ...
Read More

January Market Review

February 1, 2022 Volatility was the trend for domestic and foreign equity markets in January, as well as the domestic bond market, albeit to a lesser extent. The broad-market S&P 500 flirted with a 10% pullback, for example. The ups and downs in the domestic equity indices stabilized briefly ahead of the Federal Reserve’s (Fed’s) meeting, which left short-term interest rates unchanged, but turned skittish shortly after Fed Chair Jerome Powell announced there was “quite a bit of room” to raise rates in the near future. The market seemed to have priced in three hikes this ...
Read More

Gratz Park Private Wealth focuses on building long-term relationships that yield more than just financial returns.