Bay Area natives have vivid memories of the tech bubble that burst in 2000. With mind-boggling house prices, cranes overtaking the S.F. skyline, and traffic popping up at any hour anywhere, it’s natural to wonder whether we’re reliving the turn of the century.

In 2016 and especially in 2015, a strengthening dollar detracted from U.S. investors’ international stock returns. This year, the opposite has happened. Historically, during periods when international stocks outperform U.S. stocks, a weakening dollar has been a major driver of returns.

People often overstate recent history when projecting the future. In fact, the next crisis likely will be different than the last. Volatility is cyclical and an unavoidable feature of investing.

We are proud to share that the Financial Times named Burton Enright Welch one of its Top 300 Registered Investment Advisers for 2017.

That ignores the opportunity cost of lost growth. Every year of Isaac’s fee savings is invested. If Isaac earned 7.00% annualized for 30 years and Henry earned 6.75%, that 0.25% difference amounts to over half a million dollars! Compound interest: the 8th wonder of the world!

Typically, a prolonged run of gains breeds exuberance. Instead, memories of 2000 and 2008 are short-circuiting excitement. More than in bull markets past, clients ask about rich valuations and whether we are overdue for a downturn.

This is a grimmer (and much less enjoyable!) version of a conversation we have with many clients.

For the first time since 2005, the Social Security full retirement age (FRA) will rise in 2017.

"Anyone who isn't confused doesn't really understand the situation." -Edward R. Murrow

Our Bob Enright has made a couple of appearances the last few weeks talking about his alma mater, University of San Francisco.