Category: Blog

MARKET REVIEW 2025: US STOCKS RIDE ROCKY ROAD TO A THIRD STRAIGHT YEAR OF GAINS

KEY TAKEAWAYS

• US stocks continued climbing in 2025, with the S&P 500 gaining almost 18%, while international stocks soared nearly 32%.
• The Fed reduced interest rates by 0.75 percentage points even as it coped with stubborn inflation, citing labor market worries.
• Value lagged growth in the US, but international small value was among the best-performing asset classes of the year.

US stocks notched their third year in a row of double-digit gains, but it wasn’t the smoothest ride. The S&P 500 hit records in the winter that were followed by a spring swoon. After powering past that to new highs in the fall, the markets cooled a bit along with the temperatures.(1) Still, the S&P 500 was up 17.9% for the year and closed near record levels.(2) The climb came despite tariff uncertainty, interest rate changes, and concerns about the durability of AI’s gains—not to mention the longest government shutdown in US history.(3) Global stocks rose (see Exhibit 1), with returns in developed international and emerging markets better than those in the US. In the bond market, US Treasuries were higher for the year, and the benchmark 10-year yield fell to just above 4%.(4)

Technology companies were below earlier highs at year’s end, but the tech-heavy Nasdaq still advanced 20.9% in 2025. Just months after reaching $4 trillion, NVIDIA became the first public company to reach a market capitalization of $5 trillion, though it wouldn’t hold that level. The headline names associated with artificial intelligence have been strong performers in recent years.(5) But diversified equity portfolios don’t need to chase a few big names to have exposure to AI—the technology touches many types of businesses. Broad diversification can help investors avoid missing out on these winners, wherever they show up.

The US Federal Reserve cut the federal-funds rate by a quarter point three times, in September, October, and December, to a range between 3.5% to 3.75%, the lowest level in three years.(6) In its December statement, the Fed cited labor-market worries as it lowered rates while also noting rising inflation and that not all members supported the rate decrease. But while investors may worry about the impact of Fed rate changes, market interest rates and the federal-funds rate don’t always move as one—the 10-year Treasury yield, for example, hasn’t always gone in the same direction as the fed-funds rate.

Market fluctuations coincided with trade talks throughout the year, most notably with the global tariff announcement from the US in April, after which stocks took a downward turn. But as tariffs were delayed and talks progressed—and with the US reaching a number of trade deals—the market rebounded.(7) Still, questions remained about tariffs elsewhere. In a high-stakes case, the Supreme Court appeared skeptical about the legality of tariffs but has yet to rule on whether any recently imposed levies can remain in place.(8) Adding to uncertainty late in the year, the government shut down in October and November for 43 days. But markets continued to post gains, as they often have during extended closures. Congress reached a deal in mid-November to reopen the government, but only through the end of January.(9)

LOOKING ABROAD
In a departure from recent years, developed international stocks fared better than their US counterparts. The MSCI World ex USA Index gained 31.9%, outpacing the S&P 500 by the widest margin since 1993 and serving as a reminder of the potential benefits of an internationally diversified portfolio. Emerging markets fared even better than developed markets, with the MSCI Emerging Markets Index rising 33.6%. Global equities, as measured by the MSCI All Country World Index, rose 22.3% for the year.(10)

Developed market international stocks outdid their US counterparts by the widest margin since 1993.

Likewise, investors who targeted value stocks outside the US were rewarded; however, value lagged growth in the US. Large caps outperformed small caps in the US and globally, but international small value was among the best-performing asset classes of the year. Longer term, US small value has been one of the best-performing asset classes since 2000. That has included a period of strong performance for the large cap S&P 500: Over the past 10 years, it returned 14.8% annually. That’s a notable deviation from large caps’ long-term average, whereas the returns of small caps have been more in line with their historical performance over that same period. Elsewhere, high profitability stocks were outpaced by low profitability stocks in global developed markets in 2025, while the opposite was true in emerging markets.(11)

In the bond market, US Treasuries returned 6.3%, sending the yield on the benchmark 10-year Treasury down to 4.18%.(12) The broader bond market also posted gains during the year, with the Bloomberg US Aggregate Bond Index up 7.3%, its best annual return since 2020. The Bloomberg Global Aggregate Bond Index (hedged to USD)—a broad benchmark of sovereign and corporate debt—rose 4.9% for the year.(13)

Investors showed increased appetite for gold in 2025, pushing prices up more than 50% to above $4,000 per ounce for the first time.(14) Some market participants view gold as a hedge during economic downturns or against inflation. But since 1970, gold has often experienced large price swings relative to annual inflation. Over the same period, gold prices showed little relation to fluctuations in the US GDP. Whether gold was up or down doesn’t appear connected to what was happening in the economy. Since markets tend to reflect expectations for the economy in advance, it’s not clear holding gold provides additional protection against adverse economic developments.

MIND OVER MATTERS
A better way to cope with market volatility may be to simply pay less attention. Just this past year, if you had gone to sleep on April Fools’ Day and checked your investment portfolio a month later, you might have assumed the market had been relatively calm. But for investors who spent the month tracking daily returns, the experience likely felt more disruptive. April 2025 turned out to be one of the most volatile months in recent history, as market participants were processing new information about tariffs and trying to make sense of what the developments might mean for businesses, investors, and the global economy.

The same thinking can guide investors’ approach over longer time periods—especially when looking at data across many years or even decades. With reliable stock data stretching back to 1926, we are, as of this year, now able to consider a full century of stock returns. Doing so gives further credence to the merits of focusing on the long run. A short-term view of yearly gains and losses shows what may appear as wild swings in the market, as seen in Exhibit 2, but a long-term view reveals a fairly steady growth of wealth over the 100-year period.

It is natural to want to stay informed about what’s going on in the world. And when markets are volatile, it may be hard to resist the urge to do something. But doing nothing can be a fine course of action. Thinking about investments over the long term might ease the urge to make hasty asset allocation changes. An investor who stayed the course over the long term—riding out the ups and downs of economic shocks, wars, and other crises—would have seen exponential gains in their investment. Declines can be painful in the moment, but markets have shown resilience throughout history. Last year was another example: Investors who stayed in their seats were in a great position to be rewarded.

Article By: Dimensional Fund Advisors

Footnotes:
1. Joe Rennison, “Late Rally Pushes Stocks Back Near Record High,” The New York Times, November 28, 2025.
2. S&P data © 2025 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio; Ben Levisohn, “S&P 500 Hits a Rare Christmas Eve Record,” Barron’s, December 24, 2025.
3. Martin Baccardax, “One Earnings Report Can’t Erase the Stock Market’s AI Bubble Concerns,” Barron’s, November 20, 2025; Rachel Treisman, “The Government Shutdown Is Now the Longest in US History. See How It Compares,” NPR, November 5, 2025.
4. Returns are based on the Bloomberg US Treasury Bond Index as of December 31. Bloomberg data is provided by Bloomberg Finance LP. Source for US Treasuries: US Department of the Treasury.
5. Cade Metz, “The AI Boom Has Found Another Gear. Why Can’t People Shake Their Worries?” The New York Times, November 20, 2025.
6. The federal-funds rate is the overnight interest rate at which one depository institution (like a bank) lends to another institution some of its funds that are held at the Federal Reserve. Source: “Federal Reserve Issues FOMC Statement,” US Federal Reserve, December 10, 2025.
7. Chao Deng and Drew An-Pham, “What to Know About Trump’s Latest Tariffs,” The Wall Street Journal, October 30, 2025.
8. Lawrence Hurley, “Supreme Court Appears Skeptical of Trump’s Tariff Argument,” NBC News, November 5, 2025.
9. Kaia Hubbard and Caitlin Yilek, “Government Shutdown Now Over as Federal Agencies Reopen and Employees Return to Work,” CBS News, November 13, 2025.
10. MSCI data © MSCI 2025, all rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.
11. The MSCI World ex USA Value Index gained 42.2%, while the MSCI World ex USA Growth Index rose 21.9% as of December 31, 2025; the Russell 3000 Value Index added 15.7%, while the Russell 3000 Growth Index rose 18.2%; the Russell 2000 Index added 12.8%, while the Russell 1000 Index gained 17.4%; the MSCI All Country World Small Cap Index advanced 19.7%, while the larger cap MSCI All Country World Index rose 22.3%; the MSCI World ex USA Small Value Index was up 38.6% as of December 31, 2025; the Fama/French Developed High Profitability Index rose 19.3% versus 30.0% for its low profitability counterpart as of December 31, 2025; the Fama/French Emerging Markets High Profitability Index rose 32.6%, and its low profitability counterpart rose 20.8% as of December 31, 2025. Past performance is no guarantee of future results. Actual returns may be lower. The Fama/French indices represent academic concepts that may be used in portfolio construction and are not available for direct investment or for use as a benchmark. Index returns are not representative of actual portfolios and do not reflect costs and fees associated with an actual investment. See “Index Descriptions” in the Appendix for descriptions of the Fama/French index data.
12. “Daily Treasury Par Yield Curve Rates,” US Department of the Treasury. Data as of December 31, 2025.
13. Bloomberg data provided by Bloomberg Finance LP. Data as of December 31, 2025.
14. Spencer Kimball, “Gold Price Reaches $4,000 an Ounce for the First Time Ever,” CNBC, October 7, 2025.

Please see below for additional disclosures

WHY NOW MAY BE A GOOD TIME TO REVISIT YOUR SILVER COLLECTION

Investing isn’t always about what you buy. Sometimes it’s about recognizing when something no longer needs to be held. We typically see gold dominating the headlines, but current conditions have shifted the focus to silver. Silver has multiple roles, both as a monetary metal and a key component in technology items, including solar panels, cell phones, electric vehicles and items in healthcare.

During the holidays, silver was in the middle of a strong run. While visiting my parents, I asked my dad about a stash of bulk silver coins he’d been holding for years. Most of them came from my uncle’s estate and had been sitting in a closet, untouched.

Selling doesn’t have to mean selling everything. We kept the coins that had sentimental or collector value. The rest were simply silver. After checking prices with a couple of dealers, we sold them locally at a price tied to the COMEX market. It’s always a good idea to obtain multiple appraisals and work with reputable and established dealers.

The value ended up being nearly three times what it would have been a year earlier. Instead of letting the gains sit idle, the proceeds were used to fund 529 plans for the grandkids.

This wasn’t a market call or a prediction. It was just a reminder that assets don’t exist in a vacuum. Their purpose matters. Turning something that had already appreciated into future education costs felt like a reasonable trade.

Conditions can shift quickly, so it’s worth occasionally taking inventory — not just of your portfolio, but of the things you own that have quietly become investments.

Article By: Nate Raabe

Market Review 2025: US Stocks Ride Rocky Road to a Third Straight Year of Gains disclosures continued:
Appendix
Index Descriptions: Results shown during periods prior to each index’s inception date do not represent actual returns of the respective index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Eugene Fama and Ken French are members of the Board of Directors of the general partner of, and provide consulting services to, Dimensional Fund Advisors LP.
Fama/French Developed High Profitability Index: Provided by Fama/French from Bloomberg data. Includes stocks in the upper 30% operating profitability (OP) range in each region; companies weighted by float-adjusted market cap. Rebalanced annually in June. OP for June of year t is annual revenues minus cost of goods sold; interest expense; and selling, general, and administrative expenses, divided by book equity for the last fiscal year-end in t – 1.
Fama/French Emerging Markets High Profitability Index: July 1991–present: Fama/French Emerging Markets High Profitability Index. Courtesy of Fama/French from Bloomberg and IFC securities data. Includes stocks in the upper 30% operating profitability range in each country; companies weighted by float-adjusted market cap; rebalanced annually in June. OP for June of year t is annual revenues minus cost of goods sold; interest expense; and selling, general, and administrative expenses, divided by book equity for the last fiscal year-end in t – 1.
Fama/French Total US Market Research Index: July 1926–present: Fama/French Total US Market Research Factor + One-Month US Treasury Bills. Source: Ken French website.
Disclosures: This information is intended for educational purposes and should not be considered a recommendation to buy or sell a particular security. Named securities may be held in accounts managed by Dimensional.
The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by Dimensional to be reliable, and Dimensional has reasonable grounds to believe that all factual information herein is true as at the date of this material. It does not constitute investment advice, a recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. Before acting on any information in this document, you should consider whether it is appropriate for your particular circumstances and, if appropriate, seek professional advice. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized reproduction or transmission of this material is strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information contained herein.
This material is not directed at any person in any jurisdiction where the availability of this material is prohibited or would subject Dimensional or its products or services to any registration, licensing, or other such legal requirements within the jurisdiction.
“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited.
RISKS: Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original value. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful.
UNITED STATES Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
Investment products: • Not FDIC Insured • Not Bank Guaranteed • May Lose Value
Dimensional Fund Advisors does not have any bank affiliates.
Exhibit 1: MSCI data © MSCI 2025, all rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.
Exhibit 2: Data presented in the Growth of $1 chart is hypothetical and assumes reinvestment of income and no transaction costs or taxes. The chart is for illustrative purposes only and is not indicative of any investment. S&P data © 2025 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.

Investments provided through McMill Wealth Inc, a Nebraska Corporation, Registered Investment Advisor

This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not assured.

The articles and opinions in this publication are for general information only and are not intended to serve as specific financial, accounting or tax advice

As part of a broader U.S. Department of the Treasury initiative to transition to fully electronic federal payments, the Internal Revenue Service (IRS) is phasing out paper tax refund checks for individual taxpayers for the 2026 federal tax filing season.¹

Why is the IRS making this change?

The move towards electronic payments is designed to protect taxpayers from the possibility of a paper refund check being lost, stolen, altered, delayed, or returned to the IRS as undeliverable. Electronic refunds are also more cost efficient and faster than nonelectronic payments, which can take six weeks or longer to process.²

What does this mean for taxpayers?

No changes are being made to the process of filing a tax return. Taxpayers should continue to file their tax returns as they normally would, using one of the existing filing options. However, refund delivery will be shifting towards electronic payment methods. As a result, taxpayers should have all of their banking information (e.g., account and routing numbers) readily available when filing their returns.

While most tax refunds will be delivered by direct deposit or other secure electronic methods, there will still be alternative options available, such as prepaid debit cards or digital wallets, for those taxpayers who do not have access to a bank account.³

What if I owe the IRS money?

The IRS has stated that taxpayers should continue to use existing payment options until further notice but is strongly encouraging individuals and businesses to use electronic payment options, since they are easier, faster, and more secure. Further IRS guidance is expected soon.⁴

The IRS offers the following electronic payment options:

• IRS Direct Pay, which pays the IRS directly from your bank account without fees
• Electronic Federal Tax Payment System (EFTPS), a free system offered by the U.S. Department of the Treasury to pay your federal taxes
• IRS2Go, an IRS mobile app for easy and secure mobile payments
• Debit card, credit card, or digital wallet

For more information on the IRS transition towards electronic payments, visit irs.gov.

1-4) Internal Revenue Service, 2025

During the 2025 tax filing season, the IRS issued more than 93.5 million tax refunds to individual tax filers, and 93% of those, almost 87 million refunds, were issued through direct deposit.

Source: Internal Revenue Service, 2025

IMPORTANT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of NE. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2026.

The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, implemented several significant provisions, including new deductions for overtime and tips. States, in turn, have been evaluating how these federal tax changes will impact their own income tax revenue and administration. For individuals, how states respond to the federal legislation is significant because it may directly influence their state income tax obligations.

Since most states use the Internal Revenue Code (IRC) as the starting point for determining state taxation, each state must decide whether to adopt or reject (decouple) from these new federal income tax modifications. Nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming — do not impose a personal income tax and do not require conformity. For the states with an income tax, their legislative actions related to OBBBA generally fall into three categories: rolling conformity, selective (partial) conformity, and static conformity. ¹

Rolling conformity states

Rolling conformity states automatically adopt amendments to the IRC, such as those in OBBBA, as the changes occur, unless the state decouples from a specific federal provision. Twenty states and the District of Columbia follow rolling conformity. ²

The primary advantage of rolling conformity is administrative clarity since the tax laws in these states will instantly reflect federal tax law changes without requiring separate state legislative action. This simplifies compliance for taxpayers, as federal income and deductions will apply for both federal and state purposes. However, states also retain flexibility to decouple if a federal provision will reduce state revenue or contradict state fiscal policy.

Unfortunately, rolling conformity may expose states to unanticipated revenue fluctuations. Acting quickly to decouple from federal provisions also can be politically difficult depending on the party makeup of the state legislators, and the transition period from state adoption to implementation may create compliance challenges or processing delays for both taxpayers and state agencies.

Selective conformity states

Selective, or partial, conformity states evaluate federal tax changes and adopt only the provisions that support revenue or policy goals while rejecting those that do not. There are four partial conformity states. ³

This hybrid type of conformity allows states to respond effectively to federal tax changes. For example, a state may elect to adopt the federal income tax deduction for tips to benefit lower-income taxpayers but decide to decouple from a different federal deduction that could reduce its tax revenue. Similarly, a state might choose to conform to a federal deduction related to overtime pay or other employment-based adjustments that align with its policy priorities while rejecting others that do not. Selective conformity allows states to protect their budgets.

However, partial conformity may create administrative challenges and unpredictability. Taxpayers will be required to apply separate federal and state income tax rules, while state agencies may have to use resources to evaluate and implement conformity. Additionally, taxpayers may face higher compliance costs and ambiguity in long-term tax planning.

Static conformity states

Static conformity states adopt the IRC on a specific date, which means that federal changes enacted after that date, such as OBBBA, do not apply unless the legislature later updates the conformity statute. Seventeen states follow this model. ⁴

This approach provides stability and legislative control over revenue. State lawmakers can assess the fiscal impact of each federal change before deciding to conform, meaning more budget predictability and less sudden revenue fluctuations. Taxpayers benefit from knowing that state tax law will not automatically shift in response to federal modifications.

However, problems with static conformity arise when federal law changes occur after a state’s conformity cutoff date, which means taxpayers must reconcile their state returns to older definitions or rules related to income, adding complexity. Gaps between conformity updates may result in certain taxpayers receiving federal tax benefits that do not carry through to their state returns.

For a complete list of how states conform to OBBBA provisions, visit https://taxfoundation.org/

Bottom line

State conformity to federal income tax changes, such as those introduced under OBBBA, can vary widely. Depending on where you live, some, all, or none of these federal changes may apply at the state level. Because state adoption of federal tax provisions is complex and continues to evolve, you should stay informed about how your state is responding to OBBBA provisions that affect you and consider consulting a qualified tax professional to better understand the potential differences between federal and state treatment.

1–4) Tax Foundation, July 31, 2025

IMPORTANT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of NE. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2025.

Past performance is not a guarantee of future results. 
Investing risks include loss of principal and fluctuating value. There is no guarantee an investment strategy will be successful.
The Magnificent 7 stocks are Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla.
This information is intended for educational purposes and should not be considered a recommendation to buy or sell a particular security. Named securities may be held in accounts managed by Dimensional.
Source: Dimensional, using data from the Center for Research in Security Prices and Compustat. Includes all US common stocks. Largest stocks identified at the end of the calendar year preceding the respective period
by sorting eligible US stocks on market capitalization using data provided by the CRSP, University of Chicago.
Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
Investment products: • Not FDIC Insured • Not Bank Guaranteed • May Lose Value
Dimensional Fund Advisors does not have any bank affiliates.

PREDICTIONS

I recently read an article about predictions for our area for the upcoming winter.
In the article the author took a look at predictions made by the Farmers Almanac,
the Old Farmers Almanac, the Weather Service, the old wives-tales about ground
fog and the woolly worm whether it was fat or slim. Some of the various means
of predicting how the winter would go did coincide at least partially, but most of
them were quite different. In hindsight, when the winter is over is truly the only
way we will know for sure the outcome.

It is very similar with the markets. Everyone seems to have a different viewpoint
on how the markets will trend in the future. Even those with Nobel Prizes in
Economics will admit that they can not accurately predict the markets with any
consistency. The future is unknown until it turns into the present.

Not accounting for life-changing events, we have attempted to build a portfolio
that would fulfill your needs for the long-term based upon your risk aversion and
plans for your future. By focusing on your long-term plan, you shouldn’t need
to worry about what is going on daily in the market. You have a portfolio that is
diversified and based upon your wants and desires.

We are often asked “when would be a good time to invest?” No one actually
knows with any certainty the optimal time to invest. However, we usually say
that anytime is probably the right time to invest. The market will fluctuate
both higher and lower over time, and we can help you take advantage of those
fluctuations through rebalancing the investments within your investment
portfolio. Rebalancing provides the basis for selling “high” and buying “low”
during fluctuations in the market. We use this formula for a successful investment
experience over the long term.

So no matter what goes on in the market on a daily basis during 2026, don’t
worry about it. Your portfolio was designed specifically for you to be able to stick
with your financial plan. However, if you do experience a life-changing event,
please consult with us. We will be glad to help you determine if any adjustments
to your financial plan and investment portfolio need to be made under those
circumstances.

Remember to thank veterans and first-responders that you know for the many
sacrifices that they have made to make our country safe and free, and recognize all
of the blessings that we have enjoyed in 2025. We are very fortunate and thankful
to have had the opportunity to serve you as our clients in the past year and look
forward to continue our professional relationship with you in 2026.

Best wishes to you and yours to have a joyous holiday season, and a happy,
healthy, and prosperous new year!

Investments provided through McMill Wealth Inc, a Nebraska Corporation, Registered Investment Advisor

This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not assured.

The articles and opinions in this publication are for general information only and are not intended to serve as specific financial, accounting or tax advice

Paper Checks Phasing Out:

Executive Order 14247, “Modernizing Payments To and From America’s Bank Account”, was signed on March 25^th, 2025. This policy is working to transition payments made to and from the U.S. Department of Treasury to be fully electronic. Beginning September 30^th, 2025, the federal government ceased issuing paper checks, with limited exceptions.

The Goal of This Policy Change:

Safety and Security: Electronic payments can help reduce the risk of fraud, theft, and undeliverable mail. According to the irs.gov, “paper checks are over 16 times more likely to be lost, stolen, altered, or delayed than electronic payments.”

Efficiency and Reduced Costs: Paper refund checks can take 6 weeks or more to arrive by mail. Electronic refunds may be issued in half that time or less with direct deposit. In addition to electronic payments being a more efficient option, it also costs less than paper checks.

Information for Individual Taxpayers:

No Changes to Filing: Taxpayers should expect to file the same. To avoid issues or delays, ensure that your bank account information is included and accurate when filing.

Payments and Refunds: The majority of refunds will be delivered via direct deposit. For payments made to the federal government, it is not yet mandated to do so electronically, but it is recommended that you start making payments electronically as well.

The policy does allow for certain expectations for those without access to bank accounts. If you have any questions about electronic payments or refunds, please do not hesitate to reach out to us.

Clint Weeder from McMill CPAs & Advisors, and Jordan Arndt from Zelle HR, discuss the new Nebraska sick leave policy details, share implementation tips and go through numerous FAQs. Recorded September 18th, 2025.

The information presented in this webinar is provided for educational and informational purposes only. It should not be considered legal, tax, or accounting advice. You should consult with your CPA, attorney, or other qualified professional regarding questions specific to your situation.

Past performance is not a guarantee of future results. 
Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio. In USD. Source: Dimensional, using FactSet data. Drawdowns are the cumulative negative returns from the prior peak. Peak is defined as the highest cumulative return level prior to a given day. This information should not be considered a recommendation to buy or sell a particular security. Named securities may be held in accounts managed by Dimensional. It should not be assumed that an investment in the securities identified was or would be profitable. S&P data © 2025 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
This article originally appeared in Above the Fray, a weekly newsletter for Dimensional clients.
Please see end of this post for important disclosures.

IN SUMMARY

Last quarter we referred to Warren Buffett deciding to step down from his current position with Berkshire Hathaway. In this issue, we wanted to share once more a few of his investment strategy ideas.

With the volatility in the market that we have been experiencing, more people have been questioning investing in gold. Gold does not provide the stability that many people think that it does. Warren Buffett does not favor investing in gold, saying that it just lies there and does not produce anything. Bitcoin has also been in the news and talked much about lately. It is very speculative in nature, and does not provide a source for long-term investment. If you have extra money that you are not afraid to lose and want to gamble or speculate with, then bitcoin might be an answer to that.

The resurgence of meme stocks such as Krispy Kreme, GameStop, and AMC highlights their volatility and tendency to underperform the broader market. A diversified portfolio offers broader market exposure and stability, with meme stocks best enjoyed in moderation rather than as the core of an investment strategy.

Planning for your retirement should probably include more than just the dollars and cents needed. It has been proven that we need a “purpose” to get up in the morning, including when you are retired.

There is a lot of noise out there in the news. Try not to let it influence your views and decisions when it comes to investing. If you have any questions or concerns, please contact us. Wishing you and your family a great fall season!

Disclosures for Donut Buy the Meme Hype
dimensional.com
Dimensional Fund Advisors | Aug 13, 2025
Written By: Isabelle Williams | Deputy Head of Investment Solutions
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Investments provided through McMill Wealth Inc, a Nebraska Corporation, Registered Investment Advisor

This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not assured.

The articles and opinions in this publication are for general information only and are not intended to serve as specific financial, accounting or tax advice

The Nebraska Healthy Families and Workplaces Act (HFWA) takes effect on October 1, 2025. A key component of the act is Initiative 436, which requires employers to provide paid sick time based on the number of employees:

• The HFWA does not apply to businesses with less than 11 employees.
• Businesses with 11-19 employees, including full-time, part-time or temporary employees, must provide 40 hours per year of paid sick leave.
• Businesses with 20 or more employees must provide 56 hours per year of paid sick leave.
• These are minimum requirements and an employer may choose to provide additional paid sick leave.

If a business already has a current PTO policy or sick leave policy in place, and it meets the minimum requirements of the act, they are not required to offer additional sick leave time. Employers are encouraged to discuss their current policy with a legal advisor if they have any questions or concerns. The FAQs available on the DOL website provide additional guidance on this act.

When determining business size:

• The DOL includes employees who worked at least 80 hours in the state of Nebraska in a calendar year.
• Scenario: An employer that normally has 8 employees on payroll, has 4 turnovers and 4 new hires in a calendar year, so therefore issues 12 W2s. This employer would not be subject to this act because the employer never had 11 or more concurrent employees.

Nebraska Employer Action:

• Written notice is required to be provided to all current employees by September 15, 2025, and to all new employees going forward. The DOL has provided a model notice you can use to satisfy this requirement, or you may produce your own written notice.
• The NE DOL poster must be displayed if there is a physical worksite. If there is no physical workplace, electronic communications can satisfy this requirement.
• If 5% or more of the employees do not speak English as a first language, and the DOL has translated versions available, the employer must provide the notice and poster in that language as well. The DOL currently has provided a notice and poster in Spanish.

Each pay period, whether on the physical paystub, as an attachment, or via an online platform, the amount of paid sick time available, amount of paid sick time taken, and amount of pay the employee has received as paid sick time must be provided to each employee.

As a reminder, although the act doesn’t take effect until October 1, 2025, written notice to employees regarding this act must be provided to employees by September 15, 2025. We anticipate additional guidance will come from the NE DOL as this act takes effect. We will do our best to provide timely updates. If you have any questions, please don’t hesitate to reach out.