While many people tend to concentrate their charitable giving during the last few months of the calendar year, there are reasons for some clients to prioritize giving early this year. The new federal tax law enacted in July 2025, often referred to by its acronym OBBBA, takes effect this year and creates new thresholds and limits for the tax deductibility of charitable gifts for taxpayers who itemize deductions and a new opportunity for those who do not itemize. In addition, a third consecutive year of double-digit global stock market returns has multiplied unrealized gains on some large holdings in client portfolios, which presents an opportunity to gift highly appreciated shares to donor advised funds or directly to charities. Meanwhile, major cuts to federal safety-net and social-welfare programs, along with aggressive actions by federal immigration enforcement agents, have harmed vulnerable and disadvantaged communities across the country and strained the ability of frontline social-service organizations to meet the needs of these communities, making giving generously even more timely. By frontloading your 2026 charitable giving, you can maximize your immediate social impact while significantly optimizing your tax efficiency.
Round Tables and Why K is not OK
A very wise, thoughtful and exceptionally caring woman once told me “All dining tables should be round”. Puzzled, I asked her why? She responded matter-of-factly “because you can always squeeze in another body at a round table”. That spirit of inclusion has been lost to an overwhelming atmosphere of conflict and angst, resulting in a fragile economy that is top-heavy and brittle, propped up by a few while so many struggle. When we prioritize the well-being for the many rather than the luxury of the few, we create a more stable society and economy. We need to get back to the spirit of the round table, where everyone has a place.
Q4 2025 Market Outlook
Up, up, and away. The fourth quarter of 2025 extended a remarkable mid-decade run for global equities. While history has taught long-term investors to be pleased with average annual stock market returns of roughly 8–10%, the MSCI ACWI has delivered total returns in excess of 20% per year over the past three years—more than double what most would reasonably expect. This bull market has been fueled by a combination of factors: a resilient global economy, moderating inflation which allowed interest rates to move lower; a policy environment marked by tax relief and lighter regulation; a powerful surge in investment tied to artificial intelligence; and easing concerns around global trade and tariffs as the year progressed.
Q4 2025 Impact Update
As 2025 comes to a close, a throughline has emerged across our engagement work, policy analysis, and client conversations: power—who holds it, how it’s exercised, and how investors can insist on accountability when governance falls short. From the expanding surveillance economy to mounting pressure on shareholder rights, these dynamics are no longer theoretical. Below, we highlight our recent work and why it matters for long-term investors managing systemic risk.
Giving Tuesday 2025
Each Giving Tuesday, we celebrate the collective power of community and our shared commitment to justice. This year, that commitment matters more than ever.
From attacks on fundamental rights to the escalating climate emergency, organizations working at the intersections of justice, democracy, and sustainability are stretched thin while carrying the weight of protecting our communities and defending our future. Their work is urgent, and they cannot do it alone.