Each year, when I glance at the calendar, I notice a peculiar pattern: all my personal milestones seem to cluster into a two-week summer stretch. Admittedly, this is a “first world” issue—and not much of a problem—but it does mean that once the celebrations fade, there’s a long pause until the next one rolls around… in late June 2026!
In 2025, Sue and I marked 35 years of marriage on July 1. Time doesn’t just fly—it moves like lightning. Just days later, on July 5, I celebrated my birthday with a deeper awareness that these 35 years represent the core of my life and most meaningful accomplishments. Together, Sue and I have raised three remarkable children, each charting their own journey with courage and grace. She’s been my partner in every sense—from helping me earn my Master’s degree to supporting my pursuit of the CFA designation. We’ve shared unforgettable travels and quiet moments that continue to shape who we are.
Taking time to reflect on our journey is essential for lifelong learning. I believe we owe it to ourselves—and to those who’ve been part of our path—to honor the people who helped us along the way. I’m deeply grateful to my parents and extended family for their unwavering support. There were plenty of moments when I could’ve taken a different path or given up, but their belief in me was the encouragement I needed. And at the heart of it all, Sue has always been my biggest supporter and steadfast believer. As George Michael once sang, “You gotta have faith.”
Gratitude and humility aren’t just personal values—they inform how we approach each day, including our investment outlook. Portfolios are, in some ways, built on a kind of faith: a belief in quality earnings, reasonable valuations, and balanced strategies. Yet markets don’t always reward that mindset. Over the past few years, the dominance of the “Magnificent 7” challenged traditional ideas of balance, as concentrated bets seemed to outperform thoughtful diversification. The rise of artificial intelligence added another layer of complexity, transforming every corner of business and daily life. Still, we’ve stayed true to our principles—favoring quality and value over speculative long-range projections.
These moments of personal and professional reflection remind us that humility is key. That may be the best reason to pause, remember, and take stock of the journey.
As I celebrate 35 years of marriage, I also want to highlight another meaningful milestone: 3.5 years working alongside Travis. At Circa Capital, our commitment to generating strong risk-adjusted returns is matched by our focus on sound investment behavior. Travis brings a patient, long-term view that strengthens our approach and deepens our connection with clients. We’re grateful for the trust you’ve placed in us—and we remain committed to earning it, every day.
Wishing everyone a joyful and restorative summer.
~ Steve Davenport, CFA