Eamon Capital Management

05/25/2026

05/19/2026

Indexes must hold everything, including the most overvalued and vulnerable companies. 𝗪𝗵𝗲𝗻 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝘁𝘂𝗿𝗻, 𝗽𝗮𝘀𝘀𝗶𝘃𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗮𝗯𝘀𝗼𝗿𝗯 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗶𝗺𝗽𝗮𝗰𝘁. 𝗔𝗰𝘁𝗶𝘃𝗲 𝗺𝗮𝗻𝗮𝗴𝗲𝗿𝘀 𝗰𝗮𝗻 𝘀𝗶𝗱𝗲𝘀𝘁𝗲𝗽 𝘁𝗵𝗲 𝘄𝗲𝗮𝗸𝗲𝘀𝘁 𝗮𝗿𝗲𝗮𝘀 𝗮𝗻𝗱 𝘁𝗶𝗹𝘁 𝘁𝗼𝘄𝗮𝗿𝗱 𝗾𝘂𝗮𝗹𝗶𝘁𝘆, 𝘀𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆, 𝗮𝗻𝗱 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗱𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲.

Not all active managers do this well. A knowledgeable advisor helps identify those with true skill and repeatable processes.

05/12/2026

𝗧𝗵𝗲 𝗺𝗮𝘁𝗵 𝗶𝘀 𝘀𝗶𝗺𝗽𝗹𝗲: 𝗮 𝟯𝟬% 𝗹𝗼𝘀𝘀 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝘀 𝗮 𝟰𝟯% 𝗴𝗮𝗶𝗻 𝗷𝘂𝘀𝘁 𝘁𝗼 𝗯𝗿𝗲𝗮𝗸 𝗲𝘃𝗲𝗻. A manager who limits that loss to 20% needs far less recovery. Over multiple cycles, this compounds into meaningful outperformance.

Evaluating downside capture requires understanding a manager’s philosophy, risk framework, and historical behavior — something a skilled advisor is trained to analyze.

05/05/2026

Passive portfolio management gives investors full exposure to the market, including every drawdown. 𝗔𝗰𝘁𝗶𝘃𝗲 𝗺𝗮𝗻𝗮𝗴𝗲𝗿𝘀, 𝗮𝗶𝗺 𝘁𝗼 𝗺𝗮𝗻𝗮𝗴𝗲 𝗿𝗶𝘀𝗸 𝗯𝘆 𝗮𝗱𝗷𝘂𝘀𝘁𝗶𝗻𝗴 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝘃𝘂𝗹𝗻𝗲𝗿𝗮𝗯𝗹𝗲 𝗽𝗮𝗿𝘁𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁. This approach can help soften the effect of major market declines through lower downside capture, even if it results in capturing slightly less of the upside during strong markets.

At Eamon, we focus on identifying managers demonstrating the discipline, process, and risk controls that support more resilient outcomes across different market environments.

04/28/2026

Strong markets can create a false sense of security. But after a multi‐year rally, the most important question becomes:
𝗗𝗼𝗲𝘀 𝘆𝗼𝘂𝗿 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝘀𝘁𝗶𝗹𝗹 𝗺𝗮𝘁𝗰𝗵 𝘆𝗼𝘂𝗿 𝘁𝗶𝗺𝗲 𝗵𝗼𝗿𝗶𝘇𝗼𝗻 𝗮𝗻𝗱 𝗶𝗻𝗰𝗼𝗺𝗲 𝗻𝗲𝗲𝗱𝘀?

History reminds us that recoveries can take time. After the 2008 peak, it took 65 months for the market to fully recover. Investors who were drawing income during that period felt the impact more acutely than those still accumulating.

𝗙𝗼𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗻𝗲𝗮𝗿𝗶𝗻𝗴 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 — 𝗼𝗿 𝗮𝗻𝘆𝗼𝗻𝗲 𝘄𝗵𝗼 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 𝘁𝗼 𝗱𝗿𝗮𝘄 𝗶𝗻𝗰𝗼𝗺𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲𝗶𝗿 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 — 𝘁𝗵𝗶𝘀 𝗶𝘀 𝘁𝗵𝗲 𝘁𝗶𝗺𝗲 𝘁𝗼:
• Reassess risk exposure
• Evaluate concentration in mega‑cap tech
• Ensure income sources are durable
• Stress‑test the portfolio for volatility

The goal isn’t to predict the next downturn. It’s to make sure your portfolio is built to withstand one.
If you haven’t revisited your allocation recently, now is the time.

04/21/2026

𝗧𝗵𝗲 𝗦&𝗣 𝟱𝟬𝟬’𝘀 𝗳𝗼𝗿𝘄𝗮𝗿𝗱 𝗣/𝗘 𝗿𝗮𝘁𝗶𝗼 𝗻𝗼𝘄 𝘀𝘁𝗮𝗻𝗱𝘀 𝗮𝘁 𝟮𝟬.𝟵, 𝘄𝗵𝗶𝗰𝗵 𝗶𝘀 𝗮𝗯𝗼𝘃𝗲 𝗯𝗼𝘁𝗵 𝗶𝘁𝘀 𝟱‐𝘆𝗲𝗮𝗿 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 (𝟭𝟵.𝟵) 𝗮𝗻𝗱 𝟭𝟬‐𝘆𝗲𝗮𝗿 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 (𝟭𝟴.𝟵). Elevated valuations don’t automatically signal a downturn, but they do indicate that markets are pricing in a lot of optimism. When valuations stretch above long‑term norms, future return potential tends to compress and sensitivity to negative surprises increases.

This is where history is instructive. After the 2008 peak, the market didn’t recover until 65 months later. Investors who entered at stretched valuations had to endure a long, volatile path back to even.

For those nearing retirement, this is more than an academic point. Sequence‑of‑returns risk — experiencing a major drawdown early in retirement — can have a lasting impact on long‑term outcomes. Elevated valuations make that risk more pronounced.

04/14/2026

𝗧𝗵𝗲 𝗺𝗼𝘀𝘁 𝗿𝗲𝗰𝗲𝗻𝘁 𝗨.𝗦. 𝗲𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝘀𝗲𝗮𝘀𝗼𝗻 𝘄𝗮𝘀 𝗶𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝘃𝗲. 𝗧𝗵𝗲 “𝗠𝗮𝗴𝗻𝗶𝗳𝗶𝗰𝗲𝗻𝘁 𝟳” 𝗽𝗼𝘀𝘁𝗲𝗱 𝟮𝟳%+ 𝗲𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗴𝗿𝗼𝘄𝘁𝗵, 𝘄𝗵𝗶𝗹𝗲 𝘁𝗵𝗲 𝗼𝘁𝗵𝗲𝗿 𝟰𝟵𝟯 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗦&𝗣 𝟱𝟬𝟬 𝗴𝗿𝗲𝘄 𝗰𝗹𝗼𝘀𝗲𝗿 𝘁𝗼 𝟭𝟬%. 𝗧𝗵𝗮𝘁 𝗴𝗮𝗽 𝗺𝗮𝘁𝘁𝗲𝗿𝘀.

𝗪𝗵𝗲𝗻 𝗹𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗻𝗮𝗿𝗿𝗼𝘄𝘀, 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝗯𝗲𝗰𝗼𝗺𝗲 𝗺𝗼𝗿𝗲 𝗳𝗿𝗮𝗴𝗶𝗹𝗲. A small group of companies ends up carrying the index — and when those companies stumble, the entire market feels it.

𝗛𝗶𝘀𝘁𝗼𝗿𝘆 𝗼𝗳𝗳𝗲𝗿𝘀 𝗽𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲: 𝗮𝗳𝘁𝗲𝗿 𝘁𝗵𝗲 𝟮𝟬𝟬𝟴 𝗰𝗿𝗶𝘀𝗶𝘀, 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗱𝗶𝗱𝗻’𝘁 𝗿𝗲𝗰𝗼𝘃𝗲𝗿 𝗶𝗻 𝗮 𝘀𝘁𝗿𝗮𝗶𝗴𝗵𝘁 𝗹𝗶𝗻𝗲. It took 65 months to reclaim its prior peak, and much of that journey was uneven. Concentration risk made the market more sensitive then, just as it does today.

For investors approaching retirement or depending on portfolio income, 𝘁𝗵𝗶𝘀 𝗶𝘀 𝗮 𝗿𝗲𝗺𝗶𝗻𝗱𝗲𝗿 𝘁𝗼 𝗿𝗲𝗮𝘀𝘀𝗲𝘀𝘀 𝘄𝗵𝗲𝘁𝗵𝗲𝗿 𝘆𝗼𝘂𝗿 𝗮𝗹𝗹𝗼𝗰𝗮𝘁𝗶𝗼𝗻 𝘀𝘁𝗶𝗹𝗹 𝗿𝗲𝗳𝗹𝗲𝗰𝘁𝘀 𝘆𝗼𝘂𝗿 𝘁𝗶𝗺𝗲 𝗵𝗼𝗿𝗶𝘇𝗼𝗻 𝗮𝗻𝗱 𝗿𝗶𝘀𝗸 𝗰𝗮𝗽𝗮𝗰𝗶𝘁𝘆.

04/07/2026

𝗔𝗳𝘁𝗲𝗿 𝗮 3‐𝗬𝗲𝗮𝗿 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝘂𝗻-𝗨𝗽, 𝗪𝗵𝗮𝘁 𝗦𝗵𝗼𝘂𝗹𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗘𝘅𝗽𝗲𝗰𝘁 𝗡𝗲𝘅𝘁?
The past 3–4 years have delivered exceptional market returns. Earnings have been strong, AI has accelerated productivity, and a handful of mega‑cap leaders have driven a disproportionate share of gains.

𝗕𝘂𝘁 𝘀𝘁𝗿𝗼𝗻𝗴 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝗱𝗼𝗻’𝘁 𝗲𝗹𝗶𝗺𝗶𝗻𝗮𝘁𝗲 𝗿𝗶𝘀𝗸 — 𝘁𝗵𝗲𝘆 𝗼𝗳𝘁𝗲𝗻 𝘀𝗵𝗶𝗳𝘁 𝗶𝘁.

A useful reminder: after the 2008 financial crisis, it took the S&P 500 65 months — more than 5½ years — to fully recover from peak to peak. Recoveries happen, but they can take time, especially when starting from stretched valuations.

𝗙𝗼𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗻𝗲𝗮𝗿𝗶𝗻𝗴 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗼𝗿 𝗿𝗲𝗹𝘆𝗶𝗻𝗴 𝗼𝗻 𝘁𝗵𝗲𝗶𝗿 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼𝘀 𝗳𝗼𝗿 𝗶𝗻𝗰𝗼𝗺𝗲, 𝘁𝗵𝗶𝘀 𝗺𝗮𝘁𝘁𝗲𝗿𝘀. 𝗔 𝗹𝗼𝗻𝗴 𝗿𝘂𝗻-𝘂𝗽 𝗰𝗮𝗻 𝗺𝗮𝘀𝗸 𝘂𝗻𝗱𝗲𝗿𝗹𝘆𝗶𝗻𝗴 𝘃𝘂𝗹𝗻𝗲𝗿𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀, 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗱𝗲𝗰𝗮𝗱𝗲 𝗺𝗮𝘆 𝗻𝗼𝘁 𝗹𝗼𝗼𝗸 𝗹𝗶𝗸𝗲 𝘁𝗵𝗲 𝗹𝗮𝘀𝘁 𝗳𝗶𝘃𝗲 𝘆𝗲𝗮𝗿𝘀.

03/24/2026

The macro backdrop is shifting in ways that favor fixed income:
• Growth is moderating but remains healthy.
• Inflation is easing.
• The Fed is expected to continue cutting rates toward neutral.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗰𝗲𝗻𝘁𝗿𝗮𝗹 𝗯𝗮𝗻𝗸𝘀 𝗮𝗿𝗲 𝗱𝗶𝘃𝗲𝗿𝗴𝗶𝗻𝗴, 𝗰𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗮𝗰𝗿𝗼𝘀𝘀 𝘀𝗼𝘃𝗲𝗿𝗲𝗶𝗴𝗻 𝗺𝗮𝗿𝗸𝗲𝘁𝘀.

This environment supports a constructive duration outlook and makes high‑quality bonds increasingly attractive. We’re entering a phase of the cycle where bonds can contribute meaningfully to total return, not just serve as ballast.

03/17/2026

It’s not often that bonds offer income, stability, and upside potential at the same time — but that’s exactly where we are today.

What’s changed:
Yields are high across Treasuries, investment‑grade credit, securitized • assets, and municipal markets.

• The yield curve is steepening, creating roll‑down opportunities.

• Credit spreads are tight, but fundamentals remain strong.

• Short‑term, investors can lock in attractive income. Long‑term, as rates drift lower, high‑quality bonds may deliver capital gains on top of that income.