April was a beast of a month.

The terms of our "liberation" were announced on April 2.

Then, hours into being FULLY liberated from the world on April 9, something like "suspension" came.

A pause, mostly.

Though not really.

Markets had largely recovered from the shock by the time May came around.

And now we wait…

→ We wait to find out what happens next (if anything) with those tariffs.

→ We wait to find out whether businesses and people recover from our collective heart attack as rapidly as markets decided to move on.

For now, I have little more to say.

Fortunately for me, the beginning of May has lent itself to happily celebrating the passage of time.

May 5th marks the two-year anniversary of Treussard Capital Management.

And the beginning of a profoundly rewarding and worthwhile adventure.

To everyone who's joined on this journey as clients, advocates, fellow "truth seekers," and advisors, THANK YOU.

I wouldn't want to be doing anything else.

And that's because of you all.

Now, there is something ironic about May 5th being TCM's anniversary.

Not that Cinco de Mayo is particularly “on brand.”

Bastille Day would have made more sense.

But the firm is based in Newport Beach, CA, after all…

And there is no Cinco de Mayo without first getting through May 4th.

Or, as the ultimate love letter to Newport Beach that is Arrested Development would have it, Cinco de Cuatro. 😉 

Sure, Treussard Writes.
And now Treussard Talks.

If you’ve been reading me for the last two years, you know how important I view the act of writing.

But as we enter the third year of Treussard Capital Management, I thought it was time to add a new dimension to our conversations.

Which is why I just started Treussard Talks.

Treussard Talks is a podcast where my guests and I talk about:

• The MECHANICS of investing,

• The PSYCHOLOGY of investing and

• What it means to manage your wealth with PURPOSE.

My motivation is clear.

So, Treussard Talks will be a place where we pull back the curtain on what really smart and accessible people have to say about those three things:

→ mechanics
→ psychology
→ purpose

WATCH here on YouTube.

LISTEN here on Apple Podcast and here on Spotify.

And if you enjoy it, please SUBSCRIBE, SHARE, and MORE.

If the first episode is any indication, we’re all in for a treat.

I spoke with Alec Crawford, who was my first boss ever in the “real world”…

Alec hired me in 2008 to join his team in risk management at Ziff Brother Investments in New York City, right as the Global Financial Crisis was getting underway.

Alec is a fountain of wisdom.

And if you listen (and I hope you will 😉), you will hear us nerd out on a number of topics that don’t usually get talked, even though these things matter to your wealth.

Things like trade execution, reputation, and the need to question the motivations of Wall Street salespeople along the way.

But you know what’s great about someone like Alec?

He naturally brings it back to FIRST PRINCIPLES.

His parting words?

“A lot of crazy stuff is going to happen this year, right?
Politics, markets, AI, all that kind of good stuff.

And I think it's important to focus on the long term.
And focus on what you can control and not stuff that's out of your control,

'cause it's very easy to spin yourself up and do nothing
and get really upset.

Do what you can, right?
And stay safe.”

So one more round of thanks on the way out.

Thanks to Alec for setting us on a great course with Treussard Talks.

And thanks to each and every one of you.

→ For reading.

→ For listening.

→ For exploring together what it means to try to understand the world (or at least markets and the economy)

→ And for seeking to act in a manner that — hopefully, maybe — leads to better outcomes over time.

I can’t wait to find out what happens next together.

Be well and chat soon,
Jonathan 👋

📌 Whenever you are ready, I help people regain understanding, control, and agency over their own wealth:

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• Subscribe to my newsletter at www.treussard.com/subscribe

• Just reach out, including here