The Legacy Perspective - July 2025
Landscape Columns at Park Guell
By Steve Wachs, CFP®
“Maybe we should have all just taken the first half of the year off! The S&P 500 is up 6% in six months, a typical increase. But for those of us who watch the markets every day, the path felt anything but typical. The S&P 500 gained 4% through mid-February, lost 10% by mid-March, recovered most of that in late March, and then fell to down 20% on April 8 in reaction to tariff announcements. Yet on June 26, the S&P reached a new high. It was the shortest bear market ever, troughing on the very day it hit down 20%, and it was also the fastest recovery to a new high. U.S. equities went from peak to peak in just 57 trading days, compared to a median of almost two years for the 12 bear markets since 1945.”
Mr. Nygren captured what we referenced earlier this year as the return of “Six Flags Over Wall Street.” It has been a wild ride, and we would not be surprised if this type of volatility continues. During these times, we do our best work as we keep you in your “proverbial seats” by not letting emotion dictate action and at the same time look for buying opportunities.
Although we did not take the “first half of the year off,” Deb, my wife, and I were able to take a trip to Spain. We saw some amazing sights and met some wonderful people. Since I can’t invite all of you to our house for our slide projector presentation of our pictures (if you don’t know what a slide projector is, please ask someone that is closer to my age), I will share a few of these photos, and maybe some financial planning and investment lessons that are applicable.
Steve and Deb at Park Guell
One of our stops was Barcelona. It is a big city but not overwhelming and is designed to be explored on foot. Two of the key attractions are Park Guell and Sagrada Familia. They were both designed by Antoni Gaudi, one of Spain’s most famous architects. His style of architecture was modernism. As my wife commented to our tour guide, some of his structures looked like creations of Dr. Seuss – that reference didn’t translate well in Spanish. Park Guell was started in 1900 as a residential real estate development. When that venture failed, it was opened as a city park in 1926, and what a park it is. It overlooks Barcelona and has a fairy tale quality to it. One of its key elements is the beautiful mosaic tile constructed serpentine bench which is 110 meters making it the longest bench in the world. As you can see, the views from the bench are amazing. What impressed me more than the bench itself was the plan and design of the structure beneath it to provide support. The first support was columns that mirrored the look of the landscape. The second support was 86 striated columns that were not only functional but works of art themselves. Applying this to the investment world, there are a lot of investments that are offered that appear “beautiful” like the bench. Cryptocurrency, meme stocks and gold and silver are just a few examples. In fact, they may provide good short-term returns. What we focus on are a mix of investments that provide the potential for a long-term return that support your financial independence goals.
Striated Columns at Park Guell
Sagrada Familia
We spent a good portion of an afternoon at Sagrada Familia (this translates to “Holy Family”). The construction of this basilica began under Gaudi’s direction in 1883. His vision was to create a temple that presented the life of Jesus. He dedicated 43 years of his life to making this vision a reality until he died in an accident at age 73. He was only alive to see one of the three facades completed. It is estimated the project will be finally completed in 2030 and will be the tallest building in Barcelona and the tallest church in the world. Those are all facts you could find on Wikipedia. What can’t be captured online is the spiritual experience and wonderment in observing all the details present both on the outside of the building and on the inside. Light shines in through the stained glass creating different colored hues throughout the day. The details involved in the Nativity, Passion and Glory facades are almost too much to take in. Jennifer Schmitt also visited Barcelona in the past few years and shared the belief that it is the most amazing building she has ever seen.
Interior of Sagrada Familia
What does my story of Sagrada Familia have to do with what we do at Legacy Consulting Group? As I referenced, Gaudi’s vision and plans for this project began in 1883, he died in 1926, and the building will not be finished until 2030. Over multiple generations, different architects built on the vision and plans Gaudi created to complete this masterpiece. Most of our clients would be defined as first generation wealth. They have been gracious to share their dreams of what an extraordinary life would look like. We created financial life plans that provide a path to make those dreams a reality. In many cases, those dreams involve multiple generations including parents, children, and grandchildren. For those multi-generational plans to succeed, we have put together a team that knows both the heart behind the plan creation and the investment and financial planning tools that are needed. The name Legacy Consulting Group we chose in 1997 was intentional. We want the legacy of our clients to continue beyond Roger and me.
The Wachs family
I have one final picture to share. At the end of June, we celebrated the marriage of my son, Jeremy, to his wife, Julie. Stephanie, my daughter, and Mark, her husband, were able to join us along with other family and friends for a weekend of wonderful moments.
Disclosures
Legacy Consulting Group is registered as an investment adviser with the SEC and only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.
Information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a professional advisor before implementing any strategies discussed.
All investments and strategies have the potential for profit or loss. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. There are no assurances that an investor’s portfolio will match or exceed any particular benchmark.