Welcome to the Third View Perspectives Newsletter, your monthly source for financial intelligence and trusted advice to help you make more informed decisions on behalf of you, your family, and your legacy.

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On Sunday, Mickey Herbert, our Associate Director of Financial Planning and Operations, ran the TCS New York City Marathon. It was marathon number 32 in his goal of running one in all 50 states, and he ran it in support of Kesem, the nonprofit that serves children whose parents have cancer.

Third View donated $5,000 to Kesem in Mickey's honor. Congratulations, Mickey, on another state checked off! If you'd like to add to his fundraiser, you can donate below.

Written by Third View Co-Founder & Managing Partner, Frank J. McKiernan

We’re still in the beginning stages of a transformational moment in history, not just from a technology perspective, but from an investment perspective. There has been and will continue to be a lot of noise around where we are in the cycle.

Moments like this have historically created some of the most significant wealth-building opportunities for investors who remain patient and attentive to details. Much of our perspective around capital allocation is informed by the research we read, interviews we conduct, and market analysis we do. We spend time with founders and CEOs who run private companies to learn what they are building, why, and most importantly, how the environment is operating and what upstream implications that may have for public markets.

I spoke with Mike Henry, Founder and CEO of Parasail last month. Mike has been building AI infrastructure for 15 years. He co-founded Mythic, a fabless semiconductor company that designs chips for inference and then became Chief Product Officer at Groq before founding Parasail. Parasail is an inference cloud platform for AI companies. It gives these companies access to the chips and computing capacity they need without building the infrastructure themselves or signing long-term contracts. Customers can optimize for faster token generation, lower costs, or more capacity. In simple terms, Parasail is similar to AWS for AI inference.

We covered a lot of ground. Read my takeaways from our conversation here.

Answered by Zoltan Pongracz, CFP®, ChFC®, CLU®, AIF®

Look beyond a single year's price return. When interest rates rise, existing bonds lose market value. That's what your statement shows. But higher rates also mean higher income, so the repricing that hurt bond prices has also improved the economics of owning them.

A stock is owned for appreciation. A high-quality bond has a different job: contractual income, more predictable principal, diversification, and capital you can draw on without selling stocks at a bad time.

The mistake is judging a multi-year income investment by a few months of price movement. Hold a high-quality bond to maturity and those swings don't change its income or the principal you get back. If rates fall, prices may rise too.

The better question isn't "What are my bonds up or down this year?" It's "What role are they playing in my plan, and what income have I secured for the years ahead?"

Have a question you'd like us to answer in a future newsletter? Simply reply to this email to submit it to us.

In his latest Forbes Finance Council article, Zoltan explains why two investments earning the same return can leave you with very different after-tax outcomes, and how asset location, direct indexing, and tax-loss harvesting can reduce unnecessary tax drag without letting taxes drive every decision.

🎤 Jake McCarthy on the college speaking tour: Jake McCarthy, CFP®, ChFC®, Vice President & Private Wealth Advisor, spoke to students at the University of Miami and Florida State University last month about networking, failure, and getting comfortable outside your comfort zone. See the post on LinkedIn.

That’s all for this month. If you enjoyed the newsletter, the greatest compliment would be to forward it to someone you think would find it valuable. We’ll be back with more next month.

- Frank, Jerry, and Zoltan

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Past performance is not indicative of future results. The material above has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed, and Third View Private Wealth makes no representation or warranty as to the accuracy or completeness of the information, which should not be used as the basis of any investment decision. Information contained on third party websites that Third View Private Wealth may link to is not reviewed in their entirety for accuracy and Third View Private Wealth assumes no liability for the information contained on these websites. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from Third View Private Wealth. For more information about Third View Private Wealth, including our Form ADV brochures, please visit https://adviserinfo.sec.gov or contact us at (203) 408-0098.