In this month’s newsletter, we explore Warren Buffett’s explanation for why intelligence alone is not enough to achieve investment success. We also share timeless wisdom from Charlie Munger and examine a chart illustrating the recent unwinding of the AI-fueled semiconductor trade.

Finally, Beyond the Desk offers a glimpse into what members of the Barry Investment Advisors team have been up to outside the office. 

If you have inquiries about the investment markets or your tailored wealth management strategy, please don’t hesitate to reach out to us!

Best Regards,

The Barry Team

ON OUR MINDS THIS MONTH

 Warren Buffett explains why stock market performance can differ sharply from economic progress and how investor psychology often drives costly decisions. His timeless advice highlights why temperament, discipline, and a focus on business value may matter more than intelligence when investing. 

THIS MONTH'S MARKET LENS

 One of July’s biggest stories was the unwinding of the AI-fueled semiconductor trade. The sector fell nearly 15%, while SOXL, a leveraged ETF designed to deliver roughly three times the sector’s daily move, lost nearly 50%. A similar pattern is unfolding in South Korea’s semiconductor-heavy market, where KORU, a 3x Korea ETF, has fallen about 70% from its June peak, prompting an apology from the finance minister after retail investors piled into leveraged funds. The trend is also growing in the U.S., where 117 leveraged ETFs launched in June alone, accounting for nearly half of all new ETF launches that month and offering a timely reminder of the risks of trend chasing, speculation, and borrowing to invest 

WISDOM WORTH REPEATING

"There is no better teacher than history in determining the future... There are answers worth billions of dollars in $30 history book."

-Charles T. Munger, Poor Charlie's

BEYOND THE DESK

Whitney and her son ran the Little Compton Road Race!

Andrew and his wife checked Spyglass off of their golf course bucket list!

Liz, Andrew, and Janieva's daughters got very silly at summer camp together!

COMMENTS, COMPLIMENTS, & CRITIQUES

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