As we close out the year, December brings a mix of reflection and forward thinking. This month’s issue highlights several stories shaping the markets, including our newest pieces on tax loss harvesting, the growing concerns in the private credit world, and an inside look at Apple’s surprising shift in its approach to artificial intelligence. Each topic offers practical insight as we prepare for the year ahead.
We are also sharing a special holiday edition of Beyond the Desk. The Barry team gathered a few of our favorite seasonal recipes, from homemade corn bread ice cream to baked brie and a savory mushroom dip. We hope these add a little warmth to your celebrations and bring a festive touch to your table.
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
Market volatility can create hidden opportunities for tax savings. Learn how tax loss harvesting can help you reduce your taxable income and keep more of what your portfolio earns over time.
Apple’s long-awaited AI overhaul has turned into one of its biggest missteps yet, leading the company to quietly partner with Google to fix Siri. The billion-dollar deal reveals how Apple’s once-tight control over its technology is slipping as AI reshapes the industry.
Every financial crisis begins with the same illusion: that risk has been contained. In the years before 2008, banks believed they had built a system too diversified to fail. Mortgages were sliced, repackaged, and sold as safe investments until the truth came crashing down. Today, the danger may be resurfacing in a new corner of finance that most investors rarely think about, the private credit market.
This chart shows a sharp rise in bonds issued by major AI-focused tech firms in 2025, especially in the last few months. Early in the AI buildout, data-center spending was comfortably covered by strong cash flows, but rising debt levels now mean higher leverage and greater vulnerability if rates rise or AI demand and profits disappoint. A parallel is the late-1990s telecom boom leading into the dot-com crash. Firms poured $500B+ into networks, yet by 2002 only about 2% of long-distance capacity was being used, and the debt contributed to major bankruptcies like WorldCom (~$100B).
WISDOM WORTH REPEATING
"If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes"
-Warren Buffett
BEYOND THE DESK
For a special holiday edition of beyond the desk please enjoy the Barry Team's favorite holiday recipes!
-1.jpg?upscale=true&width=1120&upscale=true&name=Image%20(8)-1.jpg)
