April 2026 - Aspen Grove Outlook

“Nothing Moves in a Straight Line”

If you’ve been paying attention to the market lately, you’ve probably felt it. A little more noise, a little more uncertainty, and a lot less comfort than we had not too long ago.  That’s normal.  In fact, this is the part of investing nobody enjoys, but it’s where the real money is made.

One of the hardest truths in investing is also one of the most important:  Markets don’t move in straight lines.  Not up, not down and certainly not during periods of change like the one we’re in today.

Even the strongest long-term bull markets - ones that created significant wealth - were filled with sharp pullbacks, frustrating pauses, and moments that made investors question whether they were on the right path.

What we’re experiencing today fits that pattern.

The Importance of Staying with Durable Growth

In times like this, it’s tempting to second-guess everything, trim positions that have worked, to rotate into what feels “safer,” or to wait on the sidelines until things feel clearer.

But history suggests that the biggest winners aren’t found by reacting to uncertainty…they’re found by sticking with businesses that have durable, long-term growth stories.  These companies are benefiting from powerful trends that don’t change based on a few months of market volatility — trends like digital transformation, artificial intelligence, automation, and data infrastructure.

The path forward for these companies won’t be smooth.  But the direction, over time, has tended to be higher.

Why the Best Days Matter More Than You Think

One of the more overlooked realities of investing is this: the market’s strongest days often come when things still feel uncertain.

We’ve already seen glimpses of that recently with sharp rebound days that seem to come out of nowhere.  Those days matter more than most people realize.  Because historically, missing just a handful of the market’s best days can dramatically reduce long-term returns. In some cases, missing the first few days of a new rally can mean giving up a significant portion - sometimes half or more - of a year’s total return.

That’s why trying to “wait until things feel better” can be so costly.  By the time clarity arrives, the market has often already moved.

This May Feel Familiar … Someday

While no two periods are exactly alike, there are times in market history that rhyme.  There’s a growing case that what we’re seeing today could resemble the early stages of the 1990s technology boom - a period where innovation was real, but the full impact hadn’t yet shown up in earnings or productivity.

Back then, the internet was beginning to reshape industries, but it took years before the benefits became obvious in company results and the broader economy.  Today, we’re seeing something similar with artificial intelligence and advanced computing.

The investment is happening.  The infrastructure is being built.  And we are just beginning to see the early signs of what this technology can do.  If that comparison holds, even partially, then we may still be in the early innings of a much longer cycle.

Staying Grounded in the Process

Periods like this test discipline.  They test patience.  They test conviction.

But they also tend to reward investors who can stay focused on what really matters:

• Owning quality businesses with durable growth

• Avoiding emotional, short-term decisions

• Remaining invested through uncomfortable stretches

  
  

While uncertainty never feels good in the moment, it’s often the price of admission for long-term success.

Buffett Quote:

“A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success.”

                                                                                                       ― Charles T. Munger, Buffett’s Partner

Final Thoughts

If the market felt easy, the opportunity wouldn’t be there.  And while the path forward may continue to feel uneven, the bigger picture hasn’t changed: innovation is accelerating.  Opportunities are emerging and the long-term rewards still favor those who are willing to stay the course.

As always, we’ll continue to monitor the environment closely, make adjustments where needed, but without losing sight of the bigger trends that are driving this market.

Thank you for the trust you place in us. Our role is not to predict markets perfectly, but to help you navigate them wisely through both calm periods and inevitable corrections.

Warm Regards,

Dave Crouch

CEO & Chief Investment Officer

Disclosures:

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor."

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