| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Resilient Asset Management's 2025 annual letter emphasizes the power of diversification over market prediction, noting that international equity markets significantly outperformed domestic markets for the first time since the firm's founding. Manager Christopher Flis addresses three key themes: the false perception that current uncertainty is unique when uncertainty has always existed throughout history, the evolutionary basis for human fear and apprehension that can hurt investment decisions, and media's tendency to amplify negative news. He discusses artificial intelligence's growing market influence while acknowledging the wide range of potential outcomes from job displacement to minimal disruption. The letter highlights Warren Buffett's retirement from Berkshire Hathaway as an end of an era, with Flis crediting Buffett's influence on his investment philosophy. Looking forward, the manager maintains an agnostic view on 2026 market direction, advocating for continued diversification, long-term focus, and attention to controllable factors like estate planning and risk management rather than attempting to time markets.
Diversification across global markets trumps market timing and prognostication, with emphasis on long-term investing despite ever-present uncertainty and media-driven pessimism.
Manager maintains agnostic stance on market direction for 2026, emphasizing that prudent approach is to remain diversified, play the long game, and let capital markets work over time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 22 2026 | 2025 Q4 | BRK-A | AI, diversification, international, long-term, uncertainty | - | Resilient Asset Management advocates diversification over market timing after international markets outperformed domestic in 2025. Manager emphasizes that uncertainty is constant throughout history, not unique to today, while discussing AI's uncertain but significant market impact. With Buffett retiring from Berkshire, the focus remains on long-term investing and controllable planning factors rather than predicting 2026 market direction. |
| Oct 9 2025 | 2025 Q3 | AMZN, GOOGL, JDSU, KO, LITE, META, NVDA, ORCL, VIAV | AI, diversification, international, Tax Planning, technology, valuation | - | International markets are outperforming US markets in 2025, validating global diversification. Manager warns AI investments face dot-com bubble risks, citing JDS Uniphase's 99.8% collapse. Gains AI exposure through S&P 500 holdings rather than concentrated bets. Uses AI as assistant only due to accuracy concerns. Emphasizes inevitable market downturns and year-end tax planning priorities. |
| Jul 6 2025 | 2025 Q2 | - | Compounding, diversification, international, long-term, Valuations | - | Resilient Asset Management's Q2 2025 letter highlights international equity outperformance challenging US exceptionalism assumptions. Despite geopolitical tensions, S&P 500 gained 10%+ in Q2. Manager emphasizes international diversification benefits given lower valuations abroad and advocates continued global exposure. Core message reinforces long-term investing principles and the power of compounding over market timing attempts. |
| May 18 2025 | 2025 Q1 | NKE | long-term, Market Volatility, Resilience, tariffs, Trade Policy, value | NKE | Resilient Asset Management's Christopher Flis urges clients to stay calm during tariff-driven market volatility, viewing current weakness as fear-based rather than fundamental. He highlights Nike as an example of quality companies becoming attractively valued during panic selling. The strategy is to rebalance portfolios toward target allocations and maintain long-term focus while markets adapt to new trade policies. |
| Oct 3 2024 | 2024 Q3 | - | asset allocation, Elections, financial planning, Market Commentary | - | Strong Q3 performance across all asset classes with S&P 500 up 5.84%. Manager warns against election-driven portfolio changes, using fighter pilot analogy that releasing controls during chaos often works best. Historical data contradicts assumptions about political control and market performance. Maintains strong long-term confidence in US economic resilience regardless of election outcomes. |
| Jul 3 2024 | 2024 Q2 | CSCO, INTC, NVDA | AI, cybersecurity, diversification, international, technology, Valuations | - | Resilient Asset Management warns clients about cybersecurity threats while cautioning against extrapolating Magnificent Seven-driven market returns. Manager maintains diversified approach using market cap weighted indices to capture technology leadership but emphasizes international exposure for long-term rebalancing opportunities. Technology dominance viewed as potentially temporary given historical precedents of Intel and Cisco. |
| Apr 16 2024 | 2024 Q1 | SPY | Cash, diversification, international, Performance, value | - | Manager advocates maintaining diversified US/international equity allocation despite recent US outperformance, citing stretched domestic valuations and historical precedent for international leadership. Firm practices what it preaches with equal-weighted capital account. Warns against performance chasing while expressing optimism about future opportunities. |
| Jan 9 2024 | 2023 Q4 | AAPL, AMZN, CSCO, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA | Equity Markets, long-term, Magnificent 7, Market Commentary, technology | - | Flis celebrates 2023's 24% S&P 500 recovery driven by Magnificent 7 tech stocks while emphasizing long-term thinking over short-term predictions. Using examples from sports business deals and personal marathon achievements, he argues that patient capital and sustained focus deliver superior results. Despite 2024 uncertainties, he remains optimistic while focusing on controllable financial factors. |
| Oct 22 2023 | 2023 Q3 | - | diversification, financial planning, international, Predictions, Recession, value | - | Resilient Asset Management's Christopher Flis defends international diversification despite seven years of underperformance versus US markets. Rather than chase recent winners or predict recessions, he advocates building financial resilience through fundamental planning principles. International equities may benefit from current valuation advantages if historical patterns hold, making diversification worthwhile despite recent pain. |
| Jul 10 2023 | 2023 Q2 | - | AI, Capitalism, cybersecurity, financial planning, long-term, Market Commentary, risk management, technology | - | Resilient Asset Management's Christopher Flis rejects market timing while expressing absolute confidence in American capitalism's future prosperity. Despite acknowledging inevitable volatility and recessions, he advocates financial fortification through basic planning rather than prediction. The letter emphasizes cybersecurity awareness and AI's emergence while positioning America's capitalist system as creating abundant long-term investment opportunities globally. |
| May 17 2023 | 2023 Q1 | - | Banking, Long Term, Market Timing, risk management, S&P 500 | - | Resilient Asset Management argues against market timing during the 2023 banking crisis, showing that 96.5% of S&P 500 returns from 2002-2022 came from just 30 trading days. The firm advocates for long-term investing with timeless principles like emergency funds and disciplined spending rather than attempting to predict market movements. |
| Jan 5 2023 | 2022 Q4 | - | - | - | |
| Sep 26 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
| 2025 Q3 |
AIManager discusses AI's transformative potential while cautioning about investment risks, drawing parallels to the dot-com bubble. Emphasizes the massive capital requirements for AI infrastructure and questions whether companies like OpenAI can achieve the revenue growth needed to justify investments. Notes AI's mixed performance in financial planning applications. |
Technology Valuation Infrastructure Revenue |
DiversificationInternational markets have outperformed US markets in 2025, validating the importance of global diversification. Manager emphasizes that diversification guarantees periodic underperformance in some areas but provides exposure to unpredictable market leadership rotations. |
International Portfolio Risk Management | |
| 2025 Q2 |
GlobalInternational equities outperformed significantly in first half of 2025 after years of US dominance. Manager emphasizes international diversification benefits and notes that international stocks had much lower valuations than US markets. Over 10-year period, US returns are 173% higher than international, but long-term performance has been more similar historically. |
International Diversification Valuations Performance Emerging |
| 2025 Q1 |
Trade PolicyThe manager discusses the current administration's pivot toward tariffs as a source of market uncertainty and panic selling. He views tariffs as a one-time event that will not have completely predictable effects on complex adaptive capital markets. |
Tariffs Trade Policy Uncertainty Markets |
| 2024 Q2 |
CybersecurityManager emphasizes cyber threats as pervasive landscape risks, citing CDK Global attack that crippled car dealerships nationwide. Provides actionable security checklist including password managers, multi-factor authentication, and phone security protocols. |
Cyber Attacks Data Security Password Management Multi-Factor Authentication Mobile Security |
AIDiscussion centers on Nvidia's dominance in AI race but warns of competitive threats and historical precedents. Notes Nvidia has head start but faces many legitimate competitors, drawing parallels to Intel's fall from grace. |
Nvidia Artificial Intelligence Semiconductors Competition Technology Leadership | |
| 2024 Q1 |
CybersecurityManager emphasizes basic cyber defense practices including password managers, multi-factor authentication, and avoiding spurious email links as primary defenses against cybercriminals who continue to prey on the unprepared despite technological advances. |
Password Authentication Defense |
| 2023 Q3 |
ResilienceThe manager emphasizes building Gibraltar-like financial posture through bedrock principles rather than economic predictions. Focus on controlling direct influences like estate planning, insurance, tax compliance, savings rates, and long-term investment thinking to navigate economic uncertainty. |
Financial Planning Risk Management Long Term |
| 2023 Q2 |
AIManager discusses the emergence of ChatGPT and AI's technological evolution, noting Adobe's Generative AI service FireFly had 800% more uptake than anticipated. References Marc Andreesen's authoritative article on AI's future, suggesting AI will have superhuman fact-arraying abilities but humans will maintain superiority in wisdom. |
ChatGPT Generative AI Technology Evolution Automation Machine Learning |
CybersecurityExtensive discussion of cybersecurity risks through two detailed fraud stories involving elderly victims and smartphone theft. Manager provides comprehensive defensive measures including multi-factor authentication, password managers, avoiding public Wi-Fi, and treating all emails as unsecure. |
Cyber Crime Authentication Password Security Public Wi-Fi Data Protection | |
| 2023 Q1 |
Risk ManagementThe letter emphasizes timeless principles including maintaining an emergency fund, spending less than you make, and not overreacting to markets. These tenets are described as always being in the financial bedrock regardless of economic conditions. |
Emergency Fund Volatility Risk Appetite |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 18, 2025 | Fund Letters | Resilient Asset Management | NKE | Nike Inc | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Air Jordan, athletic apparel, Brand moat, Consumer Discretionary, contrarian, market leadership, retail, Sports Equipment, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| BRK-A | Miles mentioned that he had been a long-term shareholder of Berkshire Hathaway and had never sold his shares. Over roughly twenty-five years, his investment compounded at about 10.9% annually. The first dollar he invested became approximately thirteen dollars. Since around 1990, Berkshire has only marginally outperformed the S&P 500. By Buffett's own historical standards, this period could be described as mediocre. And yet, admiration for Buffett has not faded—if anything, it has intensified. |
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