Did You Feel It?

July 2026 - Did You Feel It

Even Geniuses Get Caught in the Crowd

In the spring of 1720, Sir Isaac Newton - one of history’s greatest mathematical minds - invested in the South Sea Company. He made a handsome profit early on and wisely sold his shares. But as he watched his less-calculating friends get rich while the stock skyrocketed, Newton experienced severe FOMO. Unable to resist the crowd, he jumped back in at the absolute peak, losing the modern equivalent of $3 million when the market collapsed. Newton later lamented, "I can calculate the motion of heavenly bodies, but not the madness of people."

Behavioral finance teaches us that our brains are wired to follow the pack. We celebrate rapid gains, panic when others do, and often mistake the crowd’s excitement for a sound strategy. Yet history tells a different story. Newton's downfall wasn't a lack of intelligence; it was herd behavior. He allowed short-term market madness to overrule his logic, proving that even geniuses struggle with emotional investing.

Your financial journey works much the same way.

Markets will always have periods of extreme volatility. Headlines will tempt you to chase the latest trend. There will always be a fear of missing out on the next big thing. But lasting wealth is typically created by those who remain focused on their own plan rather than the chaotic movements of the crowd around them.

As we look back at the lessons of financial history, it's worth remembering that true investment success requires the courage to stay disciplined when everyone else is panicking or speculating. Whether it’s discovering the laws of physics or building a portfolio, success belongs to those who keep moving forward with Purpose (-Built Planning).

We hope you have a wonderful month ahead, anchored by the peace of mind that comes from thinking beyond today’s market noise.

Visit lecontewealth.com to learn how Purpose-Built Planning helps turn intention into lasting progress.

Beyond The Numbers

A single quote challenged the way I think about our profession:

"We're a hospitality company that happens to do wealth management."

After reading Unreasonable Hospitality and attending a summit with author Will Guidara, I realized that the best financial advice isn't just about portfolios or planning. It's about making people feel seen, valued, and understood.

Read more about how this perspective is shaping the way we serve our clients.

Karla Dunne
Client Concierge Manager
LeConte Wealth

What a Concert at Red Rocks, Grand Teton NP, the World Cup, and PBP Have in Common?

More than you might think.

This summer, three unforgettable experiences reminded me that the best outcomes - whether in music, travel, sports, or wealth management - are built on preparation, patience, perspective, and the guidance of someone you trust.

Discover how these moments reinforced why Purpose-Built Planning is not simply about building wealth. It is about creating the freedom to live a life filled with the experiences that matter most to you.

Click here to read the full post.

Kevin Painter
Founder
LeConte Wealth

Happy Work Anniversary, Robert!

Robert celebrated 12 years with LeConte Wealth this month!

Over the past 12 years, Robert has been a trusted leader on our team, consistently putting our clients first through exceptional service, thoughtful guidance, and unwavering dependability. His commitment to excellence and genuine care for others have helped shape the experience we strive to provide every client.

Economy In Focus

The Data:

• 3.5%-3.75% - Federal Reserve held the Fed Funds rate steady in a 9-3 vote
• 57,000 – June nonfarm payrolls rose a modest rate
• 3.5% – Headline CPI cooled year-over-yearThe Federal Reserve held rates steady
• ~10% – Nasdaq 100 briefly entered correction territory with a 9 day losing streak
• 4.7% – 10-year Treasury yield climbed

Commentary:

July centered on the first major policy test for the Warsh Federal Reserve. The FOMC kept the funds rate in the 3.50%–3.75% range by a 9–3 margin, with no meaningful change in statement language. Three regional presidents dissented in favor of an immediate quarter-point increase, underscoring internal debate over inflation that has now run above target for more than five years. Chair Kevin Warsh reiterated a firm commitment to price stability while offering little forward guidance - an approach that left markets to interpret the path themselves and contributed to a notable rise in longer-term yields.

Labor-market data released earlier in the month reinforced a cooling tone: June payrolls added just 57,000 jobs after downward revisions to prior readings, even as the unemployment rate edged lower to 4.2%. Inflation, by contrast, provided relief. June CPI fell 0.4% on the month and the year-over-year rate slowed to 3.5%, largely thanks to energy prices, though core measures remained sticky and above the 2% goal.

Geopolitical and energy volatility amplified the complexity. Brent crude swung dramatically from the high $60s/low $70s early in the month to spikes above $100 before settling back into the mid-$80s to low-$90s. This is reminding investors how quickly external shocks can alter the inflation and growth outlook.

Equity markets, particularly the technology-heavy Nasdaq 100 and QQQ, felt the pressure. The index briefly slipped into correction territory with a roughly 10% drawdown from its early-June peak, and QQQ posted an extended losing streak in the second half of the month - one of its longer sequential declines in recent years. Much of the caution centered on the scale and returns of AI-related capital spending. Alphabet’s results illustrated the dual narrative: Google Cloud revenue surged 82% year-over-year while the company raised full-year 2026 capex guidance into the $195–205 billion range. Search grew a solid 17%. The market’s reaction mixed admiration for the growth with skepticism about near-term free-cash-flow impact.

In fixed income, the higher-yield environment was visible in the corporate market as well. Amazon’s long-dated bonds (some maturing as far out as 2066) traded at discounts that produced yields greater than 6% - attractive absolute levels for a high-quality issuer, yet a reminder that the cost of long-term capital has risen.

Overall, the economy continues to expand at a solid pace, supported by productivity gains and heavy investment in technology and AI. Yet the combination of a more opaque Fed, softer job growth, sticky underlying inflation, energy volatility, and a meaningful tech correction has made the near-term path more contingent on data and geopolitics.

For investors, the environment still favors diversification across asset classes, a focus on quality balance sheets and cash-flow durability, and a willingness to look through short-term noise toward longer-term compounding.

LeConte In The News

We're proud to recognize Alex Willard on his appointment to the Pellissippi State Foundation Board of Trustees. Alex was recently welcomed as one of the Foundation's newest trustees, joining a group of community leaders dedicated to expanding educational opportunities and supporting student success across East Tennessee. The Foundation plays a vital role in advancing the mission of Pellissippi State Community College through scholarships, programs, and community partnerships.

We congratulate Alex on this opportunity to serve and look forward to the positive impact his leadership will have on students and our region.

The inaugural Levitt AMP Maryville Music Series wrapped up its successful nine-week run on July 30 at the Maryville Greenbelt Amphitheater. The free summer concert series brought a diverse lineup of regional and national artists to downtown Maryville every Thursday evening, creating a vibrant, family-friendly atmosphere and drawing the community together through the power of live music.

As presenting sponsor, we were proud to support an event that enhanced quality of life, celebrated the arts, and showcased the strong sense of community that makes Blount County special.

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