It is said that change is the only constant, and I think this is absolutely true in life and in business. I have made several changes to my business lately and wanted to bring you up to date.

First, each year at about this time I need to offer you an updated version (as of March 15th) of my regulatory disclosure brochure, or ADV Part 2. I'll summarize the material changes below. Let me know if you'd like me to email you a copy of the document. Or, if you prefer you can download it from my website on the homepage, up at the top. Look for "ADV" and you'll find the link.

Trivia time... How many stocks make up the Wilshire 5000 Total Market Index (a widely used benchmark for the US equity market)?

While the logical guess might be 5,000, as of December 31, 2016, the index actually contained around 3,600 names. In fact, the last time this index contained 5,000 or more companies was at the end of 2005. This mirrors the overall trend in the US stock market. In the past two decades there has been a decline in the number of US-listed, publicly traded companies. Should investors in public markets be worried about this change? Does this mean there is a material risk of being unable to achieve an adequate level of diversification for stock investors? I believe the answer to both is no. When viewed through a global lens, a different story begins to emerge—one with important implications for how to structure a well-diversified investment portfolio.

For a growing number of Americans, the question isn't exactly when they can afford to retire, but where. So, it makes sense that I've been getting questions lately about how to retire abroad. As people look ahead it can be daunting to consider rising costs like food, energy, housing, property taxes, and, oh yes, healthcare. All of this and more leads many to look beyond our shores as they consider how, and where, to spend their time in retirement.

You have likely heard many times about how important it is to be well diversified with your investments. Sayings like, "Never put all your eggs in one basket", make good intuitive sense and are easy to superficially apply to investing. And scary stories abound regarding companies that have gone bust while taking many a retirement fund with them. So, spread your eggs around in different baskets, don't chase "hot" stocks, strength in numbers... sounds simple, right?

With all the political news over the past few months it's natural that topics like the Fed and interest rates were pushed to the back burner for a while. There's only so much time in the day for financial news, right? But this has changed in the past couple of weeks and markets are reacting. As our economy continues to improve, and the Fed is meeting again today and tomorrow, investors are focused on what increasingly looks like another short term interest rate increase.

This week's post covers two different topics. First, a quick update on the stock market and its recent "clusters" of higher highs. Second, there's a tax update with important dates and other facts to remember.

With numerous reports lately about the Dow Jones Industrial Average making new highs and knocking on the door of 21,000, it's natural to wonder about the inevitable pullback. After all, the index was below 17,000 only a year ago following the nasty start to 2016. That's a sizeable gain in a short period of time. Other stock indexes are up as well, but the Dow garners the most media attention.