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TGIF, everyone. It's Friday, September 11th, 2026. This week's topic, never forget. But before we start, here's a word from our attorneys.

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The information and opinions presented in this podcast, including the views of guests not affiliated with the Blue Spring Wealth, are for general informational and educational purposes only and should not be considered investment in tax or legal advice. Any references to specific securities of the sectors, industries, products, or services, do not constitute a recommendation or endorsement. All investments involve risk, including the possible loss of principle. Listeners should consult their own financial professionals before making any financial decisions.

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I've been thinking long and hard about this message today. Here we are now, 25 years later from the day that changed everything. Can you believe it's been a quarter of a century? We must never forget that 2,977 innocent souls were taken that day. These were moms and dads, sons and daughters, sisters and brothers. 2,753 were in the towers at the World Trade Center. 343 of them were firefighters. New York's finest ran in while others ran away. Another 184 victims died in the Pentagon attack. And of course, 40 perished in rural Pennsylvania when a courageous group decided to sacrifice their lives by diverting the plane in order to save countless others. September 11th left scar tissue on our nation that will probably never fully heal. America was attacked. The rest of the world rallied around us. Our nation was supremely united. No doubt you remember that day vividly. But there's also this. According to the 9-11 Memorial and Museum, an estimated 100 million Americans were either not born or were too young to remember September 11th. They don't have the same feeling as we do who lived it. That means it's our responsibility, and obligation for that matter, to tell the story for generations to learn and understand what happened that tragic day. Storytelling is a useful method. I believe this is a story worth telling, over and over again. I have covered this subject multiple times throughout the course of the twenty three years that I've written this weekly piece. I just reread every one of them. This anniversary is personal to me, as I know it is for so many of you. In gathering my thoughts on this twenty-fifth anniversary, I realized that everything I wrote in twenty twenty one, marking twenty years since the tragic event, still applies. I've decided to recirculate my words from five years ago in honor of that September day, which effectively began in lower Manhattan at eight forty six AM, september tenth, twenty twenty one. Never forget. How could we? Chances are you remember exactly where you were. You remember the complete and utter shock. Your eyes and ears had to be deceiving you. Unfortunately, they weren't. The unthinkable happened, september eleventh, two thousand one. It was a clear Tuesday morning. There was a bright blue sky above. Summer was transitioning to fall in New York. Few knew what was about to come. That day, the world changed. I lived in New York City in 2001. I wasn't there on that fateful September day. But when I returned, it was clearly a changed place. I can still smell the wet, smoky soot at ground zero. I can still feel the tears and the hugs. I just can't believe it's been twenty years. Two guys I went to Cal with left us on september eleventh. Brent was on the eighty sixth floor of the South Tower. Mark was on United Flight 93, which crashed in Shanksville. Brent's baby girl was born six months later. Mark was one of the guys who said, Let's roll. Brave guys, tragic endings. Taken too young. I have such great respect for both of them. Heroes converged on Lower Manhattan that Tuesday morning. Many wore the uniform of NYPD and FDNY. Their names were called. Their professional purpose kicked in. As the masses ran away, they ran in. I think about Morgan Stanley's head of security. His name was Rick Rascorla. It's a name worth knowing and remembering. He's an American hero. Riscorla, a Vietnam veteran, is credited with saving nearly 3,000 lives that day. Almost every Morgan Stanley employee made it out of the South Tower alive, but there was a handful still unaccounted for. So Mr. Rescorla went back in. Nobody left behind on his watch was his motive. Rick Rescorla was in the South Tower when it collapsed. He died a hero. His story lives on. People came together following that day. Our nation, much of the world. It was us versus them. The good guys against the bad guys, the victims versus the perpetrators, the peaceful versus the terrorists. American pride swept the nation. That is so important to remember. That is so important to understand. The challenge is to get that back. The stock market never opened that day. The first plane hit the North Tower forty-five minutes before the scheduled open. Trading was halted. The New York Stock Exchange was closed for four consecutive days plus the weekend, the longest stretch since World War I. It opened up the following Monday, September 17th, falling 685 points. It was a 7% decline. That was then the largest single day point decline in history. The market doesn't flinch much around geopolitics these days. It used to be that a terrorist attack would send both the dollar and the price of oil soaring. Those trends have changed. Perhaps we've just become immune. But there's some significance. First, our economy runs less and less on crude, and we now produce so much of what we consume. The result is America far less dependent on foreign sources. The issue with the dollar is a little more complicated. The simple explanation is America's currency doesn't carry the same weight around the world. There hasn't been a rush lately to that ultimate safe haven symbol. The dollar has been weak. Make no mistake, the dollar is still the global reserve currency. But foreign nations don't view us as they once did. Now that's a new trend, and it's not a good one. Twenty years later, America is not in a great place. There's a lot of soul searching going on as to who we are. These states are not as united as the framework was designed. Twenty years is nearly 10% of America's existence. It's a consequential period. Time heals. But this process is taking a toll and doesn't seem to be on the right path for unity. Cynicism has been on an upswing in America. World War II brought what's been called the greatest generation. These were the Americans that grew up in the Depression and banded together in sacrifice for the war effort. It was an attitude of selflessness for the common good. Things have been different since. Perhaps the seeds of cynicism were planted around the Kennedy assassination. Then they blossomed during Watergate, Iran-Contra, and the Clinton years. Americans were losing trust in the establishment. The financial crisis took it to a whole new level. Endless wars are not popular. Corporate bailouts aren't either. Too big to fail could also mean too big to exist. Everything is political. Rules don't seem to apply to everyone. In 2021, cynicism is everywhere. Today's anger in America comes from within. The internet has made everyone an expert and social media creates silos for like-minded people to fuel the rage. The divide has gotten so wide that many can't even agree on facts. Political rhetoric is filled with brainwashing and manipulation. Us versus them used to refer to foreign adversaries. Today it pits Americans against fellow Americans. The enemy is us. Even our allies don't know what to think. There are some serious conversations taking place questioning whether America is in decline, that America's dominance has frayed. September eleventh brought America together. Today it's hard to imagine it being further apart. With adversity comes opportunity. That's when the magic happens. Leaders rise, the good often shines. We should be celebrating the good. The good doesn't get enough attention. The newswires focus mostly on the bad. The bad sells, but the good heals. Good looks past cynicism, good looks for solutions. Good isn't always popular. Good can be hard. Good is what is needed, but not always wanted. Good can be considered naive, but it's also infectious. We need to embrace the good. We need to promote the good. We need to rally around the good. America's greatness, its story, has come on the backs of the good. Those are the stories worth telling. We need to keep telling those stories. We are an imperfect nation. We all know it. Our founding fathers said it up front, but admitting it and striving to be better is what it's all about. Look for the good. It still lives here. The words American and optimism go hand in hand. You could say that cynicism hijacked America just as those terrorists hijacked the plains. The good news is we can all do something about it. There's still time. I tell my team all the time, if you commit to making a positive difference in other people's lives, good things will happen. Little things lead to big things. It takes courage to commit to the good during times of adversity. Fortunately, the good has guts. Home of the brave. Never forget. Back to today, crude prices jumped again this week, with WTI punching back through $100 per barrel. Commodities followed suit. Yields have risen too. Geopolitical activity is definitely influencing these high prices. The market and American people are reacting. It's a heavy weight on costs and assets. Though geopolitics have had less impact of late compared to decades prior, they still matter. This market has been mostly driven by economic expansion and the AI advancement. But there's a storm brewing out there with multiple issues, which has the market's attention. September brought more corrective price action. September sell-offs are nothing new to Wall Street. Thank you for reading. Feel free to forward this to family and friends should you find it valuable and impactful. Storytelling is a powerful tool in keeping memories and spirits alive. And our first responders and military servicemen and women are the true American heroes. They are the ones who provide the safety, security, and freedom for us to be us. Never forget. Have a nice weekend. We'll be back dark and early on Monday. I'm Mike Frazier.