Landmark Wealth Management, LLC

Registered Investment Advisor

631-923-2485; 888-342-6436

Greetings! The holiday season—and with it, the year 2025—are over. We hope this newsletter was the last thing each of you had remaining on your holiday wish list. 2025 was another positive year in the market and left a great deal to recap. There is also just as much (if not more) to look forward to as we preview 2026.

When it comes to equities, Q4 2025 remained in lockstep with the overall trajectory of the rest of the year. International equities continued to outperform their domestic counterparts, but both managed to chug along to extremely solid, positive returns. The overall equities market was robust, broad, and positive throughout the year and, hopefully, looks to build on that momentum in 2026.

In fixed income, we saw yet another 25-basis-point cut, which buoyed another solid quarter for bonds on top of their strong performance earlier in the year. Looking ahead to 2026, most prognosticators believe there will be one additional rate cut, which should continue the strong momentum in fixed income. However, as we do in every newsletter, we once again caution that the market is notoriously unpredictable and that consensus opinions can change on a dime or be outright incorrect.

We give you a deeper insight into our thoughts on the past quarter and an outlook for Q1 further below. If you would like, we also have a link to the Deloitte economic and market outlook for Q1 2026 (click here), and Morningstar's Q1 market outlook for 2026 (click here).

In this issue of our Investment Newsletter:

• Our investment topic this issue is: "The Affordability of Homeownership: Then vs Now"

• Recent articles where Landmark Wealth Management was quoted in the press

• An overview of recent market activity, along with Our Perspective...

• A recap of the performance of major market indices from the past quarter

• Upcoming Economic Calendar

You will find past investment articles, by clicking the Articles tab above, or directly on our website, found under Periodicals. 

If there is a topic of interest you would like to see covered in the future, please reply back to this email to let us know, or click here. Likewise, if you have any questions on this or anything else, feel free to reply back.

Investment Topic

"The Affordability of Homeownership: Then vs Now."

For our investment topic, "The Affordability of Homeownership: Then vs Now" we give our thoughts and suggestions. To learn more, please click here.



Please note - this investment topic, as well as past investment topics, can be found on our website under the Articles tab, or you can click here.

Landmark Wealth Management Quotes in the Press

The past few years, Landmark Wealth Management has been quoted in the press for various articles. We have decided to start sharing these when they happen. If curious about past times we were mentioned, you can see it on our website under Articles > In The Press, or simply click here.

______

From an article on the website MarketWatch: "‘Is this fair?’ I have mutual funds with a broker earning 26% — but he charges me 2% in fees. Is this a worthwhile tradeoff?" To access this article, please click here.

______

From an article in Gobankingrates.com, "How Much Will Inflation Impact Your Salary in 2026? Experts Weigh In". To access this article, please click here.

______

From an article that was on the website MarketWatch: "‘‘Who is willing to lay everything out for me?’ I want to know what I’m truly paying my adviser beyond the AUM fee. But how?". To access this article, please click here.

Our Perspective on Recent Market News and Activity

Our synopsis of the past quarter, a look ahead, and putting it all in perspective:

Q4 2025 was another solid quarter for market returns and continued many of the trends we observed in Q3. 2025, as a whole, turned out to be a fantastic year (unless you’re a fan of any New York City sports team outside of the Knicks).

The equity landscape in both Q4 2025 and the year overall was dominated by international stocks and the S&P 500. International stocks continued their best year in recent memory, with the MSCI EAFE Index posting Q4 returns of over 4% to close the year up more than 30%. Emerging markets (as measured by the MSCI Emerging Markets Index) also delivered Q4 returns greater than 4% and finished the year up over 30%. The S&P 500 closed the year with a positive Q4 (up just under 3%) and posted yet another double-digit return for the year—its third time doing so in as many years. The mid and small-cap sectors also finished Q4 2025 on a positive note (albeit slightly) and joined the double-digit return party for 2025 overall, as measured by the Russell Mid Cap Index and the Russell 2000 Index, respectively. The only notable laggard in Q4 was REITs, which closed the quarter in negative territory, though they were still slightly positive for the year, as measured by the Dow Jones U.S. Select REIT Index.

Fixed income was again able to put together a positive quarter, aided by the December rate cut, and finished Q4 up just shy of 1%, as measured by the Bloomberg Aggregate Bond Index. For the year, the Bloomberg Aggregate Bond Index was up just over 7%, marking its strongest annual performance since 2020. Municipal bonds also posted both a positive quarter and year, with the Bloomberg Municipal Bond Index closing the quarter up around 1% and the year up just over 4%.

Q4 2025, and 2025 as a whole, were both extremely positive for markets. In contrast to previous years—particularly 2024 and 2023—the market was primarily buoyed by factors other than the high-flying tech names that dominate the S&P 500. While those companies and the index itself still produced solid results, the continued broadening of market performance has been a refreshing sight to behold.

Looking ahead to Q1 2026, and 2026 in general, the key outstanding questions for most investors likely center on the brewing conflict in Venezuela and whether the AI craze—and its positive effect on markets—is sustainable, or if a bubble may be forming in that space. Later in the year, there is also the question of how the midterm elections will unfold, as well as whether there will be one or two additional rate cuts in 2026. As we caution in every newsletter, even though these uncertainties may be frightening or concerning, they do not constitute reasons to drastically alter your asset allocation or exit the market altogether. “Timing the market,” or making tactical bets, is largely an exercise in futility, and sticking to one’s defined financial plan during times of uncertainty is of the utmost importance.

If it has been a while since we last sat down to review your personal numbers, we encourage you to make an appointment and meet with us.

Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.

Major Market Indices

Below is the Q4 '25 and 2025 year end total return performance of some of the major indices:

On The Investment Horizon

Upcoming Key Dates on the Economic Calendar 

• First Friday of each month: Unemployment report for the prior month, released at 8:30AM.

• Monday, January 19th- Martin Luther King Jr. Day: US Markets Closed

• Tuesday, January 27th - Wednesday, January 28th: The Federal Open Market Committee (FOMC) meets, and releases their announcement on Wednesday at 2PM.
• Thursday, January 29th - Gross Domestic Product, 4th Quarter 2025 (Advance Estimate)

• Monday, February 16th- Presidents Day: US Markets Closed
• Thursday, February 26th - Gross Domestic Product, 4th Quarter 2025 (Second Estimate) and Corporate Profits (Preliminary)



• Tuesday, March 17th - Wednesday, March 18th: The Federal Open Market Committee (FOMC) meets, and releases their announcement on Wednesday at 2PM.
• Friday, March 27th - Gross Domestic Product, 4th Quarter 2025 (Third Estimate), GDP by Industry, and Corporate Profits (Revised)

We Value Your Opinion - Leave a Review Today!

General & Contact Information

For our clients - You should have received your statement directly from our account custodian, Charles Schwab & Co. If you have not, please let us know so that we may investigate the matter. Please review your statement carefully and let us know if you have any questions or comments.

Also, as a reminder, our office has a nice sized conference room to use for our meetings and updates. If you do not feel comfortable coming into our office or if it is inconvenient, we recommend that we set up a Zoom or teleconference call to update your planning numbers, especially if it has been more than a year since we have last done so. Please feel free to reach out.

For everyone - If you desire an appointment, have any questions on any of this material, or any other financial subjects may relate to your own financial circumstance, please reach out to us at the contact information below:

Sincerely,

Brian Cohen, CCO; email: brian@landmarkwealthmgmt.com; phone: 631-923-2487

Chris Congema, CFP®; email: chris@landmarkwealthmgmt.com; phone: 631-923-2486

Joe Favorito, CFP®; email: jfavorito@landmarkwealthmgmt.com; phone: 631-930-5336

Jim Millington, CFP®; email: jim@landmarkwealthmgmt.com; phone: 631-470-0765

Aaron Belletsky; email: aaron@landmarkwealthmgmt.com; phone: 631-982-8049

Stu Lempert, CWS®; email: stuart@landmarkwealthmgmt.com; phone: 631-485-3055

Direct office email: info@landmarkwealthmgmt.com 

Direct phone: 631-923-2485 or 888-342-6436

This communication is from Landmark Wealth Management, LLC, a Securities and Exchange Commission Registered Investment Advisory firm. The information in this email is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax, legal, or investment advice from an independent professional / financial advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Information and use of materials contained in this email, including text and attachments, is confidential and is for the use of the intended recipient(s) only. If received in error, you are hereby notified that any dissemination, distribution, or copying of this communication, or any of its contents, is strictly prohibited. If you have received this communication in error, please reply to the sender and delete the original message and any copy of it from your systems. Be also advised that email communications are not secure. All e-mail sent to or from this address will be recorded by the Landmark Wealth Management, LLC email system and is subject to archival, monitoring, and inspection pursuant to securities regulations. Please direct any matters regarding this policy to info@landmarkwealthmgmt.com.