Protein, Passwords, Profits and a Puppy

Good news! We survived Tax Season. And if you’re reading this, you did too. Now we turn our eyes to Graduation Season and summer. But first take a moment to enjoy our latest newsletter. How are you doing on your daily protein intake? Grab some jerky and your favorite whey drink and settle in for some meaty financial info.

Tax Review

If you’re like most Americans, now that the filing deadline is past, you’re probably ready to forget about your relationship with your taxes for a little while. But we’d like to invite you to reflect for a moment before you move on. While those .pdfs are fresh on your mind, why don’t you upload them to your secure portal dyerandco.portal.tamaracinc.com and let us explore how your returns might inform our decision-making and planning in 2026? (Need your own portal access? We can help with that, too.)

Much has changed since the passage of the One Big Beautiful Bill Act last year and there might be opportunities for us to consider in partnership with your tax preparer. 

For example, did you know that filers over the age of 65 get a bonus $6,000 deduction ($12,000 for married filing jointly) through 2028? This may create a little headroom within your tax bill to consider accepting some capital gains you’ve been deferring. Or maybe it lets you re-think your Roth conversion strategy. While this deduction is available whether or not you take the standard deduction, it does have a phase-out starting at $150,000 for married couples.

Market Update

After a rough first quarter, one of the S&P 500's weakest since 2022, markets have staged a remarkable comeback. The S&P 500 hit a record close of 7,165 on April 24th, and the Nasdaq just completed its longest winning streak since 1992, driven largely by continued strength in large-cap technology. To put that in context, we started the quarter down roughly 5% for the year and are now sitting at all-time highs.

The story behind the volatility is oil. The conflict in the Middle East has kept Brent crude volatile, with prices spiking above $100 per barrel at points as disruptions and risk around the Strait of Hormuz raised concerns about global energy supply. Prices have since remained elevated and range-bound, reflecting an ongoing geopolitical risk premium that markets are still digesting.

Underneath all of that is a quieter, more encouraging story: earnings. Alphabet reported $109.9 billion in revenue for the first quarter, up 22% from a year ago, with Google Cloud growing 63% as enterprise AI demand drove backlog to over $460 billion. Meta also delivered strong results, with double-digit revenue growth and continued strength in profitability, supported by resilient digital advertising demand. A large majority of S&P 500 companies that have reported so far have beaten expectations, putting the index on track for earnings growth of roughly 13% year over year. Stock prices follow corporate profits over time, and right now, profits are holding up well.

On the Fed front, the FOMC held rates steady yesterday in Jerome Powell's final meeting as chair (though he announced he’ll stick around as a governor for a while). Four members dissented, the most since October 1992, reflecting genuine disagreement about where policy goes from here. Inflation has continued to ease from its peaks but remains above target, and recent energy price volatility has added a new layer of uncertainty to the path forward. It was a more dramatic meeting than markets usually get.

Even so, the market is historically expensive on many valuation metrics. According to data from Charles Schwab’s quarterly Chartbook, when the S&P 500’s forward P/E is above 20 (it's currently around 21), forward returns have historically been lower on average. That doesn't mean a correction is imminent, but it does suggest future returns may be more modest than the last few years have spoiled us into expecting.

The economic backdrop remains solid and corporate America is delivering. But energy prices are still unsettled, and the market's swift recovery may be getting a little ahead of what we actually know. As always, that's not a reason to make dramatic moves. It's a reason to make sure your plan was built for exactly this kind of weather. If it was, you're already doing the right thing. If you're not sure, let's talk.

Some of the data above comes from Schwab's Q2 Chartbook, a 70+ page document of economic charts and data. If you'd like to join us in geeking out on the numbers, we're happy to email you a copy.

Cinco de Mayo = Password Party!

There’s a song by Cake called Mexico with the line “I don’t know much about Cinco de Mayo. I’m never sure what it’s all about.” Well that’s not the case for us here. We have big plans for “Cinco.” We take internet hygiene seriously, and we’re blocking off time on Tuesday, May 5 for our first annual Password Party where we’ll go top to bottom through our firm logins and change things up to keep one step ahead of the bad guys. There may also be tacos. If your password is some variation on “password,” or if you don’t know what two-factor authentication is, you may wish to have your own password party. Soon.

Protein Economics

By Caroline



I have a long-standing relationship with Halo Top (protein ice cream). It started as a “healthier ice cream” workaround and somehow turned into something I keep in the freezer on purpose. At some point, I noticed I was not alone in this. The freezer aisle looks very different than it used to.

There was a time when “protein” was mostly found in one corner of the store. Shakes, powders, bars. You knew where to find it, and you probably were not there unless you were trying to be.

Now it is everywhere. Not just in the obvious places, but in foods that were never part of the conversation. Cereal, pancakes, snack chips, ice cream. Products that have existed for decades, suddenly reintroduced with protein front and center.

The speed of the shift is what stands out. A growing share of consumers now say they are actively trying to increase protein intake, a dramatic change from just a few years ago. At the same time, weight loss drugs like GLP-1s have scaled rapidly across the U.S., reinforcing the same behavioral direction: fewer calories, more emphasis on what each calorie delivers.

Companies have responded quickly, but not always in obvious ways. In many cases, it is not about reinventing products. It is about reframing them. A few extra grams of protein, a redesigned label, a different shelf identity. The underlying product can stay largely the same, but the perception changes.

And that perception has real consequences. “High protein” versions often sit at meaningfully higher prices than their standard equivalents, even when the ingredient differences are modest. Those products are still moving.

It is not often that a single nutrient moves from niche fitness interest to a mainstream packaging strategy across entire grocery aisles. But when it does, it reshapes how products are positioned, how they are priced, and how quickly categories evolve.

It is one of those shifts that feels small at the shelf level, but shows up everywhere once you start noticing it.

Where I've Found Wisdom

By Gray



1929 Inside the Greatest Crash in Wall Street History–and How It Shattered a Nation, Andrew Ross Sorkin

Thanks to those of you who recommended I read 1929. It checked a lot of boxes for me. Perhaps obviously, I was enthralled with the narrative of how the market cratered. Sorkin recreates the panic of the crash itself in vivid detail.

As a beneficiary of the sweeping legislation that followed the crash, many of the investment practices of the day struck me as reckless and, well, fascinating. Some early predecessors to mutual funds were beginning to emerge at the time. Even if they might have been well-intentioned, they were poorly organized, poorly regulated and ruined many small investors. What many of you told me is how familiar many of the characters seem compared to today’s celebrity wealthy class. 

Learning about the players involved gave this chapter of history so much texture. Did co-author of the Glass Stegall Act, Senator Carter Glass of Virginia, want securities reform? Certainly. Sorkin would have us believe he seemed even more eager to punish “Good Time Charlie” Charles Mitchell of City National Bank–who deserved it for a number of reasons. Oh. And Glass was an open, unapologetic racist.

Given my profession and my interest in history, shame on me for not digging into this era before now. But I’m glad I did. You don’t have to be a historian or a stock market junkie to appreciate this chronicle of boom and bust. This has all happened before. And will all happen again?

P.S. — We're growing.

Dyer & Company is looking for a part-time Client Services Associate to join our team. We want someone detail-oriented, warm with clients, and looking for flexible hours that work around family life. If you know someone who might be a great fit, we'd love an introduction. Full details here: https://www.dyerand.co/join-our-team

Meanwhile, Caroline has filled the position of full-time best friend. Goose hasn’t made it into the office yet, but we know you’ll be excited to meet him soon.

Thanks, as always, for your continued trust. We’d love to hear from you. How was tax season? What’s your daily protein target? Caroline shoots for 120g; Gray 170g. What’s your favorite protein source? What are you reading these days? Let us know!

Thank you for reading. If you liked this content, please share with a friend. You can always reach us by replying to this email or at 704-323-6872.

The foregoing content reflects the opinions of Dyer & Co. and is subject to change at any

time without notice. Content provided herein is for informational purposes only and should

not be used or construed as investment advice or a recommendation regarding the

purchase or sale of any security. There is no guarantee that the statements, opinions or

forecasts provided herein will prove to be correct.

Past performance may not be indicative of future results. Indices are not available for direct

investment. Any investor who attempts to mimic the performance of an index would incur

fees and expenses which would reduce returns.

Securities investing involves risk, including the potential for loss of principal. There is no

assurance that any investment plan or strategy will be successful.