Robertson Stephens Weekly Commentary – June 29, 2026

As the US looks forward to a week of celebrations of the 250th Anniversary of its founding, it also takes a step into the second half of an extremely tumultuous and consequential year. “Resilience” is the term that keeps coming up in every economic conversation, but to focus on resilience is to potentially ignore the exceptional success of the American experiment, past, present, and hopefully, future. Markets traded lower last week, though there was relative strength beneath the major equity indexes. The S&P 500 and Nasdaq both ended the week lower as the largest tech stocks sold off, while the Russell 2000 small-cap index, along with the value and equal-weight factors, produced modest gains. On the wealth planning front, we discuss how to build an effective liability shield with personal umbrella insurance as a key first line of defense.