Robertson Stephens Weekly Commentary – October 13, 2025

It is a strange, somewhat unreal moment. A holiday that isn’t quite a holiday, a federal government that is mostly shut down while state governments go about their business, and government inflation reports that may or may not happen. Analysts have now been called back to the Bureau of Labor Statistics in something of a panic upon the realization that the Social Security Cost of Living Adjustment (COLA) for 2026 is dependent upon the September 2025 CPI calculation. Last week, stocks declined while bonds appreciated (price up / yield down). The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500. Across U.S. Russell style & market cap indices, mid-cap growth did the best, but the low volatility factor led more broadly. On the wealth planning front, we discuss new 401(k) rules making it easier to add annuities for guaranteed lifetime income.