Nolan Wealth Management Newsletter
I am pleased to announce the continued expansion of our practice. In January, we welcomed Norm Wilde III to our team. I have had the privilege of working with Norm for over a decade in the capital markets prior to launching Nolan Wealth Management in 2015. Norm brings more than 30 years of investment experience to our practice and will join me, Bob Meyers, and June Mariano in servicing your financial needs. Please join us in welcoming Norm and read more about his background and our full team update below.
As we close out the first quarter of 2026, the current long-term secular bull market has reached its 13th year (with the average cycle lasting approximately 15 years). Many investors are increasingly concerned about the potential emergence of a new bear market, with rising oil prices viewed as a leading indicator of a possible recession. A similar pattern occurred in 2007, contributing to a level of fear and uncertainty in today’s markets not seen since the inflation scare of 2022. Ongoing geopolitical tensions—particularly the war in Iran—and uncertainty surrounding the restoration of global oil flows continue to weigh on investor sentiment. The persistent news cycle and shifting timelines are likely to remain an overhang on markets as companies report first-quarter earnings in the coming weeks. If oil prices and interest rates remain elevated, market pressure is likely to persist. In this environment, we remain focused on valuations and long-term cycles, particularly when markets are not trading on fundamentals.
Equity markets have remained relatively flat since October 2025. Year-to-date, earnings estimates for the S&P 500 in 2026 have been revised upward by approximately 15%. With the market down 8% (price declining) and updated 2026 earnings estimates for the S&P 500 at $325 (earnings increasing), valuation multiples have become more reasonable. The market is currently trading at approximately 20x this year’s earnings and 17x 2027 estimates. Value stocks, commodities, and small-cap equities have outperformed year-to-date. In contrast, several large-cap technology names have declined, with META down 16%, Microsoft down 25%, and Tesla down 20%. Netflix is the only “MAG 8” stock currently positive for the year. Social media companies may be approaching a “tobacco moment,” with significant litigation risks still pending. Investors should also be mindful that purchasing an S&P 500 index fund currently results in roughly 40% exposure to the MAG 8, which may not deliver the same level of performance seen over the past decade.
Please see below for relevant charts, important team updates, and information on virtual financial education seminars available in the second quarter.
If you have not had your individual financial plan updated within the last year, please call us or schedule a planning appoint through Bob Meyers (rmeyers@janney.com).
Current and historical Multiple on S&P 500
Current and historical multiple on Software Sector:
Here is the research report which triggered a selloff in software before the war started -Citrini Research report. This report caused a lot of hysteria in the investment community and also triggered a selloff in the private asset managers (OWL, ARCC, APO, KKR, CG. etc.).
Thanks to Nick Lampone @ Pine Valley Investments (nlampone@pinevalleyinvestments.com) for two of the best long term market charts. Reach out to Nick if you want to be put on his daily market summary email.
Team Website: Nolan Wealth Management
Please welcome Norm to the team!
- Michael Nolan: mnolan@janney.com | +1-610-526-7238
- June Mariano: jmariano@janney.com | +1-610-526-7228
- Bob Meyers: rmeyers@janney.com | +1-610-526-7239
- Norm Wilde III: nwilde3@janney.com | +1-610-526-7210
Norman T. Wilde III brings more than 35 years of experience in the financial services industry to his role as a Senior Vice President and Financial Advisor at Janney Montgomery Scott. He began his career with Janney after interning with the firm in 1988 and joined full-time in 1990, drawn to the firm’s collaborative culture and commitment to long-term client relationships.
Norman earned his Bachelor of Science in Business Administration with a concentration in Business Management from Bucknell University. Prior to his advisory role, he spent decades as an Institutional Equity Sales Trader, providing him with deep market knowledge and a strong foundation in equity investing. His dedication and leadership have been recognized through his service on Janney’s Chairman’s Council.
Norman’s practice is guided by a hands-on, highly accessible approach, with a focus on financial planning, retirement planning, and equity strategies. He is committed to helping clients make informed decisions through personalized guidance tailored to their individual goals and circumstances.
Outside of the office, Norman is actively involved in his community through the Presbyterian Church of Chestnut Hill, where he has volunteered on numerous youth mission trips. He enjoys golfing, running, and traveling, and has been married for nearly 30 years. He and his wife have three daughters.
Please see the link below for our current offering of financial education webinars (tax & estate planning, cyber security, Medicare, and more):
Events | Nolan Wealth Management
For more information about Janney, please see Janney's Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.
Nolan Wealth Managment of Janney Montgomery Scott | 40 Morris Ave Suite 200 | Bryn Mawr, PA 19010 JANNEY MONTGOMERY SCOTT LLC The Highest Standard of Success in Financial Relationships www.Janney.com © JANNEY MONTGOMERY SCOTT LLC • MEMBER: NYSE, FINRA, SIPC The content of this letter is provided for informational and educational purposes only and shall in no event be construed as an offer to sell or a solicitation of an offer to buy any securities or a recommendation for any strategy or to buy, sell, or hold any product. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results, and there is no guarantee that any investment strategy will be successful. The information described herein is taken from sources believed to be reliable, but its accuracy and completeness are not guaranteed. This material is not intended to provide personalized investment advice; investors should consult with their Financial Advisor regarding their individual circumstances.
