The Clarion Call: July 2025
- Marshall Goins
- Jul 15
- 4 min read
The Clarion Call
July 14, 2025
It is summer again and there is no shortage of heat. The summer temperatures are here and the activity in the world is not cooling down. As the old saying goes—an ironic curse often attributed to ancient Chinese wisdom—we are certainly living in interesting times, marked by geopolitical tensions, tariff uncertainties, and rapid market shifts. Yet, despite this turmoil, amazing things are happening in our world.
As your advisor, I have been thinking about the definition of money. I know that might sound strange but with changes in the US dollar and new forms of currency in the world, it is important to return to first principles and make sure we are building on a firm foundation.
The academic definition of money is a medium of exchange, a unit of account, and a store of value. This enables efficient transactions in modern economies by overcoming the inefficiencies of barter systems.
Inflation has reduced the dollar’s purchasing power by ~20% from 2020 to 2025, making it critical to invest in assets that preserve or grow your wealth. As your advisor, I have been thinking about money as a store of value and considering what comes next.
Here is a list of places you could have put your “money” over the last 5 years.
1. Stocks: S&P 500 ETFs delivered ~50% returns from 2020 to 2025. If you invested $1,000 in an S&P 500 ETF at the beginning of 2020, the value as of July 14, 2025, with dividends reinvested, would be approximately $2,112.
2. Bonds: Treasuries, like 10-year notes are yielding ~4.2% in 2025. If you invested $1,000 in the iShares Core U.S. Aggregate Bond Index ETF (AGG) at the beginning of 2020, the value as of July 11, 2025, with dividends reinvested, would be approximately $1,014.
3. Cash and cash equivalents: The Schwab money market fund SWVXX is paying 4.15% interest in 2025. If you invested $1,000 in the Schwab Money Fund (SWVXX) at the beginning of 2020, the value as of July 14, 2025, with dividends reinvested, would be approximately $1,154.
4. Precious Metals: Gold (+37%) and silver (+40%) have countered inflation since 2020, providing stability but they generate no income.
5. Real Estate: California’s housing market grew 42% since 2020, with prices climbing from $640,000 to $909,400, driven by limited supply and strong demand. Real estate was a good place to be over the last 5 years.
6. Direct Business Ownership: Owning a business can be a great way to store value and grow wealth. Rates of return in the area are hard to come by but, in my experience, business ownership can provide some of the best returns.
7. Other Assets: Cryptocurrencies like Bitcoin since 2020 (+176%) are high-risk, high-reward. Commodities or collectibles are less liquid.
With inflation eroding the dollar’s value by about 20% from 2020 to 2025, preserving your wealth requires strategic choices beyond holding cash. Inflation at 2.4% and money supply growing 4.5% (May 2025), there are many options poised to outpace cash. Let’s discuss aligning these options with your goals. Cash feels safe and it has been a good place to reduce volatility but it’s important to stay invested for growth.
As your advisor, our objective is to grow and protect the assets you have so dutifully saved over your lifetime. We spend our time thinking and working to achieve this objective.
We will continue to monitor the markets and make adjustments to protect and grow your portfolio. Thank you for putting your trust in us.
If you would like to schedule a review meeting, please call the office at (530) 889.0200.
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Marshall Goins President at Clarion Advisors, Inc.
Phone: 530-889-0200 Mobile: 916-606-7700 Email: marshall@clarionadvisors.com
1519 Lincoln Way Auburn, CA 95603 970 Reserve Dr, Suite 100 Roseville, CA 95678
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