At Hill Investment Group, we think long-term—whether we’re helping clients stay the course or cultivating the next generation of talent. One of the ways we live out that mindset is through our summer internship program, which continues to grow in depth and impact each year.

Every spring, we carefully select interns who reflect our values: curiosity, humility, hard work, and a hunger to learn. We look for students who aren’t just academically strong but also thoughtful communicators and team players; people we’d want to work alongside long after the summer ends.

We often share Odds On early in the process to give candidates insight into our philosophy, then host a series of team interviews to ensure mutual fit. We see the internship as a two-way opportunity: a meaningful growth experience for the intern and a chance for us to deepen our bench of future leaders. Once they join us, interns receive a fully immersive experience, learning from every department, working on real projects, and even participating in strategic conversations. And of course, we make time for fun.

Many of our intern alumni have gone on to successful careers in finance, consulting, and even full-time roles with Hill. Their contributions continue to shape who we are. We’re proud to carry that tradition forward this year with three exceptional individuals.

Michael Wanda – Principia College

Hi, my name is Michael Wanda, and I’m a rising senior at Principia College, majoring in Business and Economics. I was born and raised in the suburbs of Nairobi, Kenya. Though I had been accepted to the top law school in the country, I followed a different calling—finance—thanks to the influence of my older brother.

When the pandemic changed everything, a chance connection through soccer helped me apply to Principia and begin a new path in the U.S. Earlier this year, I discovered Odds On and was fascinated by Matt and Rick’s journey to build Hill Investment Group. After finishing the book, I knew where I wanted to intern.

Since joining, I’ve had incredible experiences—including a memorable lunch with Matt at his usual lunch spot, Rearn Thai. The people here are kind, smart, and committed to something that feels bigger than just numbers. I’m grateful to be part of it.

Cameron Martin – University of Miami

Hello, my name is Cameron Martin. I grew up in University City, Missouri, where sports like football and wrestling taught me how to embrace adversity and push through challenges. That mindset has carried over to my academic life—I’m a Singer Scholar at the University of Miami, double majoring in Finance and Business Law.

What excites me about Hill is the mission to make the complex simple for the sake of helping others. To me, a smart person doesn’t complicate things—they clarify them. That’s what I want to do in my career, and it’s why this internship is such a great fit.

So far, the people here have been incredibly generous with their time and insight, especially Jonesy and Jack. I’m looking forward to learning more and contributing wherever I can this summer.

Sofia Perez – Washington University in St. Louis

Hi, my name is Sofia Perez. Though I was born in St. Louis, I lived in Mexico for 10 years before returning for college. I’m a rising junior at Washington University in St. Louis, double majoring in Finance and Marketing with a minor in Human-Computer Interaction.

Helping my parents run their small businesses taught me how much heart and effort go into every dollar earned. That experience sparked my interest in business and a desire to help people grow stability and opportunity.

I was drawn to Hill because of the firm’s long-term, evidence-based approach and its focus on relationships. From my first interaction, I felt aligned with the team’s values and supported in my growth. I already know I’ll look back on this experience as a defining step in my career.

We’re proud of Sofia, Cameron, and Michael, and excited to learn from them just as much as they’re learning from us. Their early contributions are already helping us grow stronger as a firm.

Stay tuned for more from the interns in a future newsletter.

Market volatility is back in the headlines, and if you’re feeling uneasy, you’re not alone. Over the past month, markets have given us another sharp reminder of what it means to be an investor. On April 2nd and 3rd, the S&P 500 fell a combined 10.7%—a drop that understandably triggered anxiety for some. And just when the idea of sitting on the sidelines might have felt tempting, the market turned on a dime. On April 9th, the S&P 500 gained 10.5% in a single day, quickly recapturing much of the prior decline.

That’s the market. It moves. Sometimes violently. In hourly bursts. Often unpredictably. And always in response to new information.

One of the best examples of this came on April 9th at 1:18 p.m. Eastern, when President Trump posted on Truth Social that he would lift tariffs on all countries other than China. Within ten minutes of that post, the S&P 500 had surged nearly 6%. Markets are incredibly efficient at digesting new information, whether it’s about trade policy, inflation, interest rates, or elections. The current price of a security reflects the consensus expectations of millions of participants, each with skin in the game.

So what should you do in the face of this kind of uncertainty?

Stick with your plan.

At Hill Investment Group, every client portfolio is built around a long-term strategy, not short-term noise. Your plan was designed with the understanding that markets will experience sharp moves, both up and down. We don’t pretend to know what tomorrow’s headlines will be or how the market will respond to them. What we do know—based on decades of data and mountains of research—is that markets are priced to deliver a positive expected return every single day. That’s why being in the market is so critical.

Missing just a handful of the best days has an outsized impact on long-term results. And as we just saw, those days often come immediately after the worst ones. Getting out and waiting “until the dust settles” may feel comforting, but it’s rarely profitable.

Global diversification is also part of the plan.
This year offers a good reminder of why. While the S&P 500 is down 9.7% year-to-date as of April 22nd, international developed and emerging markets are actually up 6.3%. No one can consistently predict which areas of the market will outperform in the short term. That’s why we build portfolios that don’t rely on a single country or asset class to deliver returns. Diversification ensures that when one area of the market struggles, others may pick up the slack. It’s not just about reducing risk—it’s about improving the odds of long-term success.

Instead of reacting to volatility, we encourage our clients to focus on what can be controlled—things that actually add value:

• Tax Loss Harvesting – When markets decline, we actively harvest losses to offset gains elsewhere in your portfolio. This reduces your tax bill while keeping you invested.
• Rebalancing – We monitor portfolios to ensure your exposure to risk remains aligned with your plan, buying when assets are down and trimming when they’ve run up.
• Staying the Course – Most importantly, we help you stay focused on the big picture. Financial goals aren’t achieved in a week or a month—they’re met over years and decades by maintaining discipline and a long-term perspective.

Trying to respond to every market move or every tweet is not an investment strategy. It’s gambling. It’s a recipe for regret.

So yes, volatility has returned. And no, we can’t predict what comes next. But we can control how we respond. And our response is grounded in evidence, backed by decades of research, and aligned with your goals.

We’re here to help you take the long view. That’s not just a tagline—it’s a philosophy that has helped our clients build and preserve wealth through all kinds of markets. And it’s one we continue to believe in today.

Stick with it.

Hill Investment Group is a registered investment adviser. Registration of an Investment Advisor does not imply any level of skill or training. This information is educational and does not intend to make an offer for the sale of any specific securities, investments, or strategies.  Investments involve risk, and past performance is not indicative of future performance.

If the recent market turbulence has you feeling unsettled, you’re not alone. Whether you’re retired, still saving, or somewhere in between, it’s natural to feel the urge to “do something.” But moments like these are precisely why your portfolio was built with care and foresight.

Here’s how we’re thinking about this moment—and how you can, too:

For Retirees and Near-Retirees:

Your portfolio includes years’ worth of conservative fixed income—intentionally. That cushion is what allows you to ride through downturns without needing to change your lifestyle or your plan. Stability was built in for exactly this reason.

For Accumulators (Still Saving):

If you’re still in growth mode, volatility has a silver lining. Down markets give you the chance to buy great businesses at lower prices—essentially investing in your future at a discount. It may not feel good in the moment, but it’s a long-term gift.

Understanding Volatility:

Markets rise over time—that’s the first truth. The second? They often fall along the way. Since 1990, the market has averaged a 10.5% annual return. But within each of those years, the average drop was 14%. Roughly every five years, we’ve seen a drop twice that size. This week isn’t a surprise—it’s part of the journey.

Why This Drop Feels Different:

This downturn stings because it’s policy-driven—our leaders’ decisions caused global turbulence. That makes it feel personal, even avoidable. But it’s not evidence that the system is broken. In fact, it’s proof that capitalism endures.

The Market Is Resilient:

Time and again, companies adapt. They grow earnings, find new efficiencies, and create value through war, recessions, political turmoil, and global crises. Your portfolio isn’t built for perfection—it’s built for reality and for the long arc of progress.

Our Approach:

You’ll never hear us say, “It’s time to go to cash.” That’s not a strategy—it’s a reaction. Our philosophy is rooted in evidence, patience, and discipline. It’s why we stay the course and take the long view.

As always, we’re here if you want to talk.