Earlier this month, with the IPO of SpaceX, the world witnessed the creation of the world’s first known trillionaire.

How does that number look to you?

How does it make you feel?

Humans have real feelings and emotions, especially when it comes to money and wealth. We naturally compare ourselves to others. It’s human nature. As the saying goes, “It’s all relative.”

But that’s precisely the challenge.

If a billion dollars once seemed unimaginable, what are we supposed to do with a trillion? More importantly, what happens when we compare ourselves to someone who possesses it?

The truth is that comparison has no finish line. If wealth alone created contentment, a millionaire would envy no one. Yet we know that’s not how humans work.

Over more than 25 years in the wealth advisory profession, I’ve noticed something interesting, particularly among our clients at Hill Investment Group.

When people first meet with us, they often have a number in mind.
“I want to have $X.”

It’s understandable. Having a financial target can provide motivation and direction.
But something often changes over time.

As clients learn and embrace our evidence-based investment philosophy, gain confidence in their financial plan, and begin taking the long view, their goals frequently evolve beyond simply reaching a number.

Why?

Because they increasingly believe they can achieve their financial goals if they remain disciplined and stay the course. The constant worry begins to fade. The daily noise matters less. Confidence gradually replaces uncertainty.

And when that happens, something powerful occurs.

People begin thinking less about accumulating wealth and more about what that wealth can make possible.

They think about experiences.

They think about family.

They think about legacy.

They think about causes they care about.

They think about opportunities they never allowed themselves to consider before.

Ironically, many people discover that once they stop obsessing over a number, they begin focusing on the people, experiences, and opportunities that number was meant to support in the first place.

It’s a little like climbing a mountain with an experienced guide. Instead of worrying about every step, every turn, and every obstacle along the path, you’re able to lift your eyes and appreciate the view.

How does that perspective make you feel?

Not just about hearing about a trillionaire, but about your own future.

If you’re already a client, you may recognize this shift. The conversation gradually moves from “How much is enough?” to “What do I want to do with the life I’ve built?”

That’s an exciting transition.

It’s future-oriented.

And in many ways, that’s when financial success becomes less about what you’ve accumulated and more about the life, relationships, and opportunities it makes possible.

If you’re not yet a client, we’d welcome the opportunity to help you explore what financial peace of mind might look like for you and your family. Whether through our monthly newsletter, a copy of Odds On, or a simple conversation, we’re here whenever you’re ready.

On June 11th, Space Exploration Technologies, better known as SpaceX (SPCX), began trading on Nasdaq. The headlines were everywhere: A $1.75 trillion valuation. The largest IPO in stock market history. The media is suggesting that this is a once-in-a-generation opportunity.

The noise around IPOs is likely to continue throughout 2026, with more large IPOs planned this year, including OpenAI (known for ChatGPT) and Anthropic (known for Claude.ai).

These companies may change the world as we know it. Maybe not. As investors, we can be excited about these companies, but the evidence tells a clear story about IPOs and how we should treat them in our portfolio.

What the Evidence Shows on IPOs

Based on research from Dimensional Fund Advisors (DFA), we can examine IPO performance across two timeframes: short and medium-term.

Over the short term (first trading day), IPOs typically perform well. This phenomenon is often referred to as the “IPO Pop.” Insiders and some large institutions can buy shares at the IPO price (unavailable to the public) and sell them at higher prices on the open market. Thus, the positive return from the IPO Pop is reserved for insiders and unavailable to the average investor. Individuals can only access shares on the open market meaning after the shares start trading. Often, investors may have to pay higher prices, thereby decreasing (or eliminating) the day-one returns that we see in the data and which the media loves to hype.

After the IPO Pop, over the next six to twelve months after listing, IPOs tend to lag the broader US stock market by 2-3% per year. Please reread the last sentence.

Obviously, these trends may not happen every time. Any individual IPO stock may be different. But the point is that, on average, IPOs tend not to be great investments, particularly when they have high valuations and negative profits, like SpaceX.

An Evidence-Based Alternative

There is good news here. As always, we can leverage this data and evidence to build better portfolios. The funds that we use at HIG typically wait for the IPO hype to fade and for insiders’ lock-up periods to end (increasing the supply of shares) before buying newly listed companies. What does this mean? We expect that, over time, all of our clients will have an appropriate allocation to many of these newly listed companies in the six to twelve-month timeframe as they meet the evidence-based criteria for inclusion in the portfolio.

The Temptation Is Real

We understand the emotional pull. When something feels “historic,” sitting on the sidelines can feel like missing out.

As advisors, our job is to keep clients focused on what the evidence says, not what the moment feels like. The same discipline that keeps you from panic-selling in a downturn is the same discipline that keeps you from buying into a frenzy.

A great company is worth rooting for. It is not always worth buying.

If you’d like to continue this discussion, please reach out to me at ryan@hillinvestmentgroup.com.

One of our outstanding 2026 Summer Interns, Sebastian Peritore, collaborated with Nell Schiffer to write this article. 

A recent piece in the WSJ makes the case that investors’ priorities can be misaligned when picking which investment funds to place their money in. Captivated by chasing returns, investors often lose sight of the most consequential factors.

When choosing an investment fund, most investors focus on returns.

That’s understandable. Performance numbers are easy to find, easy to compare, and often dominate marketing materials.

But by focusing too heavily on returns, investors can overlook a factor that may have an even greater impact on long-term wealth: taxes.

Avoiding a Common Mistake

Not all investment funds are created equal.

Decades of research show that investors who try to pick winning stocks or time the market face long odds. While some managers outperform for short periods, taxes and fees often erode those gains over time.

As a result, many investors have embraced low-cost index funds that allow them to participate in market returns without relying on forecasts or stock-picking skill.

That’s a meaningful step forward. But choosing an index fund is only part of the equation.

What Many Investors Overlook

Most investors compare funds based on historical returns and expense ratios. Both matter.

What many investors fail to consider is how much of those returns they actually keep after taxes.

Most mutual funds highlight pre-tax performance, while the tax consequences of owning the fund receive far less attention. Yet research cited in a recent Wall Street Journal article suggests that taxes can reduce an investor’s accumulated wealth by nearly one-third over time.

In other words, investors may spend considerable effort searching for a slightly higher return while overlooking a factor that can have a far greater impact on their long-term results.

Keeping More of What You Earn

Successful investing requires more than pursuing returns. It requires keeping as much of those returns as possible.

That’s why we believe investors should evaluate returns, costs, and tax efficiency together rather than in isolation.

At Hill, we look for opportunities to combine evidence-based investing with thoughtful innovation to help clients keep more of what they earn.

One example is the Longview Advantage Fixed Income ETF (NASDAQ: LVIG). LVIG is a fixed-income ETF structured as a fund of funds and designed to reduce some of the tax friction that income distributions can create in taxable accounts.

The Long View

The most successful investors don’t simply focus on what they earn. They focus on what they keep.

Over a lifetime of investing, even small differences can compound into meaningful outcomes. A seemingly minor drag on performance, repeated year after year, can have a significant impact on long-term wealth.

That’s why taxes deserve a seat at the investment table alongside returns and fees.

Investors who avoid overlooking tax implications put themselves in a stronger position to preserve more of their wealth and stay focused on what matters most: taking the long view®.