Landsberg Bennett Private Wealth Management: 4th Quarter 2025 Market Update

November 24, 2025

Michael Landsberg, Chief Investment Officer of Punta Gorda-based Landsberg Bennett Private Wealth Management, provided his Fall 2025 market update during a period of heightened volatility driven by the longest U.S. government shutdown on record. While market turbulence has persisted, he noted that negotiations to reopen the government are underway, which will restore critical economic data flow and help guide Federal Reserve decisions.

Landsberg emphasized that recent stock market gains have been largely propelled by stronger-than-expected earnings and underweight positioning from institutional investors. “Wall Street expected 2.8% earnings growth last quarter, we estimated 9%, and the market came in at 12.8%. This quarter, we’re seeing the same pattern,” he said.

Source: factset.com

He also highlighted the importance of focusing on real earnings growth over noise and reiterated that inflation appears to be stabilizing, possibly around 3%. A hot inflation print could delay expected Fed rate cuts, but Landsberg does not see that as the likely outcome.

The team’s approach continues to favor diversification, including allocations to small- and mid-cap companies, international stocks, and alternatives like gold, which have helped reduce risk and improve performance this year. “A smoother ride with less risk is far better than a bumpy sprint,” Landsberg explained, comparing investing to choosing the better airplane route.

Key Takeaways:

  1. Government Shutdown and Inflation Outlook: The ongoing shutdown has delayed critical government-reported economic data. Michael Landsberg highlights that, once the government reopens, the release of backlogged reports could inject volatility into the market. However, he adds, “Even though Thursday’s core PCE moved only slightly higher, we believe this is the first in a series of months and quarters where we see an increase in inflation,” indicating a gradual inflationary trend rather than a sharp spike.
  2. Institutional Investors Fueling Market Upside: Markets have gained traction as institutional investors unwind bearish positions. Many were underweight key indexes like the S&P 500 and Russell 2000 and are now forced to re-enter, pushing prices higher. According to Landsberg, “Smart money” underestimated market resilience, while retail investors often dismissed as “dumb money” benefited by staying invested.
  3. Earnings Strength as a Core Indicator: Strong corporate earnings continue to be a primary driver of market momentum. Landsberg underscores the importance of focusing on both revenue growth and profitability, not just sales numbers. “If earnings are good, stocks will follow. That’s what we watch most closely,” he says.
  4. Diversification Through Nontraditional Assets: Client portfolios maintain roughly 15% exposure to alternative assets like gold, silver, and platinum, which have outperformed year to date. Diversification also includes international equities and smaller profitable companies helping reduce overreliance on large-cap U.S. stocks.
  5. Long-Term Stability Over Short-Term Speed: Landsberg likens investing to choosing between two plane rides one bumpy and fast, the other smooth but slightly longer. “Long-term investors make money. The key is avoiding big drawdowns that derail retirement plans,” he explains, reinforcing the team’s emphasis on steady compounding over time.
  6. Tactical Tax and Portfolio Rebalancing: Tax-loss harvesting efforts are underway, though opportunities are limited due to few losers this year. Strategic rebalancing will occur in January, reallocating funds from outperformers to underweighted areas with long-term potential. “We’re not selling out of winners,” Landsberg says, “just trimming them to stay disciplined.”

Michael Landsberg’s update reflects a consistent and disciplined investment philosophy grounded in earnings, diversification, and risk control. While politics, inflation fears, and volatility may dominate headlines, Landsberg urges investors to focus on fundamentals and long-term positioning. “Our job is to help protect your lifestyle, not chase unnecessary risk,” he said, reminding clients that successful investing is more about endurance than reaction.

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