Crest Financial LLC

09/08/2026

Last week the unmanaged market indices turned in a mixed performance. The Global Dow led the way with a return of just less than half a percent while the Dow Jones Industrial Average gave up slightly more than a quarter of a percent. Both Gold and Dollar slipped almost two thirds of a percent and a little more than half of a percent respectively. Despite the administrations plan to purchase long term bonds to drive down interest rates the Ten Year Treasury climbed six hundredths of a percent. The largest gains for the week were in Oil which climbed almost nine and a half percent as the conflict with Iran reignited and traffic through the Strait of Hormuz continues to be but a trickle of what it was before the United States attacked Iran.

Friday’s jobs report was something of a surprise with over one hundred sixty thousand jobs added in August. The employment data for June and July were also revised upwards. There are some concerns that the private ADP employment report did not show the same gains and while the government report and the ADP report are always a little different the degree of difference in August’s report and the revisions has some economists scratching their heads. The headline unemployment rate remains at 4.1% and wages for August climbed just over three percent but continue to lag inflation with workers’ real wages going backwards. Both manufacturing and services saw improvements in August. With this positive data it may be just what the Federal Reserve needs to raise interest rates this month to address inflation given these signs of a stable economy.

This week inflation data will be front and center as the Consumer and Producer Price Indices will have new data. Home and Retail sales data will also be released but the inflation numbers will be the main attraction with the Fed meeting next week.

Given that this is a short week with the Labor Day holiday this week’s update will be mercifully short. There is a lot going on that may continue to drive the markets with the war in Iran being key. It has been said that truth is the first casualty in war and sadly the truth died with this administration before the missiles were launched on February 27th.

The outright deception peddled by this administration is without modern precedent and it is likely that this administration’s many deceits would make Richard Nixon blush. One key example is the much celebrated announcement of a “deal” with Venezuela for “65 billion barrels of oil”. A little research will tell you that this deal was not for 65 billion barrels of oil but was for a likely illegal 35% stake in a private Venezuelan oil company run by an ally of the president who has been under investigation for money laundering. The money from this deal is coming from the Department of Defense and it is illegal for the DoD to own a private company. No this is not a deal for oil and it is not even remotely close to working with “only the best people”. It will take almost a decade for the infrastructure in Venezuela to be sufficient to being exporting oil in any quantity and the deal gives the United States the right to buy the oil at cost. The Venezuelan oil is low grade and extremely heavy and cannot be used to resupply the Strategic Petroleum Reserves. The SPR relies on light sweet crude that floats in water; water is pumped into the reserve when oil is drawn off the top. The Venezuelan oil sinks and won’t work. As long as the missiles are flying oil and gas prices will remain elevated. Venezuela is not a silver bullet to bolster supply as it is years from coming on line and the quality of the oil would require more refining at higher costs. This Labor Day we say record gas and diesel prices and they may be here for a while.

Right now it in inescapable that there will be an election this November. My final thought is that this administration may have also killed irony. The administration and many on the right are ginning up the classic red scare. Beware of the communists! Long deceased Senator McCarthy is smiling in his grave. This is fear mongering. Plain and simple. Communism at its essence is the state control of private industry. Until this administration, the United States did not have any ownership in corporations. No state control of stocks or companies. Enter this new administration and now the United States has ownership interests in nearly two dozen corporations. State ownership of private companies. Including a 35% stake in what is likely a shady Venezuelan oil company that the more I research is just another in the growing corrupt actions that reward insiders and cronies of this administration. This capturing of corporate ownership is more akin to actual communism than ANYTHING in our nation’s history and it is sad how the conservative “free market” capitalists have lost heir voice when it comes to this unprecedented hypocrisy. When being warned about the dangers of communism we need to realize that like a bad horror movie, the call is coming from inside the house, the White House.

Hopefully you all had an amazing Labor Day weekend! Make the most of this short week! As always, thanks for reading and have a terrific week!

The latest issue of Market Week is available.

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08/31/2026

Last week the unmanaged market indices seesawed back and forth and ended the week mixed. The major domestic indices being the Dow Jones Industrial Average, the S&P 500 and the NASDAQ finished the week in the black with gain from around half of a percent to almost seven eighths of a percent for the NASDAQ. Global stocks retreated as did small caps as measured by the Global Dow and the Russell 2000 which gave up four tenths of a percent and roughly one and a half percent respectively. The Dollar rallied by eighty-five hundredths of a percent while Oil and Gold both retreated almost four percent and three and a half percent respectively. Even with the proposed buyback of longer term U.S. Treasuries the yield on the Ten Year Treasury only declined two hundredths of a percent.

The economics data released last week continues to paint a picture of a largely stagnant economy with continued inflationary pressures. GDP figures for the second quarter of this year came in at one and a half percent. This is down from two and a tenth percent in the first quarter. The Personal Consumption Expenditures index increased 3.7% for the year ending in July. This remains well above the Fed’s two percent target for inflation. A positive note is that in July personal incomes rose four tenths of a percent outpacing inflation for the month. For the month of July the trade deficit widened despite the administrations on going tariffs; even with the aggressive use of tariffs the trade deficit has not meaningfully narrowed. Single family home sales continue to slump as buyers sit on the sidelines with higher mortgage costs. Another bright spot in last week’s data was Durable Goods orders increased by more than one percent for July the fourth increase in five months. The week’s big release will be August’s employment report released on Friday. There are also releases related to international manufacturing, trade and global inflation. Add to this the resumption of hostilities with Iran and it may be an interesting week.

Einstein famously remarked that not everything that counts can be counted, and that not everything that can be counted counts. Not all losses can be measured on paper. Last week the world lost a giant with the passing of Dolly Parton.

Normally I do not get caught up in celebrity nonsense but Dolly Parton’s passing hit differently in our home. Whether it is “Hard Candy Christmas” during the holidays the haunting pleas in “Jolene”, or the reminder in “Coat of Many Colors” that riches are not measured in gold alone, Dolly was part of our household. Two weeks before her passing I mused online that Dolly Parton should be considered for the Nobel Peace Prize for her prolific work as a humanitarian. Larger than life Dolly Parton represented the very best of us.

Born into poverty in a two room house with twelve siblings in the ruralest of Tennessee, Dolly broke out of the poverty she was born into but never forgot her family or her humility. From 1966 until his death in 2025 Dolly was married to one man, Carl Dean. Carl ran his own asphalt paving company in Nashville. While Dolly and Carl never had children of their own they were deeply connected to their families and tirelessly supported children’s charities.

Dolly Parton’s big musical break came when she joined Porter Wagoner’s show. Under Wagoner’s wing, Parton developed as a songwriter and artist and began to upstage Wagoner. Famously Dolly Parton wrote her hit, “I will Always Love You” the night before she told Porter Wagoner that she was ready and wanted to strike out on her own. Reluctantly Wagoner let Parton go, only to sue her five years later for three million dollars five years later. The case was settled for a million dollars. In a testament to her living her faith Parton forgave Wagoner. When Porter Wagoner’s music catalogue was put up for sale, Parton purchased the rights to Porter's music and gifted it to his family so that they could control his legacy.

As a solo artist Dolly Parton thrived and is credited with writing over three thousand songs, recorded forty-nine solo albums and appearing on over two hundred compilations with other artists. As a veteran of television from her days with Porter Wagoner, she had her own self titled variety show “Dolly” which ran from 1976 to 1977 and was revived in 1987 for a season. Parton starred in at least a dozen films and television movies. Dolly’s film debut came in 1980 with, “9 to5” a story where three women take over their corporate office and institute childcare, paid leave, equal pay and raise the office’s productivity. Forty-six years later these ideas are sadly, still radical.

Most people don’t think of Dolly Parton as an astute business person. However Parton was known for maintaining control of her art and businesses having learned hard lessons under contract with Porter Wagoner. Her business empire included real estate, theme parks, music publishing and consumer goods. At her death Dolly Parton’s estate is worth an estimated five hundred million dollars most of which will be given to charity and some to her family. Her financial success may be one of the greatest rags to riches stories in America.

It is not because of Dolly’s wealth that she will be remembered. Dolly Parton will be remembered for her faith, her generosity, her authenticity and her artistry.

Dolly Parton was open about her faith and lived it. Many of her albums contain gospel songs. On more than one occasion she said the her Bible reminded her that judgment was reserved for the almighty and that her role was to love and serve. She truly believed that we are all children of the lord and that it didn’t matter if you were straight or gay. Once when asked if she had ever wanted to be born a man, Parton replied no but that if she had that she would probably be a drag queen. For her lifetime Dolly Parton practiced what might be called radical acceptance not entirely dissimilar to her savior who hung out with lepers and prostitutes.

A tireless philanthropist, Dolly Parton donated tens of millions of dollars to causes all over with a strong title towards supporting philanthropy near to her Tennessee roots. The Imagination Library gifted three hundred million books to children in the United States. Parton donated millions to medical research for pediatric cancers and disease research. OIn 1988 Parton founded the Buddy Program to help cut local drop out rated and provide scholarships for students in Tennessee. During the pandemic she donated a million dollars for coronavirus research that helped pave the way for Moderna’s vaccine. When wildfires struck Sevier County, Tennessee Parton created the My People Fund which provided a thousand dollars per month to families who lost their homes. In 2024 Parton contributed millions for Hurricane Helene relief. Dolly Parton’s generosity has been making a difference for decades and thankfully with her estate bequests should continue to do good things for years to come. This was no accident but a testament to her faith.

On a family trip to town from the farm as a young child Dolly Parton saw a woman with the peroxide blonde hair, make up, painted nails and high heels. To Parton it was one of the most beautiful things she had ever seen. Parton’s Mom said this woman was trash. Right then and there Dolly Parton decided that when she grew up that she wanted to be trash. Dolly Parton lived an authentic life with many of her songs being somewhat autobiographical. Often Parton’s humor was self deprecating. When asked if she had even considered going into to politics, Parton replied that there were already enough b***s in Washington D.C.. Personally I cannot recall any “celebrity feuds” or ta**ry tabloid headlines related to Dolly. She lived her faith and she made her art.

As an artist Dolly Parton’s music will live on. Timeless classics about love, loss, life and the everyday are indelibly marked into our collective consciousness. Dolly Parton earned a fortune with her creativity and savvy. However Dolly’s vision of herself was that she was an artist and entertainer.

Dolly Parton’s passing has generated a tremendous outpouring for love from so many people the world over. By any standard Dolly Parton was wealthy but she was also beloved. Maybe this proves that the backlash over “wealth” is not that at all. It is a backlash to greed and some of this nation’s wealthiest might learn something from this country girl from Tennessee and begin to make a difference where the need is and not just further enrich themselves and pursue vanity projects.

A few weeks back I wrote about our family’s four rules for life that Anna and I came up with. After reading this a client who wrote to share that they struggled and really thought of ways to simplify these four rules but could not. I can. One rule. Simple.

Be like Dolly.

In a world of Donalds, Elons and Jeffs, be like Dolly.

Almost two years ago Crest Financial LLC established itself as an independent advisory firm committed to not selling products and not charging percentages. Just flat or hourly fees for services is our model. It has been incredible and we are grateful to all of you who have entrusted us with your planning and investments. This week we are taking an inservice week to review and update our policies and procedures and implement some back office changes to help things maybe run a little more smoothly. We will be available for phone calls and emergency appointments. We couldn’t do this without you. Thank you for your trust and confidence! Also thank you for reading and have a terrific week. If you have a Monet please share your favorite Dolly Parton song. Thanks!

The latest issue of Market Week is available.