Good morning,

Hope everyone enjoyed a well earned long weekend, whether that meant unplugging, recharging, or just catching your breath OR maybe even forget what day it was…

Meanwhile, the markets didn’t take a break. Last week, markets gave us a masterclass in momentum, narrative, and nuance. In the U.S., the S&P 500 jumped 5.3%, while the NASDAQ soared over 7%. Optimism followed softer inflation data and a temporary U.S./China tariff truce, fueling a sharp rebound in tech and cyclicals. Here in Canada, the TSX touched a 3-month high, lifted by strength in energy and financials. Stabilizing commodity prices and capital rotation helped value-oriented sectors regain their footing. Globally, European, and Asian markets mirrored the optimism, though cautiously. Investors remain attentive to the durability of the trade compromise, global demand signals, and central bank tone shifts.

What are we seeing this morning? US stock futures are pulling back after a six-day run as investors question whether the rally has outpaced fundamentals, and Treasuries seem a bit steadier after we were watching them whipsaw yesterday Monday on a Moody’s downgrade.

The signal beneath the noise?

This is no longer a market of prediction, it’s a market of positioning, and in that kind of market, architecture matters more than headlines.

Which brings us to a more enduring story than a single week’s rally: Warren Buffett is stepping down, big news the legendry Oracle from Omaha and his Berkshire Hathaway…..but what he’s leaving behind isn’t just a company, it’s a design philosophy.

Berkshire Hathaway: The Empire Built to Give

Berkshire Hathaway didn’t start with a vision; it began with a broken business.

Originally a New England textile company founded in the 1800s, Berkshire Hathaway was a dying industrial relic by the time Warren Buffett began purchasing shares in 1962. It was a classic value trap—cheap on paper, bleeding cash in practice.

Buffett didn’t love the business. He loved the margin of safety.

By 1965, he had taken control. But rather than trying to salvage textiles, Buffett made a pivotal pivot: he began reallocating Berkshire’s capital into businesses he understood and trusted. The cornerstone? Insurance. With National Indemnity and later GEICO, Buffett unlocked “float”…premiums paid in advance of claims, a source of long-term capital he could invest elsewhere.

This was more than financial strategy. It was architectural thinking.

With float as foundation, Berkshire became a holding company like no other—acquiring businesses like See’s Candies, Nebraska Furniture Mart, BNSF Railway, and Dairy Queen. Each business was left to operate with autonomy. No synergies. No bureaucracy. Just trust, discipline, and a long horizon.

Buffett’s operating system was deceptively simple:

• Only invest in businesses you understand.
• With managers you admire.
• At prices that leave room for error.
• And never interrupt compounding.

But perhaps his boldest decision wasn’t made on Wall Street, it was made at the kitchen table. He would not pass down Berkshire to his children. He would not hand them control. Instead, he entrusted the next CEO role to Greg Abel, a non-family executive steeped in the culture of accountability.

His children, Susie, Howard, and Peter, would inherit responsibility, not power. Each would become a trustee of the Buffett Foundation, overseeing billions in philanthropic capital. Buffett made it crystal clear: “A very rich person should leave his kids enough to do anything, but not enough to do nothing.”

He didn’t just invest money. He invested meaning.

Buffett’s final legacy is a company built to survive him, and a fortune built to outlive him, not in a vault, but in the world.

But Buffett isn’t the only architect of enduring wealth. A thousand miles south, another empire was quietly being built…not from investment capital, but from five-and-dime grit.

Walmart: The Family Enterprise Built to Hold

Sam Walton’s story begins not with capital, but with hustle.

In 1945, after serving in World War II, Sam borrowed $20,000 from his father-in-law and added $5,000 of his own savings to purchase a Ben Franklin variety store franchise in Newport, Arkansas. By 1950, he opened Walton’s 5&10 in Bentonville, setting the stage for what would become Walmart.

His model was simple:

• Buy low.
• Sell low.
• Pass the savings to the customer.

In 1962, the first Walmart Discount City opened in Rogers, Arkansas. What followed was an operational revolution. Sam pioneered rural retailing, strategic distribution centers, and one of the most advanced logistics networks in the world. Walmart became synonymous with efficiency, low prices, and relentless scale.

By 1970, Walmart went public. But unlike many founders who dilute and drift, Sam structured the company to retain family control. Over time, the Waltons created Walton Enterprises LLC and various trusts to manage their holdings and legacy.

What began as one man’s store became a multi-generational enterprise.
And what made it endure was structure.

Today, the Waltons remain among the wealthiest families in the world—not just because they own shares, but because they own strategy.

They’ve institutionalized governance, philanthropy, and leadership development. The Walton Family Foundation, one of the largest in America, focuses on education, environmental stewardship, and community development.

But unlike Buffett, the Waltons didn’t build to distribute, they built to preserve.

Their design is dynastic.
Their success is strategic.
Their structure is succession-proof.

And just like Buffett, it was all by intention. Where Buffett chose decentralization and dispersal, the Waltons built continuity.

They embedded family governance.
They institutionalized their values.
They ensured that Walmart wasn’t just a company..it was a legacy platform.

The Walton Family Foundation, one of the largest in the U.S., focuses on education reform, environmental innovation, and community investment. But unlike Buffett, the family's capital remains largely inside the system. Their influence flows through ownership, not exit.

Their empire wasn’t designed to fade, it was designed to stay….

I’m sharing these stories for you, they aren’t just stories about billionaires, they’re meant to be mirrors. Whether you’re running a global enterprise or just trying to get your financial house in order, the same question applies: what are you really building?

A few takeaways to think about….

For Investors: What you own is important, but how you own it..and why…matters more.
We structure your portfolio like an architect, not a tourist. We build around time, temperament, and intention.

For Families: Wealth without structure is drift, structure without values is control. Whether you're passing down a business, a cottage, or a worldview…design matters. Be clear on what’s being handed down.

For Family Enterprises: Succession isn't an event. It's a philosophy. Buffett and the Waltons both succeeded because they planned for continuity of values, not just roles. Define governance. Align ownership. Articulate purpose.

As we cruise into the week, take some time to reflect on these two empires, two philosophies, these two blueprints for wealth and give some thought to your own vision:

• What structures in your life - financial, personal, professional - are intentional? Which are accidental?
• If your business or investments were handed over tomorrow, would the next steward understand your vision?
• Are you designing wealth to preserve, distribute, grow—or something more enduring: to reflect who you are?

Your life and your vision deserve reflection, because in the end, wealth isn’t just capital. It’s conviction, codified…and the architecture of our intention is the structure that outlasts us.

Be well and enjoy the moments,

Derek Henderson