As 2024 draws to a close, now is the ideal time to explore tax planning strategies that could reduce your tax burden not only for this year but also for 2025 and beyond. While many effective tax-saving approaches remain consistent year after year, there is still a window of opportunity to implement these strategies before December 31st. Click here to read where we have outlined a few planning thoughts.
Despite wars, hurricanes and a contentious election, the market continues its historic rise, consistently hovering around all-time highs. Click here to read Newsletter.
The Social Security system is facing significant challenges, with projections indicating that the Old-Age, Survivors, and Disability Insurance (OASDI) Trust Fund may be depleted by 2035. Click here to read more.
Canal Capital Management is pleased to announce that we have been selected to the Inc. 5000 list for 2024, our sixth year in a row. This is an annual ranking that consists of the fastest growing private companies in America. Canal came in ranked at number 4,790, and was one of only 36 Richmond businesses included on the list.
How the 2024 Inc. 5000 Companies Were Selected
Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 through 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies–as of December 31, 2023. (Since the period under review, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. Growth rates used to determine rankings were calculated to four decimal places. All honorees must pass Inc. editorial review
The first half of the year is now in the books, and markets continued to perform well but were dominated by just a few names. For the first six months, the S&P 500 was up 14%, but 30% of that return was attributed to Nvidia which rose by 149% as the AI hype continued. Click HERE to continue reading out market update.
The first quarter turned out to be more of the same for markets, with stocks (S&P 500) up 10%, continuing the strong momentum of 2023. Any weakness only lasted a couple of days and investors bought the dip resulting in 22 all-time closing highs. Market leadership has shifted from just a few names to being broader based as 10 of the 11 sectors rallied. Click HERE to continue reading our market update.