This time of year, we are oftentimes filled with moments to celebrate, but this year threw us for a loop and gave Creative Financial Group an unexpected celebration of life to try and process for our colleague, Janet Medlock. Those who met Janet were blessed to encounter a modern-day version of Will Rogers. You could almost hear Janet mirroring Roger’s quote “I never met a man I didn’t like”. She always found the good in others and tried to return the favor by doing good by them, as well. We were truly blessed to work with her and while we celebrated her life on June 20th, we can’t help but feel as if a part of our team has been ripped away and left with a gaping hole we will never replace. There is an undeniable paradox in grief—searching for hope in the midst of loss, celebrating a life while mourning its absence. Yet that is the nature of the optimists at Creative. We admittedly tend to seek the silver lining, even in difficult circumstances.
To that end, we are celebrating 250 years of the greatest experiment in freedom the world has ever experienced. A country founded on the blood of patriots and full of hope and tragedy at the same time. Of course, as a qualifier, we are aware that when men and women are given great freedom, they can make mistakes and the United States of America is not without blemishes, but let’s say that we are fans of the American version of life, liberty and the pursuit of happiness. Without this liberty we are not sure that religious freedom and constitutional government would exist, or that Nazi Germany or Soviet Communism wouldn’t still be around, to name a few of the many accomplishments brought about by our hope. We are also aware that, to quote Thomas Paine, “there are times that try men’s souls” as we strive for more, but our desire to find reasons to celebrate our freedom help move us forward to greatness, in our opinion. Or as our good friend Janet used to say “You can’t fly with the eagles, if you work with turkeys”.
Similarly, Elon Musk and SpaceX are attempting to bring another grand experiment to life—one that, much like the American story itself, begins with improbable ambition and is sustained by persistence through failure. What appears today as rockets, satellites, and launch cadence is, in reality, a layered march toward something far more audacious: a self‑sustaining civilization beyond Earth, powered by abundant energy and intelligence at a scale previously reserved for science fiction. Their roadmap—reusable rockets to lower the cost of access to space, Starlink as a cash-generating engine, lunar industry to manufacture at scale, and ultimately cities on the Moon and Mars—mirrors the same spirit of iteration and optimism that built our nation. Like the early patriots, SpaceX embraces adversity as part of the process, building, failing, learning, and improving at a pace that aims to advance technologies and expand future possibilities. In that sense, the company is not simply launching payloads; it is working backward from a future where humanity has, quite literally, expanded its horizons—where, as Thomas Paine reminds us, “we have it in our power to begin the world over again.” These developments are illustrative of broader innovation trends and are not specific investment recommendations.
Of course, like any ambitious goal there are dangers. SpaceX, Artificial Intelligence, and all the “moon shots” to improve our quality of life come at a cost and with risks. The valuations of the hyperscalers attempting the buildouts to win the AI race or the space companies trying to win the space race are very lofty. For instance, the week of SpaceX’s IPO it was trading at a valuation of $2.1 trillion, or 117 times sales. If Nvidia were to trade at that same valuation it would have to go up 10 times its valuation to roughly $50 trillion dollars. Not to mention, the circular financing where companies like Nvidia own 7% of a company like CoreWeave who then act as a purchaser of Nvidia chips. We mention Nvidia here, but many others do it such as Broadcom, Microsoft, Alphabet, and Amazon. Add to this the fact that hyperscalers who used to fund their buildouts with cash are now using debt financing and equity issuance and you start to see where risks are increasing. Does this mean these companies can’t change the world for the better, not necessarily, but it may mean there might be some turbulence along the way? In fact, there will certainly be times that try one’s soul when the stock market corrects, wars breakout, or disasters occur, but with time the trend has generally been positive in the “grand” experiment called America. Thus, we continue to work with our clients to maintain long-term alignment with their investment objectives no matter the geopolitical worries. Certain allocations, such as commodities, fixed income and hedged holdings have helped mitigate risk during recent bouts of volatility. Conversely, our recommendation to add healthcare has lagged the S&P 500 this year but has outperformed it since we recommended it in September of 2025. We still believe it presents opportunities at current levels, although outcomes are uncertain and subject to market risks.
Coming full circle, please celebrate the 250th anniversary of America responsibly this year. Similar to investing, there are always risks associated with blowouts with friends and within the stock market. We are always here to share in festivities, commemorations, observances and ceremonies. Consider us to be your extended family, if you will. To that end, if you have any memories you would like to impart regarding Janet that we could pass along to her family, we would love it. You can send them to Buzz.law@cfgltd.com and he will make sure they get them.
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