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Off The Wall

Jul 17, 2023

In this episode of Off the Wall, hosts David Armstrong and Jessica Gibbs are joined by Erin Hay and Nate Tonsager from Monument Wealth Management’s portfolio management team. They dive into a lively and comprehensive discussion on market performance and key highlights of the second quarter of 2023.  

 Tune in to discover their insights on the robust job market, characterized by strong hiring figures and wage growth, the resilience of the market despite negative headlines and the anticipation of higher interest rates, and surprises from the first half of the year, including the absence of a recession and the disconnect between people’s perception of their portfolios and market realities.  

They also explain why historical data suggests we could possibly have a promising second half of the year and discuss the importance of managing expectations. 

“People are still getting wage growth. People have jobs and feel comfortable leaving their jobs because they see their prospects in other markets really kind of in a positive light, which is kind of crazy to think about when, as we said at the start of this, the great recession was coming this year… Really you haven’t seen that.” - Nate Tonsager, CIPM

If you have an idea for an episode or a guest you’d like us to bring on in Q3, email us at Please see important podcast disclosure information at  


Episode Timeline/Key Highlights: 

[02:30] Q2 market performance summary  

[04:19] Top 5 contributors to the S&P 500 in Q2. 

[05:35] Worst performer in the S&P 500 during Q2. 

[06:15] Surprising trends from the first half of the year. 

[09:31] What performed well in Q2? 

[18:24] The resilience of the market despite negative news. 

[20:45] The discrepancy between individuals’ perceptions of their portfolios and market realities. 

[23:40] Interpreting the data and actions for investors. 

[25:15] Analyzing historical data to project forward returns for the S&P 500. 

[27:25] Review your portfolio and adjust based on market conditions. 

[30:30] Forecasting the market’s trajectory for the remainder of 2023. 


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About “Off the Wall”: 

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about. Learn more about our hosts, Dave and Jessica on our website at