by David Young, President
Looking back, 2025 served as a reminder of the importance of staying invested. Markets started under pressure but ended stronger than many expected, with global stocks nearing record highs despite volatility and uncertainty.
The path wasn’t smooth. Early tariff announcements and renewed trade tensions unsettled markets in the spring before a solid recovery later in the year. U.S. stocks finished well above their starting point. Large-cap growth and technology led the charge, with a late-year surge in AI and innovation driving major indexes to record highs, even as smaller-cap stocks lagged.
Bonds didn’t make headlines, but they fulfilled their role—delivering positive returns and stability while helping smooth out what was a bumpy ride for equities.
Overall, 2025 experienced sharp swings, strong recoveries, and a final result that rewarded patience and discipline—an essential reminder that reacting to headlines rarely leads to better long-term outcomes.
A SEASON OF SERVICE
Four years ago, I decided to enter public service and give back to the city I love. Serving as Orem’s mayor was one of the most challenging and meaningful chapters of my life.
Looking back over the past four years, I’m proud of what we have achieved. As many city employees have pointed out, we did more for Orem than in the previous twelve years by focusing on families and neighborhoods and doing what’s right for the right reasons.
We strengthened Orem’s identity as Family City USA, preserved open space, and protected the character of our neighborhoods for future generations. Through careful stewardship and disciplined financial leadership, we built a new City Hall on time, on budget, and debt-free, earned Orem’s first-ever AAA bond rating from S&P, and secured a record $23.2 million in grant funding.
We increased water storage capacity by 35%, reduced water usage, welcomed over 3,000 new businesses, and eliminated 10,000 proposed high-density apartment units so Orem could grow while preserving what makes it special. Today, Orem is recognized as a model city for family-oriented governance, and I am deeply grateful to the city staff, volunteers, and residents whose dedication made this progress possible.
It was truly an honor to serve a city of 100,000 residents.
The same principles that guided our success in Orem—discipline, long-term thinking, transparency, and a focus on people—are the very principles that guide how we manage money at Paragon.
At the same time, I want to personally thank you. Nearly all of you stayed with me as clients during this season, even while my time and energy was stretched. That loyalty meant more to me than you probably realize.
Throughout my time in public service, Paragon consistently operated at a high level thanks to our exceptional team and disciplined processes. Every client account was managed proactively, portfolios were actively overseen, and client service remained a top priority. I’m deeply grateful for the professionalism, leadership, and dedication of our staff, who ensured our clients were well served every step of the way.
Now that my service as mayor has ended, I am excited to shift my full focus back to Paragon by improving our systems, refining our investment strategies, and enhancing the client experience as we continue building a truly world-class firm.
RELATIONSHIPS, EXPERIENCES, AND THINGS
Over the past four years, one lesson became especially clear to me. The most important aspects of life fall into three categories, in this order:
- Relationships.
- Experiences.
- Things.
Most people spend their lives reversing this order, often without realizing it. Our culture constantly emphasizes that acquiring more brings happiness. But life experience tends to strip life down to what truly matters.
Relationships form the foundation of a meaningful life. They are the people we are closest to—those we love. And at its core, love is the essence of life itself.
Careers change. Titles fade. Circumstances evolve. But the people who stand with you—your family, your closest friends, and the clients who place their trust in you year after year—are what give life depth and stability.
Public service clarifies this quickly. You learn who shows up when things get tough. You learn who supports you without expecting anything in return. And you discover that loyalty is rare—and incredibly valuable.
I want you to understand this clearly: my client relationships are deeply important to me. Paragon has never been transactional. Many of you have been with us for decades. I know your families, your goals, and your concerns, and I take that trust seriously.
Experiences create the memories that strengthen bonds. Shared experiences—personal and professional—are how relationships begin, grow, and remain meaningful over time.
Trips, milestones, challenges, accomplishments, and even setbacks become stories we carry with us. They shape who we are and how we connect with others. Experiences don’t have to be extravagant to matter; intention and presence almost always outweigh material excess.
Things come last. Finally, there are things—the “stuff” we own: homes, real estate, vehicles, art, jewelry, bank accounts, and investment portfolios.
Things matter because they affect quality of life. They provide security, comfort, and opportunity. But once you have enough, more rarely improves life. In many cases, excess complicates it—adding stress, distraction, and obligation.
Things should support relationships and experiences, not replace them. Wealth works best when it serves life, not when life revolves around wealth.
PERFORMANCE AND THE LONG VIEW
Despite the demands of the past four years, Paragon’s performance remained strong.
- Managed Income (2025): 4.58% — portfolio stability
- Top Flight (2025): 15.58% 14.6% average stock growth funds
- Long term (1998–2025): Top Flight +1,875% S&P 500 +1,072%
A $100,000 Top Flight investment in January 1998 would be worth $1,874,860 by December 2025—nearly an 18× increase.
See Nate’s article for full portfolio details and page 7 for performance disclosures.
IN CONCLUSION
At its core, Family City USA has always been about creating an environment where families can thrive—by making thoughtful, disciplined decisions today that stand the test of time. That same philosophy defines Paragon. We focus on long-term outcomes, prudent risk management, transparency, and strategies designed to support the people and families behind every portfolio. Thank you for your trust, loyalty, and the opportunity to continue that work together.