We’re excited to welcome all First Foundation Bank customers to Sunflower Bank’s accounts and services. Please access online banking portals through the Login box. For helpful information, please visit SunflowerBank.com/MergerUpdates.
Friday Focus - Sep 18, 2026
09/18/26
Smart insight and clear visuals that matter – what we’re watching now and how intention and conviction shape our portfolios.
Thank you, Mr. Buffett.
Capitalism never came for Warren Buffett but today he announced another had beaten him, “Father Time always wins,” was his message this morning as he passed the role of Chairman down to his son Howard. Here is the rest of Mr. Buffett’s quote which underscores the class we have come to expect from him over the past many decades, “He {Father Time} has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”
Today, Warren is buying chemical companies, adding Google (one of the firm’s other top holdings) but also piling up cash. His $397.4 billion in cash is enough to buy 476 companies out of the S&P 500 outright. For readers interested in Buffett's broader legacy, we've provided the link to his resignation letter as CEO last Fall in case you want to pass it on to a client or friend who appreciates what Mr. Buffett has done for this country and our global financial markets.
Here is the link to today’s more melancholy announcement: https://www.berkshirehathaway.com/news/sep1826.pdf
Treasuries
Rising Yields are Repricing Risk
The US 10-year yield pushed above 5% this week for the first time since 2023, as mounting inflation concern collided with swelling government and corporate borrowing needs. Yields have kept rising despite Treasury Secretary Scott Bessent taking the unusual step of boosting buybacks of longer-dated bonds as the Trump administration seeks to keep borrowing costs in check. The last time we were here we needed Government backstops to contain a regional bank systemic collapse.
Less than two months before the U.S. midterm elections, the 10-year yield is now more than a full percentage point above its level before the outbreak of the Iran war. The conflict has sparked a surge in oil prices, adding to inflation angst. Those concerns were reinforced by hotter-than-expected consumer-price data for August. The rise in the 10-year yield, a benchmark borrowing cost for global government and corporate debt as well as US mortgages, threatens to slow economic growth and weigh on equities.
Oil
The Return of $100 Oil
Oil surged on a recent report that Saudi Arabia may take weeks to reopen a pipeline that’s been key to bypassing the Strait of Hormuz during the US-Iran war. The global benchmark moved back above $100 for the first time since July last week, as sliding inventories and rising Chinese buying tightened the market. Brent crude is up more than 75% this year and the energy shock has provided the impetus for central banks to act. Rate hikes have become increasingly inevitable as US gasoline prices jumped to the highest since May and diesel — the workhorse that fuels everything from power generation and home heating to trucks, tractors and locomotives — rose above $6 a gallon for the first time ever.
Private Equity
How Value Creation Is Changing
Apollo’s analysis separates private equity value creation into revenue growth, margin expansion, and multiple expansion. These distinguish growing sales, earning more profit per dollar from sales, and receiving a higher valuation for a given level of earnings. In Apollo’s breakdown, multiple expansion’s share fell from 40% for 2018–2021 exits to 8% for 2025 exits. The chart breaks down the sources of value creation across those exit periods. For us, the useful question is how much a track record depends on business growth, profitability, or favorable exit valuations. Private equity may be entering an environment where how a manager creates value matters more than simply what the historical return was.
Source: Apollo
Economic Calendar: Week Ahead (Eastern Time)
Wed, 9/23 @ 9:45 am: U.S. Flash Manufacturing PMI
@ 9:45 am: U.S. Flash Services PMI
Thu, 9/24 @ 8:30 am: Weekly Jobless Claims
@ 10:00 am: New Home Sales
@ 11:00 am: Kansas City Fed Survey
Fri, 9/25 @ 8:30 am: Durable Goods
@ 10:00 am: U. Michigan Final Consumer Survey
The Team Behind Friday Focus
IMPORTANT DISCLOSURES
Investment advisory services are offered through First Foundation Advisors, an SEC-registered investment adviser. FirstSun Advisors is a tradename used by First Foundation Advisors as it works to integrate names following its merger into FirstSun Capital Bancorp family of brands. Registration with the SEC does not imply a certain level of skill or training. Investments and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested. FirstSun Advisors is a wholly owned subsidiary of FirstSun Capital Bancorp.
Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s investment portfolio. There are no assurances that an investor’s portfolio will match or exceed any particular benchmark. Indexes are unmanaged composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and does not reflect fees, expenses, or sales charges. FirstSun Advisors does not recommend the purchase of/investment in cryptocurrencies. FirstSun Advisors considers cryptocurrencies to be speculative and involves various risk factors, including, but not limited to, liquidity constraints, operational and execution risks, and potential for extreme price volatility and complete loss of my investment. All performance referenced is historical and is no guarantee of future results.
This material is intended for informational purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Any mention of a particular security and related performance data is not a recommendation to transact in that security, or any security.
This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive and no representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The information and opinions expressed herein are as-of the date of publication and are subject to change without notice. FirstSun Advisors deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks.
FirstSun Advisors will not act upon investment trade instructions left on voicemail or sent by email. Please contact your advisor by phone to coordinate any trade requests.
You are advised to notify FirstSun Advisors in writing of any changes to your personal or financial situation, or investment objectives, so that we may review and, if appropriate, revise our recommendations or services. You may also provide written instructions if you wish to impose, add, or modify any reasonable restrictions on our investment advisory services. FirstSun Advisors will continue to rely on the accuracy and completeness of the information you have provided unless notified otherwise.
A current copy of our written disclosure brochure and Form CRS, which describe our advisory services and fees, is available upon request or here.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Wealth Management team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.
Investment advisory services are offered through First Foundation Advisors, an SEC-registered investment adviser. FirstSun Advisors is a tradename used by First Foundation Advisors as it works to integrate names following its merger into the FirstSun Capital Bancorp family of brands. Registration with the SEC does not imply a certain level of skill or training. Investments and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested. FirstSun Advisors is a wholly owned subsidiary of FirstSun Capital Bancorp.