A Note from the Chairman: September 2025

Dr. Richard Smith, FSC Chairman

A Note from the Chairman: September 2025

Dear FSC Friends,

Cycles are everywhere. They pulse through markets, nature, and history itself – and this month at the Foundation for the Study of Cycles, we’ve seen that truth brought to life in remarkable ways.

We were honored to welcome Michael Howell, founder of CrossBorder Capital, to the Masters Working Group, where he and FSC’s own Lars von Thienen shared groundbreaking research on how global liquidity cycles drive Bitcoin’s rhythm. Their findings underscore a critical moment for markets and reflect the caliber of dialogue happening inside the MWG – our most elite membership circle, where top thinkers and practitioners gather twice a month.

Meanwhile, FSC Board Member Bill Sarubbi has laid out a timely market outlook for September 2025. Drawing on decennial patterns and historical seasonality, Bill shows why the odds favor higher equity markets into January – and why the final stretch of September may present opportunity.

We’re also delighted to bring back Navigating Seasonal Cycles with Jake Bernstein, highlighting three high-probability patterns you won’t want to miss. This series continues to be one of our most practical tools for traders and investors who want to put cycles directly to work.

Looking further back, Ron William reminds us that the Foundation is standing on nearly a century of cycles research. His reflections on Edward R. Dewey’s pioneering vision show how FSC continues to carry that torch into new frontiers, from markets to natural cycles. In his monthly vlog, Ron also explores how eclipses – symbolically and psychologically – can coincide with turning points, raising important questions about the months ahead.

Taken together, these contributions remind us of the richness of cycles research. From liquidity and Bitcoin to eclipses and equity markets, cycles provide a unifying framework that helps us see beyond noise into rhythm. As members and contributors, you are part of a living tradition that is both timeless and urgently relevant.

Let’s continue to build on that tradition – together.

Time rhymes,

Dr. Richard Smith
Chairman of the Board and Executive Director