Quarter 3 - 2025 Newsletter

Enclosed with this letter is a simplified summary of your investment account values as of

September 30, 2025.  The quarter in brief as of 10/06/2025 ⁽¹⁾

                                                                                         3^rd Quarter      Year to Date       

Dow Jones Industrial Average                                          5.10%                   9.70%

S & P 500                                                                              8.01%                   4.41%

Bloomberg US Credit                                                           6.88%                   5.66%

The continued resilience of the U.S. economy is evidenced by the strong gains in the markets in the third quarter all around or above record setting highs.  A lot of this optimism was due to the rate cut by the Fed in September, strong corporate earnings reports, and steady consumer spending despite the persistent inflation worries.

Those positive economic indicators have helped boost investor optimism about the fourth quarter and into 2026.  Easier credit and less policy uncertainty including the tariff effects has allowed businesses to begin to invest in people and operations in both large and small businesses.

Let us assist you in ensuring that your portfolio is properly diversified and matched to your risk profile to help you remain invested for the long term.  If we have not reached out to you in a while, please call to schedule a time to meet either in person or by phone.

Sincerely,