Quarter 4 - 2025 Newsletter

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

December 31, 2025.  The quarter in brief as of 01/06/2026 ⁽¹⁾

                                                                                         4^th Quarter            Last Year       

Dow Jones Industrial Average                                          5.46%                 15.27%

S & P 500                                                                                .81%                 17.31%

Nasdaq 100                                                                           2.21%                 21.29%           

Bloomberg US Credit                                                             .01%                   8.56%

Volatility was a defining characteristic of the markets throughout 2025 and continues to be as we enter the new year. While year-end returns appear strong, they do not fully reflect the path investors experienced along the way.  For example, the Nasdaq 100 that ended the year with a return of 21% saw a decline of approximately 22% between February and April before recovering later in the year.

The events of 2025 reinforced the importance of a well diversified portfolio that balances various equity classes, fixed income products and alternative investments. Investors who can remain patient and disciplined through the normal and expected volatility are generally better positioned to pursue their long-term financial goals.  

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.  The beginning of the new year is a great time to review your portfolio, and confirm that your investment strategy continues to support your long-term goals.

Sincerely,