Tariffs Stir Market Volatility

Every investor understands that markets ebb and flow — the real test is how we respond during periods of turbulence. Staying focused when
headlines stir uncertainty is one of the keys to long-term success.

As the 2025 tariff discussions have unfolded, markets have experienced more volatility, with a tilt toward down days as investors digest the
implications. As Charles Payne, CEO of Wall Street Strategies, put it, “Outside of ‘tariffs,’ the word most associated with pressure on the stock
market has been ‘uncertainty.’ Ultimately, businesses must adjust to macro conditions — supposedly that’s why CEOs earn millions of dollars.”¹

With much of the uncertainty still in place, we may see corporate leaders making strategic moves in response. As investors, we have the opportunity to observe how these decisions play out and impact the broader market.

It's important to keep perspective. Markets regularly experience intra-year declines — and they don’t move in a straight line. In 2024, for example,
the S&P 500 saw an 8% pullback before ending the year up 23%. And in 2020, who could forget the 34% COVID drop that was ultimately followed
by a strong rebound?

The takeaway: volatility is a natural part of the investing journey. Rather than trying to predict every move, it’s often wiser to stay disciplined, stay
diversified, and recognize that market progress rarely happens without some bumps along the way. Consider 2025 a year still unfolding — and
your long-term plan as the anchor through it all.²

When we created your portfolio, it reflected your goals, risk tolerance, and time horizon. So, please let me know as soon as possible if something
changes (or has changed) in your life. That will give us an opportunity to discuss those changes and decide if we should make adjustments to your
investments.

In 2025, let’s manage your situation. Let’s not let the markets dictate what we do.

^{1.  www.wstreet.com, April 2, 2025. "Making Money with Charles Payne"}

^{2. J.P. Morgan Asset Management, 2025. "Guide to the Markets."}