With recent headlines full of market volatility and economic uncertainty, it’s natural to feel concerned about your financial future. At times like these, it’s important to pause, take a breath, and refocus on what truly matters—your long-term goals and the disciplined strategy we’ve put in place to help you achieve them. Market Volatility in Perspective Yes, markets have been turbulent. What should have been a normal correction is now being exacerbated by tariff talks and uncertainty in global trade. But here are a few things we want to remind you of: Market cycles are normal. Ups and downs are part of the journey, not signs that your plan is off course. As you know, we at PFS, take pride in the fact that we are “value” investors. We dig deep and only invest in what we feel will be able to withstand not only market volatility, but market competition, recessions, wars, and yes- tariffs too. When making our decisions, we look past trading trends, and more into the fundamentals of each company we hold. This is similar to legendary investors, Warren Buffet, and his mentor, Benjamin Graham's, approach to investing, we are not here to reinvent the wheel. Equally important to us (and to wildly successful investors such as Graham and Buffet) we urge clients to remember these key things: Focus on the long-term, ignore market noise, and practice patience and discipline. The Fundamentals Remain Strong Despite the headlines, many core economic indicators continue to show resilience. Employment numbers remain solid, consumer spending is steady, and corporate earnings—while varied—still reflect long-term growth potential. These are signs of an economy that may be adjusting, but not unraveling. Should these events be happening in a weak economy, we would be suggesting a different approach. What We Know Works: A Long-Term Approach Times like these can tempt even the most seasoned investors to make emotionally driven decisions. But history consistently shows that trying to time the market—especially by selling when prices are low—can do far more harm than good. Our goal is not just to weather downturns, but to come out stronger on the other side. In fact, we have all seen that the worst days are always followed by the best days. That’s why we remain committed to disciplined investing, diversification, and staying aligned with your personal financial plan. Recent History We know that these periods of times are rough. We made major headway in the markets last year and came way off our lows from 2022. However, if we are going to talk about where we are now, and where we are headed, we cannot without first remembering where we came from. Not too long ago (2022) we had our last recession. In January of 2022 the S&P 500 was at about 4,677, by October of 2022 we had hit the bottom at 3,583. Since then, the S&P has climbed to record highs of around 6,100. That means that if you weathered that storm in 2022, and did not sell out, you would be better off today than you were then. Prior to that, in 2020, we had the shortest recession, which lasted about 2 months, during COVID. Right before the COVID “crash” the S&P was hitting record highs of about 3,200. Within only a few weeks we dipped as low as 2,100 (March 2020), but then recovered to back over 3,200 by July 2020 and ended the year about 3,700- new highs. The S&P is currently - even after the last week in the market - sitting at about 5,000. Why does this history lesson matter? Because for those of you that were sitting in my office in March of 2020, or October of 2022, asking if it was time to sell, and I told you no…would you have believed me when I said that in 3-5 years you would have not only made your money back, but also hit new highs? More so, did you believe me when I said it would be much faster than 12 months? (See attached graphs below for proof!) The Average Bull market lasts around 8.9 years, and the average bear (down) markets last about 1.4. Please take a look at the attached "Bear Vs. Bull Markets" document. This should help you understand what I am getting at here, and give some perspective. This graph doesn't even show the two recent ones I just discussed - which were even shorter! Again, this is all to urge you to keep your eyes forward, looking into the long-term. I know you are probably sick of hearing the “ride it out” and “stay the course”, but that really is the reality of investing. Where we get burned is by trying to attempt timing these events…because we can’t. We’re Here for You All of this being said, we understand, we really do, that this is scary. You are not in this alone. We are continuously monitoring the markets, analyzing your investments, and making adjustments when necessary—not out of fear, but with strategy and care. If your personal situation has changed or if you simply need reassurance, don’t hesitate to reach out. We’re always happy to talk through your questions and provide clarity. Stay the Course (oof- sorry! But it’s true!) The best way to reach your goals is to stick with the plan we built together. The path forward may not always be smooth, but your goals haven’t changed—and neither has our commitment to helping you achieve them. No matter who is in office, what is causing a correction, or how much the news tries to instill fear, we will recover. Remember, corrections are normal and healthy. In the last graph attached below, "S&P Corrections Since 2009", you will notice that this is nothing new. So, I will leave you with this quote that I love from legendary investor, Peter Lynch - “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves." As we always say, buckle up, sit tight, and this too shall pass. As always, thank you for your continued trust, we are forever grateful to all of you! - Anna and the PFS Team 5-Year S&P Returns Bull Vs. Bear Markets S&P Corrections Since 2009

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