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FEBRUARY 2026 CLIENT LETTER

February 4, 2026 Dear Valued Investor, Other than the historic volatility in gold and silver prices, the biggest news for markets in January may have been the nomination of Kevin Warsh as the next Federal Reserve (Fed) Chair. We anticipate a Warsh-led Fed will be able to steer the Federal Open Market Committee (FOMC) toward […]

February 5, 2026/by Tracey Meyer

JANUARY 2026 CLIENT LETTER

Client Letters

January 7, 2026 Dear Valued Investor, Stocks had another strong year in 2025 as most market benchmarks enjoyed their third straight year of double-digit returns. Last year’s performance was particularly rewarding given how much stocks overcame — notably tariffs. Tariffs weren’t the only obstacle, as market concentration, high valuations, deficit spending, and inflation occupied spots […]

February 2, 2026/by Tracey Meyer

FEBRUARY 2026 CLIENT LETTER

Client Letters

February 5, 2026/by Tracey Meyer

JANUARY 2026 CLIENT LETTER

Client Letters

February 2, 2026/by Tracey Meyer

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FEBRUARY 2026 CLIENT LETTER

Client Letters

February 4, 2026

Dear Valued Investor,

Other than the historic volatility in gold and silver prices, the biggest news for markets in January may have been the nomination of Kevin Warsh as the next Federal Reserve (Fed) Chair. We anticipate a Warsh-led Fed will be able to steer the Federal Open Market Committee (FOMC) toward two rate cuts later this year, with help from easing inflation pressure. Remember, the Chair just gets one vote on the 12-member FOMC, so the health of the labor market and the path of inflation will be critical.

Warsh’s track record of flexibility on interest rate policy, his credibility with Fed officials, and prior advocacy for central bank independence should help ease concerns about the President’s influence. However, his preference for a smaller Fed balance sheet, now over $6.6 trillion, and his emphasis on fiscal responsibility could complicate the Treasury’s efforts to refinance government debt at lower rates. This dynamic will be important to watch because the U.S. government’s fiscal situation is not on a sustainable path.

One of the reasons Warsh is likely to push for lower rates, despite still-elevated inflation, is productivity gains from AI can help the economy grow faster with less inflation. Recent data shows U.S. nonfarm business productivity rose 4.9% in the third quarter of 2025, strong enough to counter inflationary pressures even amid solid economic growth. Technology and more efficient processes enable firms to produce more with fewer hours worked, a key reason economic growth will likely help push stocks higher.

AI investment is also helping drive a strong fourth quarter earnings season. S&P 500 companies are on track to deliver a fifth consecutive quarter of double-digit earnings growth. While this is driven mostly by the tech sector’s 30% earnings increase, keep in mind industrials are tracking toward 25% earnings growth. Several leading companies have cited tangible benefits of AI during earnings season, including Bank of America, Meta, and Costco. Strong earnings can help solidify the floor under stock prices, while cooling inflation and stable interest rates can help raise the ceiling by supporting higher valuations.

Looking ahead, the backdrop for stocks remains favorable. Massive AI investment is driving gains in productivity and earnings. Consumers will get tax refunds associated with the One Big Beautiful Bill Act starting this month. Positive stock market performance in January often bodes well for annual returns, though past performance does not guarantee future results. And increased participation in this bull market is encouraging — the average stock has outperformed the S&P 500 Index over the past three months*.

AI scrutiny, deficit spending, and geopolitics remain key risks. New Fed Chairs are often tested by markets, and midterm election years tend to be more volatile. Don’t let any volatility that may come along shake your confidence. It will not shake mine. I believe volatility creates opportunity. Stay invested and diversified.

As always, please reach out to me with questions.

Thank you for your continued trust.

Warmest Regards,

Wayne Rigney

Important Information

* The average stock is the equal weight version of the S&P 500. Return for the equal weighted S&P 500 over the past three months (since 11/03/25) is 6.7% vs. 2.1% for the regular S&P 500 over that period.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

All data is provided as of February 4, 2026.

Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.

All index data from FactSet.

The Standard & Poor’s 500 Index (S&P500) is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Past performance does not guarantee future results.

Asset allocation does not ensure a profit or protect against a loss.

This research material was prepared by LPL Financial, LLC.

Not Insured by FDIC/NCUA or Any Other Government Agency

Not Bank/Credit Union Guaranteed

Not Bank/Credit Union Deposits or Obligations

May Lose Value

RES-0006659-0126 | For Public Use | Tracking #1058651 | #1058652 (Exp. 02/2027)

February 5, 2026/by Tracey Meyer

JANUARY 2026 CLIENT LETTER

Client Letters

January 7, 2026

Dear Valued Investor,

Stocks had another strong year in 2025 as most market benchmarks enjoyed their third straight year of double-digit returns. Last year’s performance was particularly rewarding given how much stocks overcame — notably tariffs. Tariffs weren’t the only obstacle, as market concentration, high valuations, deficit spending, and inflation occupied spots on investors’ lists of worries. Reflecting on 2025, here are some noteworthy takeaways:

In our view, bears are usually wrong. The stock market had plenty of skeptics when 2025 began, just like 2023 and 2024. While stocks have down years, on average, they go up about three times as often as they fall (based on S&P 500 Index returns since 1980), though past performance does not guarantee future results.
Stocks usually follow earnings. S&P 500 companies in aggregate grew earnings at a double-digit pace in 2025 and have the potential do so again in 2026, bolstering stock performance. It’s no coincidence the technology sector produced some of the strongest earnings growth and best returns last year.
Policy matters; politics, less so. The volatility that almost ended the bull market last spring was driven mostly by tariffs, which directly impact corporate profitability. Once tariffs were reduced or removed, the major averages quickly reclaimed prior highs. If politics don’t hurt corporate profits, e.g., in a government shutdown, we believe they are unlikely to hurt the stock market.
Big market drawdowns and attractive annual returns can coexist. The S&P 500 dropped to 19% below its record high at its 2025 low on April 8 but ended more than 16% higher for the year. Since 1980, the S&P 500 has averaged an 11% annual gain (excluding dividends) and a 14% maximum intra-year drawdown. This perspective and a long-term focus can help ensure volatility doesn’t knock you off course as you pursue long-term goals.
Lower interest rates are good for both stocks and bonds. The Bloomberg U.S. Aggregate Bond Index gained more than 7% in 2025 on the back of lower interest rates as the Federal Reserve (Fed) lowered its target rate and inflation moderated. Those lower rates also helped stocks maintain lofty valuations at a price-to-earnings ratio (P/E) near 22 based on the consensus S&P 500 earnings per share estimate for the next 12 months. Valuations are not good predictors of performance year to year.

Looking ahead to 2026, stocks face some of the same challenges they did in 2025. While tariffs may play a smaller role, policy uncertainty around midterm elections could contribute to more volatility in the year ahead. With fiscal stimulus, Fed rate cuts, and huge artificial intelligence investments coming, another year of gains appears likely.

As always, please reach out to me with questions.

Thank you for your continued trust.

Warmest Regards,

Wayne Rigney

Important Information

All data is provided as of January 7, 2026.

All index data from FactSet.

The PE ratio (price-to-earnings ratio) is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio.

The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Past performance does not guarantee future results.

Asset allocation does not ensure a profit or protect against a loss.

This research material was prepared by LPL Financial, LLC.

Not Insured by FDIC/NCUA or Any Other Government Agency

Not Bank/Credit Union Guaranteed

Not Bank/Credit Union Deposits or Obligations

May Lose Value

RES-0006531-1225 | For Public Use | Tracking #843899 | #843901 (Exp. 01/2027)

February 2, 2026/by Tracey Meyer

Copyright © Rigney Financial Services, LLC. All rights reserved. Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC The LPL Financial representative associated with this website may discuss and/or transact securities business only with residents of the following states and territories: AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, VI, WA, WV, WI, WY

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FEBRUARY 2026 CLIENT LETTER

JANUARY 2026 CLIENT LETTER

FEBRUARY 2026 CLIENT LETTER

JANUARY 2026 CLIENT LETTER

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FEBRUARY 2026 CLIENT LETTER

JANUARY 2026 CLIENT LETTER

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