July 2025 Newsletter

Dear Clients and Friends,

As we navigate the current economic landscape, a pervasive sense of uncertainty often dominates headlines and conversations. Whether it's shifting interest rates, geopolitical tensions, or evolving market dynamics, it's natural to feel a heightened awareness of potential challenges. This month, I want to address these feelings directly and offer a perspective on how we approach investment management during such times.

We understand that market fluctuations and economic unknowns can be unsettling. You've entrusted us with your financial well-being, and it's our responsibility to guide you through all market cycles, especially those marked by increased volatility and questions about the future.



Uncertainty is, in many ways, a constant companion in the world of investing. Markets are inherently forward-looking, constantly attempting to price in potential future events, both positive and negative. This means that periods of "certainty" are often fleeting and can sometimes even be dangerous if they lead to complacency. Paradoxically, it is often during times of widespread uncertainty that some of the most compelling long-term opportunities begin to emerge for disciplined investors.

Our core philosophy remains steadfast, particularly when faced with a cloudy outlook:

• Embrace a Long-Term Perspective: Short-term noise is precisely that – noise. Focusing on your long-term financial goals allows us to filter out the daily headlines and remain committed to a strategy designed for enduring success. History consistently shows that patient investors who weather temporary storms tend to be rewarded over decades.
• Diversification is Your Shield: A well-diversified portfolio is designed to mitigate the impact of any single sector or asset class underperforming. By spreading investments across various industries, geographies, and asset types, we aim to reduce overall risk and enhance resilience.
• Avoid Emotional Decisions: Fear and speculation can be powerful drivers, often leading to impulsive choices that deviate from a sound financial plan.

Our role is to provide objective analysis and disciplined execution, ensuring decisions are based on your long-term objectives, not fleeting emotions.

Our approach during uncertain times involves:

• Vigilant Monitoring: We continuously monitor global economic indicators, market trends, and geopolitical developments to identify potential risks and opportunities.
• Strategic Adjustments: While we adhere to your long-term plan, we remain flexible enough to make strategic adjustments to your portfolio as conditions warrant, always with a careful eye on risk-adjusted returns.
• Focus on Fundamentals: We continue to emphasize investing in high-quality assets with strong fundamentals, regardless of short-term market sentiment. These are the companies and investments that tend to perform well over the long haul.

What you can do:

• Stay Informed, Not Obsessed: Keep abreast of major economic trends, but avoid getting caught up in the minute-by-minute market movements that can fuel anxiety.
• Revisit Your Goals: If you have any new financial considerations or if your risk tolerance has changed, please reach out to discuss them with me.
• Maintain Discipline: Trust in the proven principles of long-term investing and the strategy we've built together.

We are committed to helping you navigate this period of uncertainty with confidence. Your financial well-being is our top priority, and we are here to provide the insights and support you need.

Please feel free to schedule a review of your portfolio or discuss any questions you may have.

Sincerely,

Eric Boyce, CFA

President & CEO

Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Risks: All investments, including stocks, bonds, commodities, alternative investments and real assets, should be considered speculative in nature and could involve risk of loss. All investors are advised to fully understand all risks associated with any kind of investment they choose to make. Hypothetical or simulated performance is not indicative of future results.

Investment advisory services offered through Boyce & Associates Wealth Consulting, Inc., a registered investment adviser. Boyce & Associates Wealth Consulting, Inc. has Representatives Licensed to sell Life Insurance in TX and other states.