Dear Friends,

Along with the normal economic summary for the first quarter of this year (linked below), I wanted to offer a more personal update based on my over 40 years of experience in this profession.

First and foremost, I want you to know that I empathize with the concerns you may be experiencing. It is entirely natural to feel anxious when faced with economic instability and market volatility. The news headlines can be overwhelming, and it is easy to feel uncertain about what lies ahead. Please know that you are not alone in these feelings, and the entire IFS team is here to support you every step of the way.

I have personally lived and worked through many periods of economic expansion and contraction. One of my early experiences was working through “Black Monday,” the day in October of 1987 when the U.S. stock market declined 25% in one day! Scary stuff. Economic cycles are a natural part of the financial landscape, and while downturns can be difficult, they are often followed by periods of growth and prosperity. It is crucial to stay focused on long-term financial goals and not be swayed by short-term fluctuations and all the emotions that surface during these times. Especially in seasons of heightened volatility, we lean on the core tenets of our planning and investment process: diversification, choosing investments with strong long-term track records, keeping expenses below average, and then rebalancing over time to keep our allocations in line with our targets.

Throughout history, we have witnessed numerous periods of economic turbulence. From the Great Depression to the financial crisis of 2008 to the COVID-19 pandemic, each era has presented its own set of challenges. However, it is important to remember that people, and the economies they support, are resilient and have a remarkable ability to recover and grow stronger over time. While the current situation may seem unprecedented, it is not without precedent. We have weathered storms before, and we will do so again.

As we move forward, I encourage you to stay informed, but also take breaks from the constant stream of news. Focus on what you can control, such as your financial plan and your personal well-being. Find ways to bring goodness and compassion into the world we share. Remember that we are in this together, and we at IFS are here to provide guidance, support, and reassurance whenever you need it.

Thank you for your continued trust and partnership. Together, we will navigate these uncertain times and emerge stronger on the other side. Please do not hesitate to reach out with any questions or concerns.

With hope and warm regards,

Dave & The IFS Team