The Future… The next twenty years will bring massive changes. We believe we are in the beginning of another economic revolution — just like those brought on by the agricultural revolution, industrial revolution, and information revolution. This new one is driven by connectivity, data, and automation.

Automation, smart software, and artificial intelligence will change how we work. They will reduce the need for labor in many sectors, just as mechanization reduced the need for physical labor in farming. What will replace these jobs? We do not yet know. But history tells us something always does.

Education and retraining will become even more important. The jobs of tomorrow will not look like the jobs of today. They will require more thinking, creativity, and flexibility. People will need to be adaptable and lifelong learners.

What does this mean for investors? Tremendous opportunity, especially in companies leading the way in innovation and technology. At the same time, there will be disruption. Some industries will fade; others will rise. We continue to focus on quality companies with sustainable advantages.

We believe the best way to prepare for the future is not to avoid it, but to invest in it.

Sincerely,

Katz Family Financial