Dear Friends and Family,

There’s been a lot of discussion lately around inflation and deflation. Here’s our quick take:

• Deflation hurts debtors — their debts grow relative to shrinking assets.
• Inflation hurts savers — it erodes future purchasing power.
• Stocks with strong pricing power can help hedge inflation.
• Cash reserves offer optionality — the chance to buy when prices fall.

Rather than bet on a single outcome, our strategy embraces a range of possibilities and prepares for both inflationary and deflationary environments.

Wishing you and your family peace, health, and happiness this holiday season.

Sincerely,

Katz Family Financial