Dear Friends and Family,

Volatility means price swings—but we believe risk is the permanent loss of buying power, not short-term movements.

We embrace volatility as an opportunity:

• To buy bargains and sell winners
• To focus on shareholder yield (dividends + share reductions)
• To stick with high-quality names

Modern media amplifies market swings. Reactions are swift, and corrections come fast. We remain committed to quality investments.

Home Front: March home sales dropped due to low inventory, but remain 10% higher than last year. Home equity remains critical to economic recovery.

Sincerely,

Katz Family Financial