2026 Mid-Year Client Letter

Dear Clients,

 What a six months this has been! Before I get into the details, I want to say plainly: your plan is working. And I don't just mean that account values are up — although they are. Even if they'd gone the other way during one of the market's periodic rough patches, the things that actually matter to your long-term goals — the earnings of the companies you own, and the dividends they keep paying you — would still be moving in the right direction. That's the kind of progress I care about reporting.

 As I do every year, let me start with a reminder of how we think about your money, then turn to what's actually happened this year.

 Our General Principals:

 We're long-term investors, not traders. We work with you to figure out what you're actually trying to accomplish — retirement, your kids' education, whatever it is — and we build a plan and a portfolio around that goal, not around what the market did last week. Unless your goals change, there's no reason for us to change your plan, and no reason to change your portfolio either.

 We also don't try to guess what's coming next. Nobody can consistently predict the economy or time the market — not us, not anyone. So instead of guessing, we stay invested through the good stretches and the bad ones, because that's the only way to actually capture the long-term returns stocks have historically delivered.

 Current Comments:

 I don't think I've seen a more eventful six months in my career. A major war. Energy prices swinging wildly. Inflation. Interest rate fears flipping from "they'll go down" to "they might go up." Stocks trading near record highs, concentrated in a handful of companies. Bitcoin and precious metals collapsing. And the largest IPO in history — for a spacecraft company, of all things. Did I miss anything?

 Here's the honest answer to "what should we do about all that": nothing. Not because we're not paying attention, but because none of it changes your goals or your plan. If anything, moments like this are when I feel most at ease, because the chaos has nothing to do with us.

 In practice, that means staying broadly diversified and rebalancing once a year — selling a little of what's gotten expensive and buying a little more of what hasn't, so we're not overexposed to whatever's currently popular. That's the opposite of what most people do, especially right now, when the instinct is to pile into whatever's already gone up the most.

 Meanwhile, the businesses you actually own keep doing what they do: earnings are climbing, profit margins are near record highs, and they're still raising dividends — all while investing in their own growth. That's what we're really invested in. Not "the market." Real companies, doing real business, getting better.

 None of this means the market can't drop sharply, even soon. It can, and history says it will, probably right when everyone least expects it. But since none of us can time it, the plan is the same as it's always been: ride it out.

 I'm always here for your questions, big or small. Thank you for trusting me with something this important — it's a privilege, and honestly a joy, to serve you.

 Sincerely,

David Henderson

This is being provided for informational purposes only and should not be construed as a recommendation to buy or sell any specific securities. Past performance is no guarantee of future results, and all investing involves risk. Index returns shown are not reflective of actual performance nor reflect fees and expenses applicable to investing. One cannot invest directly in an index. The views expressed are those of David Henderson and do not necessarily reflect the views of Mutual Advisors, LLC, or any of its affiliates. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. DCH Wealth Management, nor any of its members, are tax accountants or legal attorneys, and do not provide tax or legal advice. For tax or legal advice, you should consult your tax or legal professional. Investment advisory services offered through Mutual Advisors, LLC, DBA DCH Wealth Management, an SEC registered investment adviser. Securities offered through Mutual Securities, Inc., member FINRA/SIPC. Mutual Securities, Inc. and Mutual Advisors, LLC are affiliated companies.