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JAN 2026

Annual CEO Letter to Clients

Tony Reilly, CEO

Dear clients,

If you’ve spent any time with me, you’ve likely heard about the influence Warren Buffett has had on my life and work. This year marks a meaningful moment in the markets. Not because of legislation or economic upheaval, but because we pause to recognize Warren Buffett stepping down from his prominent role.

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A life as consequential as Buffett’s naturally invites reflection. From a curious kid in Omaha to one of the most influential investors in history, his journey reinforced the enduring value of patience, discipline, and a steadfast commitment to simplicity.

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His legacy extends far beyond Berkshire’s balance sheet. It lives in the culture of long-term thinking he championed, the generations he taught to ignore short-term noise, and the philanthropic vision that pledged nearly all his wealth to the public good. Even as he steps back, his influence on leadership and stewardship remains unmistakable.​

Warren Buffett's philosophy impact

Buffett showed that success does not require flash, that humility and excellence can coexist, and that treating people well is foundational to any lasting legacy. Wisdom, like capital, compounds. And the greatest fortunes are often measured not just in returns, but in integrity and impact.

Our clients, our legacy

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As we reflect on the legacy of a titan, we also reflect on our own. Simply put, our clients are our legacy.

 

We are honored to walk alongside you as goals are achieved, businesses are built and sold, families celebrate milestones, and at times, navigate loss. Being entrusted with a role in these moments is a responsibility we do not take lightly.​​

​​2026 with discipline & optimism

 

Despite the S&P 500 posting three consecutive years of returns exceeding 15 percent, we remain optimistic heading into 2026. Expectations include two to three potential rate cuts and projected earnings growth of approximately 14 percent, according to FactSet.

 

Volatility may increase, but history reminds us that discipline matters. During last April’s tariff-driven pullback, many investors panicked and missed the subsequent V-shaped recovery. Staying invested often remains critical to achieving long-term goals. See the last 100 years and how the market performed in last year's annual letter.

 

We believe technology, materials, and industrials will lead earnings growth in 2026. The charts below, outline projections for each sector (Source: FactSet).

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​​Artificial Intelligence (AI):  foundation, not the hype ​

Last year, we discussed the hype cycle surrounding AI and why it appeared overextended. While we may still be in that phase, markets are now paying closer attention to the infrastructure and capital required to support AI’s growth.

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The next phase often brings frustration as expectations meet reality.

That transition may unfold as the demands for power, data centers, and physical infrastructure accelerate.​

The chart highlights the rising electricity consumption tied to U.S. data centers. Greater AI adoption requires significant energy resources. Across the country, land is being repurposed for data centers, and utilities are racing to meet demand. Source: https://www.fidelity.com/learning-center/trading-investing/AI-outlook

Source

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The chart highlights the rising electricity consumption tied to U.S. data centers.

Greater AI adoption requires significant energy resources. Across the country, land is being repurposed for data centers, and utilities are racing to meet demand.

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Another chart illustrates electricity generation capacity by fuel type.​

fidelity 2 energy.jpg

Source​

Staying Grounded 

At Ascend, we focus on what we can control: strategy, discipline, and a long-term perspective. Markets will shift, but the purpose behind your plan remains steady.​

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Great investors think long-term. We aim to do the same with our practice. We continue to invest in mentoring and development so the next generation of advisors is prepared to guide the next generation of families and business leaders.

We are grateful for the trust you place in us and for the opportunity to serve your families. Like Warren Buffett, may our wisdom continue to compound just as surely as capital.

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With gratitude,

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Tony (Anthony) J. Reilly, CEO (LinkedIn)

Ascend Advisory Group, LLC

6767 Longshore St, Suite 300,

Dublin, OH 43017

614-784-6000

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