The Piedmont Perspective: FEBRUARY 2026 (corrected)

The Piedmont Perspective

Insights for your financial and personal landscape.

February 20, 2026

Greetings!

Beginning next month, we are transitioning to a new newsletter format.

Instead of featuring separate articles from multiple members of our team, we will be consolidating everything into one comprehensive piece focused on market outlook, portfolio positioning, and investment strategy. Our goal is to provide a clearer, more unified perspective on what’s happening in the markets and how we are managing portfolios in response.

This publication will be written by the Piedmont Investment Policy Committee — Drew Coco, Tom Schuch, and Alex Musso. We believe this format will allow us to communicate more directly and consistently about market events, opinions, and outlook.

For those who have enjoyed Erika’s thoughtful and spiritually reflective newsletters, her writing will certainly continue. We are creating a dedicated section on our website where she will continue to share her blog posts, articles, and reflections.

We appreciate you taking the time to read our updates each month and look forward to continuing to provide meaningful insight in this new format.

-Drew Coco

In this edition of the Piedmont Perspective Tom discusses RMD timing; Drew provides insight into the impact of geopolitical tension, Fed policy, and technology selloffs on market performance; Alex cautions against normalcy bias; Diego takes on Gen Z investing trends; and Erika looks for validation.

You will also find important tax information inside.

Click here to read the FEBRUARY 2026 EDITION of the Piedmont Perspective.

Thank you for reading!

Erika Morck

Office Administrator

erika@pdmnt.com

Phone: 406-862-9400

Piedmont Capital Management

6442 US 93 South

Whitefish, MT 59937

Phone: (406) 862-9400

Piedmont Capital Management is registered with the Securities and Exchange Commission (SEC), under the Investment Advisors Act of 1940, as of May 2021. Piedmont Capital Management and its representatives may only transact business or communicate individually with any client/prospective client about rendering investment advice or solicit or negotiate the sale of investment advisory services in those states it has notice-filed or qualifies for an exemption from notice-filing. To determine whether or not our firm has notice-filed your state contact our office or your state’s securities law administrator. You can also find this information at www.adviserinfo.sec.gov. Our CRD# is 165775.

Please contact us at (406) 862-9400 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate any restrictions on the management of the account or modify existing restrictions. Additionally, we recommend you compare any account reports from Piedmont Capital Management with the account statements from your Custodian. Please notify us if you do not receive statements from your Custodian on at least a quarterly basis. Our current disclosure brochure, Form ADV Part 2, is available for your review upon request, and on our website, www.piedmontcapitalmt.com. This disclosure brochure, or a summary of material changes made, is also provided to our clients on an annual basis.