Commentary

Despite a lot of volatility in the past month, most market segments have not moved a heck of a lot, except for Real Estate Investment Trusts, which suffered from expectations of rising US interest rates. Commodities strengthened again causing this asset class to trigger in. We remain nervous, but disciplined, investment managers. I know everyone is also nervous about the election and the ramifications the results have for the economy and markets. Just remember that it is the emotional investor that usually gets hurt; it is the disciplined investor that usually fares better. Our disciplined, rules-based approach is designed to take the emotion out of investing and to help relieve some of the worry.

Thanks as always for your trust.