We have been monitoring the spread of, and continued efforts to contain the COVID-19 virus and its effects on the markets as I am sure you have.

In recent days, we've witnessed a quick erosion in consumer confidence as it related to the corona virus, which has brought weakness to global equity markets, and which, as of today, marks the official entry into "bear market" territory.
 

We have been cautious over the last several quarters, in anticipation of a potential market decline. This has resulted in a more defensive stance in portfolios, as we have sought to buffer the impact of falling markets.
 

While the markets have reached deeply oversold conditions, we cannot and are not seeking to "pick the bottom", but will be seeking to deploy monies into the market. We will be looking to buy high-quality companies, with low debt and which possess the ability to generate earnings in any economic environment.
 

I write to keep you up-to-date, and to reassure you that we're monitoring global events closely.