It seems like we should just throw conventional investment wisdom out the window these days.  Headlines continue to drag the markets to the downside with any news items. Whether it be guessing what AI is going to do to companies profits, or how big the debt issuance of hyperscalers to fund the build out of data centers, it all points to a good excuse to be negative. We do still have the Iranian situation playing out and after that gets a resolution who will know what will be next. It does seem to me that the market is trading in gaps and to see companies trading down in one day 7 to 10% without any real numbers to substantiate that to me is just not the way a healthy market should act.  This is why you should always know what you own as it will create great opportunities when the waves of guesses mis-price companies. We are staying to the sidelines during this recent activity to allow time to settle this down when more reasonable investors step up.  I still like the North American economies, and we are picking spots to add to our current positions but for now I am happy to have a good amount on the sidelines.

     Have a great day and I will keep you posted as we tip toe our way through this.