We have seen a nice rebound to 2019, and very good risk adjusted returns. We are pleased our clients heeded our advice, trusted the process, and understood how and why we construct portfolios the way we do. We aren’t just tracking markets up and down, we have non correlated assets, we have true diversification, and we spend an enormous amount of time on the science of portfolio construction. We remain cautiously optimistic as the Federal Reserve, the largest risk to the markets, has backed off and we are no longer “fighting the Fed”. We chose to write the commentary how we view the Fed’s new monetary policy will affect various assets.