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Investors who are seeking commentary on global drivers of markets, market direction or detailed stock reviews, will be disappointed in our commentary. We do not make predictions or forecasts. Our process is purely systematic and based on price. That is not to say we are ambivalent about world events and drivers of stock and market returns, but we view much of this as noise that is best set aside. Certainly we believe earnings per share over the long term drive share prices. But sentiment and investor behavior – fear and greed – drive prices beyond an underlying perceived fair value. By focusing purely on price and adopting a systematic approach we believe we can better derive a return stream that captures those market inefficiencies.