Our Equity Income Strategy had a good month in October, up 1.29%. The sentiment has clearly gotten very bullish lately as bulls out number bears 3 to 1. This type of excessive bullishness is associated with market tops. Our three year view of the market is for a flattening of returns, with both bonds and stocks potentially having flat to down performance. This is the environment when we will perform best. We believe a tactical approach to the markets is the best strategy over the next three years to earn attractive risk adjusted returns. You sure did not need to be tactical this year as the market has uncharacteristically had very little volatility. These types of markets generally do not last, but are associated with later stage market advances.

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