We believe the market has transitioned from a bull phase to a bear. The peak of the market occurred last May. The average stock is down considerably more than 20% from its high and the unweighted S&P 500 is down very close to -20%. We have historically managed through bear markets well. We have a unique strategy that deploys the tools to manage risk in such markets.

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PVG – Equity Income Monthly Update (January 2016)