Q4 Client Conference Call, Renewed Volatility

During our Q4 conference call, we discussed the market returns YTD and the changing dynamics that are giving investors concern as we enter the remaining months of 2014.

- normal economic activity, not accelerating economic activiity

- reduced Fed stimulus

- non U.S. pressure to push down global interest rates

- excess energy assets are good for economy, but bad for energy stocks

- foreign money purchasing our "high" interest treasuries is strengthening USD

- strengtening USD is hurting exports, and reducing returns for non US investments

- YTD interest rate sensitive stocks are where much of the gains have been made

- We are very light interest sensitive stocks, as we belive rates go higher from here

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