Over the course of this year, concerns within global financial markets have been forming. Our past few newsletters have discussed the events resulting in us being conservative throughout the summer. Those concerns are not receding at this point, even as the equity markets have recovered. Therefore, we maintain a defensive position, looking for our concerns to pass and investment opportunities to present themselves.
Over the past month, we have witnessed the following events: the collapse of the Portuguese government threatening a timid recovery, the Catalonia region voting to separate from Spain resulting in their debt downgraded to junk status, an oil