When I wrote to you in November, previous turbulence in the markets had subsided after the election, and we were hitting new highs. This was so despite the fact that political unrest within our country continued and geopolitical turmoil continued unabated in the Mideast, Ukraine and now even among our own allies. Through it all, the markets have been resilient, first hitting new highs during the post-election honeymoon, and lately seesawing back and forth as Washington ignites uncertainty with changing tariff positions, wholesale agency cuts in the federal government, etc.