When I wrote to you in May, I indicated that 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 even among our own allies. Through it all, the markets had been resilient, first hitting new highs during the post-election honeymoon, and thereafter seesawing back and forth as Washington ignited uncertainty with changing tariff positions, wholesale agency cuts in the federal government, etc.