As we write this letter and reflect back on the past few weeks, the word that keeps coming to mind is REDEMPTION. Just like the Virginia Cavaliers basketball team in the National Championship and Tiger Woods at The Masters, the market has had the ultimate bounce back story: falling 20% the last few months of 2018 to up over 16% for the year as of the writing of this letter. Despite this bounce back, the risks initially associated with the steep decline in 2018 are still very much there, and until we have a clear signal telling us otherwise, we will remain with a more defensive posture. After all, it was the defense by Virginia and the safe play of Tiger Woods that won them championships.

Please Click Here to Read our Full Commentary