Dr. William R Nelson, FGAM’s Chief Investment Officer, will open this update with a review of our investment management philosophy, which accepts that no one can reliably predict the future. Still, asset managers have a duty to focus on costs, tax efficiency, diversification and risk alignment. He will then review current concerns, which include two major wars and an upcoming election. While we simply cannot predict the effects of conflict on market returns, we can conclude that no significant correlation exists between the party holding the White House and the performance of stocks. Dr Nelson will explain that there is virtually always something to worry about but that investors are rewarded for taking risks. The topic of asset location on portfolio performance is reviewed, followed by examining why holding top-performing stocks can be so hard.