Our last investment update was published shortly after the November elections. At the time, we suggested that historically, markets don’t care very much about election results and noted that year-end rallies were quite typical in election years. Since then, stocks have rallied double digits and three months later, investors are confronted with yet another set of uncertainties. So we figured this was a decent time for an update on portfolio strategy and our investment outlook for capital markets in an environment now naively classified as The Great Rotation. This letter serves to share a few of the points we've discussed internally during the past week. The bottom line can be expressed as follows: Too much optimism in the short term; better value abroad in the long term.