Stocks fell sharply today, giving back some of the gains of the prior several trading sessions. As noted in prior comments, we believe that a bottoming process to the current stock market correction will take time, and be volatile. Today’s market close stands about halfway between the August 25 low (1867 on the S&P 500) and the August 28 recovery high (1994 on the S&P 500). We continue to believe that the best approach to counter a hostile market environment is to 1) focus on the long run, and 2) look for opportunities to allocate capital to great companies at attractive valuation levels. We believe a retest of 1867 is likely, but we remain constructive on the long-term outlook for U.S. equities.