The financial media remains focused on fear-related themes and potential for a recession, but we believe economic weakness can actually be good, if you’re invested in the right companies. On the other hand, the U.S. consumer remains very strong, and consumer spending is more than two-thirds of the U.S. economy. U.S. companies also remain very innovative and ability to raise capital is good. The main risk to global growth seems to be trade disputes between the world’s two largest economies, but, in our opinion, this is a war in name only. We continue to think it makes more sense to position for a positive resolution.