Recently we hosted a webinar for our clients where our guest speaker, Jonathan Pain, shared his views on the Global Investment and Geopolitical Outlook. The theme of Jonathan’s presentation is that it is different this time. We agree that it is an extremely difficult investment environment, and the road is unclear. It may well be different this time, but the result will remain the same. Therefore, we are maintaining a highly diversified stance for portfolios, the most diversified in our 21 years.