As you probably already know, we sold off several positions from your portfolio yesterday at the market open. We spent the weekend thinking through the issues of making such a big change and what the impact would be in your accounts.

We felt it was important to make a change to take the risk out of the portfolio, because of the continued market declines and a growing body of information that puts a darker outlook on the economy. We can be accused of being wrong by selling too soon or at the bottom of the market, but I am comfortable that we did the right thing by selling when we did.