By Scott Ronalds

From our Quarterly Report:

While our managers do the heavy lifting in your portfolio, our advice to clients around portfolio construction continues to emphasize risk control as opposed to return enhancement. As I’ve said repeatedly over the last year, security valuations (expensive) and the economic backdrop (fragile) suggest that your portfolio have no more risk than your long-term plan calls for. In the Founders Fund, I’m taking less risk than usual.

Read Tom's full brief and the rest of our report here.