By Scott Ronalds

From our Quarterly Report:

We feel that the opportunity to generate attractive returns is better today than it’s been in a number of years. The risks are highly visible (China slowing, negative interest rates, and debt). The positives are under-appreciated (stimulative energy prices, European recovery and ultra-strong corporations). Stock valuations are reasonable. And investor sentiment is still at the gloomy end of the greed-fear spectrum, which is a good thing.

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