CCM Clients: We have been reviewing all client accounts in the light of today’s selloff and the problems in Egypt. We do not want to overreact, but given the extended run in the markets and the high volume in today’s session, we feel it is prudent to begin slowly raising some cash. The proper way to reduce risk is to sell a portion or all of your weakest position(s). In our case, the logical area to raise some cash is in our emerging markets holdings. Odds are good we will do some limited selling today. If needed, we will continue to reduce risk over the next few sessions. We are monitoring the situation and our investments very closely. Our comments above relate to risk management. We have little reason to believe the bull market is nearing an end.