Once again, in our effort to go to press with a timely message, we are confronted by a volatile market and rapidly developing news cycle. The fact that the S&P 500 index eked out a modest gain for 2007 is indeed old news, and investors are focused squarely on the present. The major indices turned in their worst start in thirty years, with both the Dow and S&P falling by 10% in just the first twelve trading sessions. January 23rd was especially wild, with the Dow taking investors on a 600 point intra-day ride. For the moment, the markets seem to have regained a modicum of stability, giving us time to pause and reflect. Like the sailor riding out the storm with his gaze firmly fixed on the horizon, an investor can benefit by seeing past the volatility and adhering to thoughtfully constructed long term objectives.

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