The market in my eyes is overextended because I’m unable to find true bargains. Investing over the past year for the portfolio has been in highly liquid positions that return cash quickly or have a catalyst to realize value in short periods of time. I’ve been heavily invested in 4 or 5 companies with strong catalysts to realize value quickly. I have also participated in small hedged arbitrage positions that will also return cash quickly. I believe we have a large municipal problem on our hands with several states. Housing continues to be very depressed. Gold is still at all time highs showing a lack of confidence in the currency markets. I tend not to get into the macroeconomics of the financial industry although it is always prudent to keep an eye on the overall aspects of the economy. I’m slowly starting to liquidate all my positions and will sit in cash until more compelling bargains are present.