The firm believes it is essential for investment managers to understand the policy and actions of the Federal Reserve, the Administration, and Congress, as well as those of key foreign governments and central banks. The preservation of capital is of prime concern. The firm strives for premium return- an aim viewed, however, in the context of market risks and the risk tolerances set by the investment mandates of the client. The focus is on absolute as well as relative returns. Extreme risk positions are not justified in order to achieve consistent and superior returns.