Today, we’d like to share a thoughtful review of the economy and markets by our good friend and colleague Emery Pike, CIO of Stratford Advisors Inc. I had the pleasure of getting to know Emery through my involvement with CFA North Carolina, where Emery served as a Past President of the Board. As we share many of the same concerns, or shall I say skepticisms, sharing ideas came natural for us and we’ve since formalized these conversations through weekly calls between our offices. Emery is a voracious reader with a tremendous ability to absorb information and quickly shape relevant conclusions. He has taught us a lot over the years in subjects ranging from rock and roll history to the economics of junior gold miners. We hope you enjoy his insights as much as we do.