At the end of 2010, we saw continued reasons for cautious optimism, but also felt that volatility was likely to remain high. In view of the alternatives, we felt it best to stay largely invested. For the first quarter of 2011, the S&P 500 managed to gain 5.4%, despite the escalation of tensions in the Middle East, the largest earthquake recorded in Japan and related tsunami and the continued sovereign debt stress across Europe. Yet, this has been the best first quarter return for the S&P 500 in more than 13 years.
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