The current market downdraft has been driven by consumer and investor unease with some of the major tech names namely the “FANG” stocks (Facebook, Amazon, Netflix and Google). These portfolio holdings helped power the very strong 1st quarter performance. We did trim some Netflix and Amazon due to high valuations and added to Facebook after the recent sell-off from its February peak. After much work and analysis, our thinking is that this storm will very likely pass, and that these companies' revenues and earnings will not be materially impacted. An overly detrimental regulatory framework is extremely difficult to imagine. Although possible, all the FANG companies are in very different businesses, and so one unified regulation would be tough to put in place. The Europeans are ahead of the U.S. with the upcoming May 25th implementation of the GDPR, as their citizens will have more control over their own personal data. All the companies we have spoken to, including Facebook, have said they are working on this and will be in compliance by the deadline. We believe that even if not mandated elsewhere, they are all taking self-regulation very seriously and will implement far more stringent data privacy controls. There will likely be negative headlines for a while and more “invasion of privacy” issues may surface at these companies. However, the stock prices have reacted accordingly and the valuations seem like they very much discount the worst case scenarios. Clearly we could be mistaken, but that is how it looks to us given our work on the individual names and their businesses. Earnings season is in full bloom in the next 2 weeks. We expect to hear a lot of managements speak about privacy, address investor unease and calm fears. Strong earnings results will also likely make markets focus on the underlying fundamentals of each business in the portfolio. The stock prices should reflect their long-term earnings' trajectory.