The theme of our first two quarterly transmittals was volatility. The theme of this communication is also volatility, but to be more specific, the lack of volatility in the past three months. Following an extended period of historically low market volatility that began late 2016, the stock market aggressively sold off in February in response to an unexpected, albeit brief, surge in volatility. Concerns over a burgeoning trade war contributed to additional volatility spikes in March and April that resulted in negligible stock market performance through the end of the Second Quarter. Since then, volatility has quietly fallen back to historically low levels. The stock market, with a high single digit return recorded by the S&P 500 for the Third Quarter, has quietly climbed to new records. In addition, crude oil prices have quietly climbed above $70 per barrel, and the yield on the Ten Year Treasury has quietly climbed back above 3.0%.