Paix et Prospérité's success has been our ability to anticipate and react to change while keeping an eye towards the future. We structure our portfolios after in-depth top down and bottom up research and being patient enough to profit as it all unfolds. We tend to buy early, anticipating a change in perception of the investment environment, and sell early when our perception becomes reality. Our actions since October clearly show that we have stuck to our disciplines and do what we say.
We went totally defensive last October fearing the Fed selling off most