Q2 2013 Investment letter. Despite the recent strong stock market performance we plan to hold a high percentage of equities in portfolios, as we believe that equity markets are still fairly valued. We also continue to advocate a high level of non U.S. diversification because the U.S. represents less than half of global investing opportunities. We think it is sensible to tap into the entire pool of opportunities, not just those based at home. Q2 2013 Letter