Welcome to our first quarterly letter of 2010. After a shaky start in the early part of the year, we ended the quarter with almost every investment class in positive territory. For the first three months the S&P 500 was up 5.39% and the Russell 2000 was up 8.85%. Measured by these high standards many foreign markets underperformed. For example, EAFE was up by just 0.94% for the first quarter, but much of this underperformance can be attributed to a strengthening dollar. Despite this short term outcome for foreign equities we still expect that companies with significant exposure to global commerce, and especially to emerging markets, will provide strong long term returns.