We underperformed the market in November. We remain very optimistic on the outlook for Europe. In particular, we believe that the opportunity to invest in more domestically orientated companies is particularly striking. Many of the best quality international growth stocks are now just too expensive, especially considering a possible slow-down in emerging market demand. Many domestic European companies, on the other hand, are trading at discounts to their American equivalents in excess of 50 percent. More importantly, however, our firm belief has been – and remains – that the Eurozone economies are both fiscally stronger, and more business competitive, than their Anglo-Saxon counterparts. One need only look at the modest growth in overall Eurozone government debt over the crisis, or at the German trade account surplus, to appreciate the strength of the region relative to the US and UK.