Our research drives the selection of stocks for each portfolio. For each new portfolio, we will construct a core portfolio of 35-50 U.S. equities, principally large capitalization companies, although we do use a few international and small to mid cap companies as well. We maintain a "buy list" of company stocks that we review continuously for use in our core client portfolios. The choice of stocks for this list is driven by market and sector analysis and, given our philosophy, represents our emphasis on diversification and long-term value. We also maintain a special list of stocks that we recommend for clients with an aggressive growth orientation. Where appropriate, we will utilize a select group of ETFs, outside managers and mutual funds to cover small-cap, international sectors or alternative investments.