May 2016 Outlook

In mid-January we felt compelled to send out a blast-email to our clients based on the volume of calls and
concerns related to the bouts of volatility which roiled stock markets the first few weeks of the year. We
certainly empathize with our clients’ very real concerns. Our empathy stems from the fact that in today’s
hyper-connected world with media outlets “screaming” headlines to attract eyeballs, it is nearly impossible
to separate fact from narrative.

Outlook May 2016

CCR Investment Committee