Our investment approach is built on a foundation of risk management and a rigorous focus toward capital preservation. Our objective is to remain out of the markets as much as we possible can, thereby minimizing our open market exposure to volatility and larger long term fluctuations in the foreign exchange markets. If we think the markets are setting up for significant periods of untamed volatility, we will remain unexposed. It is more important to preserve capital than to make big gains and end up giving it back, or worse, end up with less capital than we started. For our team at VCG, long term investing means acknowledging and preparing for those times when markets and/or our strategies may lose and employing the discipline and structure to weather those periods without emotion or panic.