The market remains in a correction, and we continue to advise a defensive stance. The Model Portfolio holds seven stocks (out of a possible 12) and a cash position of around 45%. We think that’s about right, especially as many high-profile leaders have blown up during earnings season. That said, it’s not 2008 out there; many names are holding up well, and one big uncertainty (the U.S. elections) will be settled next week. Thus, we’re busy researching some newer names and re-shaping our watch list.