JAS’s overall investment approach can best be described as emphasizing both tactical (quantitative) asset allocation and technical strategies. It is our opinion that tactical asset allocation provides a flexible and adaptive investment platform. Rather than relying on one tactical model, JAS applies three distinct proprietary models: 1. An asset allocation model that attempts to measure the intrinsic value of broad asset classes relative to each other; i.e., bonds, stocks and cash equivalent securities. 2. A trend and technical analysis model that seeks to identify the broad general trend directions, as well as potential buy and sell points for the markets and certain securities. 3. The specific discipline’s model that drives our buy and sell decisions for that discipline. No guarantees are made or implied as to the future results. As always, past performance is not always predictive of future results. Markets are always changing and adapting, which can and does provide an ongoing challenging environment for investment disciplines.