In our last comments we noted that:
We have been net sellers over the last few months and expect to continue to maintain a higher than normal level of cash. We are having trouble finding investment ideas that fit our value philosophy as there appears to be a level of complacency that assets will continue to move higher. We can now look at some of the recent declines in non large cap based indexes as opportunity rather than disappointment. Over the past few days we have been buying new positions and/or added to existing positions as prices have come down to more tenable values. Particularly for small cap stocks, where we have seen the Russell 2000 drop more than 10 percent from a record reached in March, meeting the common definition of a correction.