2022 has been a momentous year!  It has reminded us that investments do not just travel in one upward direction.

We will discuss how we see things near and longer term.  In short, we still lean toward playing defense, though we could see temporary reprieve in the markets.

We have emphasized defense, especially this year, because this is not just your money.  Your nest egg is a source of funding your retirement income, future dreams, and health care costs in retirement.  While we seek ways to grow your assets and find income, we also keep an umbrella on hand for rainy days – like 2022, maybe a little longer.

If you have other investments that might benefit from this approach, please come talk to us.  If you know someone who feels a little beat up after 2022 and needs some help, have them give us a call.

We are here to help.

Enjoy the Bear Market Rally While It Lasts…

Near term, we could see a mild bounce in the markets.  Markets experienced a sharp -15% decline from mid-August to mid-October. Markets since then have shown mild resilience.

Seasonality, hopes for an end to Fed rate hikes, and options speculation might allow for a temporary bounce.  3^rd quarter earnings and macroeconomic data are a wild card.

While we have modestly taken up risk, we see it only as a tactical bounce over which major headwinds remain.  We would expect to take it off at higher levels perhaps toward the end of the year.

…But Serious Risks Still Remain.

Our medium-term concerns about risk assets remain:

1. Inflation continues to remain an issue.
   • Commodity scarcity: in spite of higher prices, supply in most commodities is not rising. OPEC+ is cutting 2 million barrels of production, the US Strategic Petroleum Reserve will soon run out of barrels, and diesel inventories in the US are less than 30 days of supply, near all-time low.  Food harvests and rare earth (used in renewable energy) are also supply-constrained.
   • Labor wage hikes are passing through the system. This in past cycles has been the real driver in times of stubbornly high inflation.  Railroad engineers, airline pilots, and other industries have received double-digit wage increases.
   • The question is not necessarily whether inflation near-term has peaked, but rather where will inflation plateau. Consensus expectations call for inflation to drop only to 5% next spring from over 8% currently. (Bulls need inflation to fall to 2%.  Given supply shortages and government spending, we are concerned that hope might be too optimistic.)
2. Interest rates remain an overhang:
   • Short and long-term interest rates hover at +/-4%, the highest in over a decade. In the meantime, the Fed is still catching up.
3. The bulls expect the Fed to “cry uncle” similar in 2018-9. In a matter of months, the Fed shifted from raising to cutting rates due to fears of economic recession.  The stock markets rallied.
4. What is different today 2018 is that inflation and fiscal spending are both much more serious issues.
5. If the Fed stops raising or even cuts rates, it runs the risk of a new inflation surge. Markets might like it initially, but at some point, we fear the rally would end as investors realize the inflation genie is out of the bottle.
6. If the Fed keeps on going, we risk seeing deflation in the form of price declines in financial markets.

Other Issues Include:

• Retail investor sentiment (what they really do, not what they say) is still elevated. BofA investors still maintain high allocations to stocks versus history (and well above pre-pandemic).
• Corporate earnings are subject to disappointment and reduction (margin pressure, demand weakness). Transport companies, a barometer for the overall economy, have warned about declines in volumes entering the holiday season (and the stocks have suffered).  Wall Street still expects earnings growth in 2023 despite signs of a weaker economy.  We believe this is overly optimistic.
• The surging US Dollar has not only driven debt costs higher for emerging markets, but also has pressured large developed market currencies (UK, Japan). Markets fear a violent spiral in devaluation might also take their toll on assets held in the US.
• Geopolitical risk (Ukraine, Taiwan) is another wild card.

How We Intend to Navigate This Landscape

Exiting the bull market of last year, we believe a prudent investment posture consists of 2 stages in the current environment.

Stage 1: “Play Defense.”

For 2022, we have focused on reducing downside risk.  We had entered the year moderately cautious on equities, and extremely cautious on fixed income (down over -15%, the worse year in decades).   Cash, large cap equities, and diversified strategies have been our main focus.

Stage 2: “Go Back on Offense, But Be Careful.” 

Timing is uncertain (it might take months or even years).  Markets and economic fundamentals will show true signs of bottoming.  The Fed might finally be able to cut interest rates.  Perhaps a systemic failure (a major bank or country) is needed to wash out markets.  At that point, we would begin to see some true value, especially in traditional assets.  Perhaps we might invest again in foreign markets (which have been major underperformers this decade).

The Newest Investment Is Not the Sexiest

For the first time in over a decade, US T-Bills might offer sufficient yield with minimal risk.  They now offer a potential tool to diversify investors’ nest eggs.

Opportunities:

• Meaningful interest rates are nearly 4% on a 1-year bill.
• High liquidity – you can get in and get out with minimal friction.
• Short-duration (< 1 year) cushions interest rate risk – if rates rise further, your T-Bill matures soon and can potentially be reinvested at higher rates.
• Credit risk is minimal – thank you, US Government.

Risks:

• Opportunity cost – other bonds have higher yields, but the risks are often much higher.
• Reinvestment risk – if rates were to fall, maturing debt would likely be reinvested at a lower coupon.

Do You Have Excess Cash Earning Next to Nothing?

If you have extra cash sitting in your bank account, chances are it’s earning yields next to nothing.

You might be able to allow more of your money to take advantage of higher interest rates with modest risk. Come talk to us to explore if this might help you.

Tips From a Pro

Do you want to avoid the slaughterhouse during this bad market environment? Here are a few tips:

• Pay intention to what you are invested in, especially in your retirement plans. Get Active!
• Actively manage your accounts and understand that buying index funds (today) might actually harm you.
• Avoid being invested in target-date funds.
• Prioritize quality and value over fads and trends.

Conclusion

As you set your New Year’s resolutions, I encourage you to be proactive with your financial planning.  You can control your future, but it’s up to you to make it happen.

2023 will likely be a difficult year. If you prepare, be proactive, and plan ahead you will be able to look to the future with confidence, even in times of uncertainty.

I’m here to cheer you on along the way.

Sincerely,

Petr Burunov, CFP®
President / Wealth Strategist

The post Client Newsletter 4Q22 appeared first on AWM.

Fear can push many people into making emotional decisions that might cost your family dearly.

Many people in vain seek safety in bank accounts, insurance annuities, or cash “under the mattress?”

In guarding against one type of risk, they assume other types of risk.

1. Inflation Pressures Your Standard of Living

Most of us know what’s happened with the price of gas.  And food.  Travel.  Real estate.  Taxes….

Prices are going up.  The latest official government numbers in July of 2022 show consumer prices rose over 9% from a year ago, the worst in 41 years.[i]  Food rose over 10% and energy over 40%.

Sitting on “safe” investments still reduces your wealth.  Your money flows out more quickly to maintain your standard of living.

2. Locking in Low Rates of Prospective Return If the World Gets Better

Current rates on 5-year bank CDs are still less than 1%.[ii]  Fixed annuities pay slightly over 4% for a 5-year term (but beware of hidden charges, surrender penalties, and lockups).[iii]   Cash in the wallet or mattress earns you about zero.

Ignoring stocks, real estate, and other investments might cost you opportunity as they have produced stronger returns over longer time periods.

People who work with us benefit from our insights on the right mix of assets to seek to protect and grow their wealth.

3. “Hotel California”

Have you read the fine print on “safe” investments such as annuities and CDs?

It’s easy enough to “check-in” and invest in an annuity.  However, if and when you want to take money out, you might find it’s a lot more difficult (and more costly) than you realized.

Surrender charges, stated values versus what you actually get, and pushy insurance people can complicate your access to your money – and how much you might pay to get it out.

So, what should you do instead?

Find a rational, compassionate advisor who will know your family and work for your best interest.

Don’t get on the emotional roller-coaster, otherwise, you will sell at the bottom and buy at the top.

All that glitters is not gold.  Neither is all that advertises “safety”.

I would be more than happy to guide your family in thinking through these issues logically.

Schedule A Call Today

[i] https://www.bls.gov/news.release/cpi.nr0.htm  accessed on July 18, 2022.
[ii] https://www.bankrate.com/banking/cds/cd-rates/#top-cd-rates-by-term  accessed on July 18, 2022.
[iii] https://www.annuity.org/annuities/rates/  accessed on July 18, 2022.

The post Is Anything Safe? appeared first on AWM.

Finances can have a big impact on your lifestyle. Just ask people who wanted to retire during the 2000 or 2008 corrections. Many of those who had wanted to retire but did not plan beforehand suffered.  Some had to keep working. Others settled for a reduced standard of living.

Today’s challenges include rising taxes, inflation, interest rates, and market volatility.

It is understandable to be nervous about the future. Your bills are going up even if you’re not buying more.  Taxes are higher and more complicated. News of war, violence, and famine adds uncertainty.

1. Take Advantage of Opportunities

Returning to the first question, let me answer with another question.  In these uncertain times, would you benefit from less help – or more?  Today, if you sit in cash, you are already losing money!  Look at your grocery or gas bill. Inflation of even just 10% a year means you can afford to buy 10% less simply by sitting in cash.

2. Be Prepared for All Surprises

The AARP claims that 32% of Americans have a financial plan.[1] That’s less than 1 in 3 families.

I’ve watched families drown in the news cycle, only to end up depressed or in a panic. Others are too easygoing and ignore the bad news around them.

Rather than avoiding it, face your family’s challenges head-on.

3. Protect Your Family by Seeking Help

A fiduciary advisor will help you understand real problems that affect your family. He can help you to prioritize what’s important and address tough questions to prepare for your future.

Advisors offer solutions to help deal with today’s volatility and advise against mistakes that you might regret later on. We help our clients budget, manage and diversify their investments, and leave a legacy for the next generation.

Complex and ever-changing tax and estate laws can feel daunting, but a fiduciary advisor can make these issues manageable for your family.

So, the real question is “Are you ready to work with someone who can help you face the future with confidence?”

If the answer is yes, give us a call.  We would love to help your family!

Contact Us

[1] https://blog.aarp.org/money-talk/americans-financial-plan-is-not-to-plan  accessed on May 16, 2022. 

The post Should I Wait Out Uncertainties in The Market and Start Planning When Things Settle Back Down? appeared first on AWM.

You may be surprised to learn that you can plant a garden on as little as one-fourth of an acre that supplies a good portion of your family’s needs.

For those without any land or living in an apartment, consider microgreen kits or tower gardens. With the right lighting, you can even grow produce in a garage.

Still not convinced to start planting? Here are 3 benefits of having a garden.

Benefit 1: Better Health

Produce at the supermarket generally contains preservatives or other protections that allow for longer shelf life. Often, it comes from far distances out of state.

The downside is that produce at the store loses nutrients that could otherwise be protected if it were sourced closer to home.

Additionally, you have no control over the use of pesticides or GMO crops.

In contrast, growing your own produce gives you more control. Your food will contain all the naturally occurring nutrients. Some people even like the taste of their own home-grown fruits and vegetables better.

Outside gardens might also provide other health benefits such as exercise, sunshine, and fresh air.

Benefit 2: A New Hobby

Caring for a garden involves work, but it can be rewarding for many people.

• Choosing which seeds and coupling them with the right soil, fertilizer, time to sow, and time to harvest can be a satisfying challenge.
• Watching small seeds sprout into full-grown plants.
• Harvesting fruit or vegetables for your dinner table (or to share with your neighbor).
• Try a variety of veggies in your salad or outright new recipes.
• Growing herbs that can help soothe pain or lighten up your mood.

Gardening can grow on you as a new hobby.

Benefit 3: Your Home Garden Might Lower Your Grocery Bill

Of course, this was the main reason for your question. While the savings at first might not seem like much, consider that as you grow out your garden, you also pay less at the supermarket. Also, if you grow your own supply of your favorite vegetables, you have less to worry about in seasons of supply chain shortages.

There can be many benefits of growing a garden beyond lowering your grocery bill.

Do some research. Talk to friends and neighbors who are expert gardeners. Visit a nursery or garden store and maybe even take classes on gardening. Start small and expand your horizons as you get more comfortable. Enjoy and share the fruits of your home garden.

Free Consultation

The post My Grocery Bill Keeps Going Up. Any Suggestions? appeared first on AWM.

Here’s A Brief Update on Your Investments:

As recently mentioned in the quarterly newsletters in January and April, your portfolios entered the new year with a moderately cautious stance.

We still maintain that same view. Monitoring economic and corporate earnings data thus far reported it is possible that the choppy volatility in the market environment might persist for a while.  As mentioned previously, factors include:

• Inflation (raw materials scarcity an issue, looming wage increases could complicate the picture)
• High traditional asset market valuations
• Risk to corporate profit margins from cost inflation, hence earnings at risk
• Tighter monetary policy
• Risk of economic recession
• Geopolitical tension (while lower on our scale of worries, it does feed through)

Offsetting potential risks, investor sentiment near-term appears to be depressed (a contrarian indicator compared to the frothiness in 2021 following a strong market recovery).  Additionally, current interest rates remain low in historic terms.

As a reminder, we have been reducing risk since last year:

• Reduce buckets in traditional asset classes (fixed income and equities), including amounts and more volatile sectors (credit, small-cap)
• Increase diversified bucket (hedged equity manager, select commodities)
• Increase cash (dry powder to take advantage of opportunities when appropriate)

We remain vigilant of market risks and opportunities. Our bias remains moderately cautious, particularly on most fixed income and equities. As opportunities or risks present themselves, we anticipate making more changes to your portfolios.

We will continue to keep you updated.

Sincerely,

Petr Burunov, CFP®
President / Wealth Strategist

The post Investment Update: May 2022 appeared first on AWM.

Happy Spring! We have a lot to talk about this quarter. Let’s jump right in!

2022 Will Be a Difficult Year

Over the next couple of years, we expect the economy to struggle. We are taking proactive steps to ensure that, as the economy rotates and challenges come and go, each client’s positions are adjusted to fit their individual needs and goals.

If you anticipate any changes to your circumstances in the coming months, please let us know. The better we understand you and your situation, the more appropriately we can adjust your investments.

It’s Up to You to Protect Your Family

Each of you is in a unique situation. Depending on where you fall on the retirement timeline, we can offer some recommendations to potentially help you preserve your assets, grow your investments, and keep up with inflation.

1. Retirement: You Are Retired.

Set aside time to review your Trust documents. In seasons of high inflation and rising prices, you potentially might position your assets to mitigate estate taxes that your heirs might otherwise pay more of.

The key in this stage is income, tax & estate planning.

2. Preparation: You Are Getting Ready to Retire.

As you prepare for your upcoming retirement, ask yourself if your investment accounts are working for you and if your business or real estate holdings are positioned to prepare you for retirement.

The key in this stage is income & tax planning.

3. Accumulation: You Are Establishing a Career.

Establish a good, working budget to understand where your money is going. Think about ways to increase your savings, maximize retirement account contributions, invest in real estate, and/or work on paying down debts.

The key in this stage is budgeting & saving.

Due to higher energy costs, geopolitical turmoil around the world, shortages of fertilizer, and various restrictions on trade between nations, we expect food costs will continue to rise. Some parts of the world might even suffer more supply chain shortages.

We have kept you informed about what we are doing with your portfolios to prepare for these challenging times ahead. Check out this sidebar for ideas everyone should consider to help their family in these inflationary times.

Investment Thoughts (by Petr Burunov & Stuart Quint)

In our last newsletter, I told you that 2022 was likely to be quite different than 2021.  So far, it has.

Both stocks and bonds have declined moderately.  (In fact, bonds have declined slightly more.)

While the economy is cooling off, prices are not.  As a consequence, the Fed for the first time in 3 years started to raise interest rates.  Though we are near historically low-interest rates, the fact remains that bond yields, which used to be notably above inflation, are significantly below.  Controversy exists as to how far the Fed can raise rates without putting the economy into recession.  Yet, inflation has now resurfaced for the first time in decades as a serious potential problem to people’s purchasing power.

Consider the recent news in Germany, Europe’s largest economy.  Supermarkets just announced price increases from 20 to 50% on over 300 products.  While the official excuse is the war in Ukraine, remember that supply chain issues and commodity price hikes had begun well before the end of February. In fact, prices started to go up in the first half of 2021

Closer to home, many of you have noticed higher gasoline prices.  Not only are commodity costs rising, but prices for homes, appliances and even wages are also moving up.  After several decades of modest inflation, we are experiencing an environment more similar to the 1970s.

As mentioned in our previous newsletter, we entered the year moderately cautious about risk.  Stocks looked richly valued, and bonds even more so.  Traditional stocks and bonds might face further headwinds to posting compelling returns while inflation and higher interest rates loom.

Part of your portfolios has been invested in what we call a “diversified” bucket. This “diversified” bucket consists of select alternative investments that are less reliant on traditional stocks and bonds. Their purpose is to add potential stabilization to your portfolio while seeking positive returns.

Examples include precious metals, commodities, and long/short strategies. Precious metals might serve as a hedge either against higher inflation and/or recession.  Base commodities such as energy, agriculture, and metals face supply shortages and have the potential to appreciate in US Dollar terms.  Your long/short manager has the potential to benefit from price dislocations in companies in both rising and falling markets.

Though markets have recovered tremendously from the trough last month, it appears early to declare the coast is clear.  First-quarter earnings could introduce near-term volatility.  Economic data appears to be slowing (jobs, housing market, consumer confidence).  Add in uncertainty surrounding further Fed rate hikes and geopolitics.  We would not be surprised to see further choppiness in markets in the coming months.  Furthermore, you should not be surprised to see further traditional risk being reduced in your portfolios in the coming weeks and months.

Upcoming Changes

Every year there seems to be some form of adjustment made by Congress to impact your retirement. This year is no exception.

Congress already passed several rules to defer RMDs (required minimum distributions) and increase annual contribution limits. Pending a Senate vote, more changes are coming. Stay tuned for future updates.

Final Thoughts

It’s great to have money, but at the end of the day, your bottom line is what counts. Remember: it’s not about how much you make, it’s about how much you keep. This is where planning, savings, and budgeting is crucial.

Plan for the taxes and unexpected circumstances. I want to see you thrive.

Sincerely,

Petr Burunov, CFP®
President / Wealth Strategist

The post Client Newsletter 2Q22 appeared first on AWM.

2021 has been a bumpy ride, and I shared why in my last newsletter. As we head into the fourth quarter, I want to give you access to new strategies, address inflation, and speculate what’s to come after the holiday season. Let’s dive in.

Are You Looking for a Unique Strategy?

You know my heart and approach to developing holistic relationships with each of my clients.

In the same way, we look at managers with unique strategies that can increase prospects to help our clients meet their goals. We believe many of you might benefit from owning strategies outside of traditional US stocks and bonds.

Over the years, we have been building relationships and allocating portions of client assets into managers with strong niches. Examples include Japanese stocks, long-short equities, commodities, and managed futures.

One of our managers closed their strategy to new, outside investors. However, all existing and future clients of AWM still have access to these strategies because of our long-term relationship with the manager.

If this sounds intriguing to you, come talk with us to see if it’s a good fit for you and your family.

Inflation Will Impact Your Family

Unfortunately, your investments are not the only thing going up. Anyone who has recently gone for a drive, enjoyed a meal out, vacationed, or bought a house knows that things don’t cost what they used to, especially in the Pacific Northwest.

Filling up your gas tank is 40% more expensive compared to a year ago. Food prices are up over 4%. Restaurant prices are up 7%. Some companies are even charging higher prices for smaller portions of food. No one is likely to forget that home prices have risen over 13% in the last year.

These are all examples of inflation. As you can imagine, inflation can take a real bite out of your standard of living.

Inflation Might Be Here to Stay

We’ve heard some say, “Well, this is transitory. Gas prices won’t rise 40% again! They should eventually go back down as they pump more oil.” This news can be difficult to hear, but we think many of the gains are here to stay and might even continue to rise in other areas.

What’s our reasoning? Here are a few things to consider:

1. Many commodity companies are cautious on spending capital expenditure to produce more goods even with higher prices. (The oil company Chevron recently forecasted minimal high spending on boosting oil production even with higher prices. Farmers in many parts of the world have had poor harvests, which will limit supply again in 2022.)

2. There is a global shortage of computer chips. Have you wondered why it is so hard to buy 2021 car models? It’s because they have many chassis, but unfinished interiors or engines because they lack the electronics! Several observers fear the shortage will last well into next year.

3. Labor shortages in a number of industries have caused supply bottlenecks and price spikes. For example, railroads and truckers have seen an exodus of workers, some due to retirements without sufficient hiring of young workers. Notice the plethora of “Help Wanted” signs, particularly at restaurants.

4. The shortage of shipping containers is an issue for global trade, especially for economies like the US that heavily rely on cheaper imports from Asia. Just look at the record-high backlog of container ships that create delays to unload for West Coast ports.

5. Remember, taxes might also rise due to either changes in tax laws that we have highlighted in past letters or simple inflating asset values. For example, higher home values lead to higher property tax assessments.

You Can Fight Back Against Inflation

You can’t avoid inflation, but there are some steps you can take to help alleviate it.

First, budget. Focus on the expense side. Do you know how much you are spending on gas, food, and going out?  When you understand where your money is going, how much you are spending, it’s easier to prioritize non-discretionary expenses (needs) over discretionary expenses (wants).

Next, prioritize. When staring in the face of inflation, you must decide what is most important to you and your family.

1. You can maintain your current lifestyle and spending habits (which will rise so long as we remain in an inflationary environment) but at the expense of future income generated by savings and investments. Or,
2. You can look for ways to control your spending by adapting your lifestyle, maintaining your current savings and investment strategies, and recognizing that taxes might be a bigger concern for your family.

It’s also important to understand that your investments and assets are working for you and have the potential to keep up with inflation.

Lastly, take action. Work with your team of trusted professionals to collaborate with you on a game plan and carry it out. Your plan does nothing for you unless it’s put into action. Also, remember to check in from time to time to review and make necessary adjustments to your plan.

The Bottom Line: Now Is the Time to Prepare for 2022

Start this last quarter of 2021 with a fresh perspective on your investment strategies and financial planning.

I hope the tools in this letter will help you as we continue to navigate through these challenging months. Know that I and my team are a resource for you and your family. Please let us know how we can help.

Sincerely,

Petr Burunov, CFP®
President / Wealth Strategist

The post Client Newsletter 4Q21 appeared first on AWM.

Is this about to change?

Up until this year, long-term US Treasury yields were the “toast of the town” for a long while.  Going back three decades, bond yields, for the most part, have declined (and prices have risen).  Bond yields touched new multi-decade lows even after the trough of the Great Recession in 2008.

Have bond investors enjoyed too much of a good thing?

Today, bond yields appear too low, even if inflation behaves.  If inflation were to rear its ugly head, then bonds could be “toast”.

Let us see why.

“Real” vs. “Nominal” Bond Yields

The chart above examines yields on US Treasury bonds maturing in 10 years – with a twist.

Traditional charts display prices in nominal terms.  For example, an investor buying a US Treasury Bond with the intent to hold it to maturity in 10 years, the investor would receive interest of around 3.1% per year.  (Of course, this does not take into account any fluctuations in price from market volatility.  This is why bond investors should focus on total return, price return plus yield, and not just yield.)

However, many bond investors also look at bonds in terms of real returns.  Real returns consider how the income an investor receives tomorrow is impacted by the prices that investor will pay to support his or her lifestyle (or fund someone else’s liability).  In other words, take the nominal yield and subtract annual inflation to calculate the bond yield in real terms.

The chart above shows yields on US Treasury bonds with maturities of 10 years in real terms.  (Sometimes, this presentation of bond yields is referred to as “real bond yields”.)   The rate of annual inflation is “core inflation” excluding food and energy.  This index is published monthly by the US Bureau of Labor Statistics.

Nominal yields have risen from roughly 2.5% last summer to 3.1%.  Yet, when we look at bond yields in real terms, the increase appears quite modest (and yields quite low), even compared to recent history.

Currently, real yields are at 0.6%.  In other words, investing in the 10-Year Treasury would yield an investor income growing 0.6% above inflation (assuming it stayed constant).  That seems low.

Only 7 years ago in 2010, investors could have earned real yields as high as 2.5% above inflation.  That was a time where the Fed was not hiking interest rates.  Markets worried about the duration and sustainability of economic growth.  (Even some questioned whether the US was really in as bad shape as Japan 2 decades ago.)

Today is a different story.  The Fed is entering its third year of tightening.  The economy is entering the second longest duration of recovery in recorded US history.  (Of course, the size of the recovery is also weak by historical standards.)  Inflation might also be ticking upward (and certainly not negative, which was the fear only 7 years ago).

What is the conclusion?   Real bond yields might potentially have room to move up, even if we just look at recent history.  Even if core inflation stays tame, simply the premium on nominal yields to inflation could simply rise toward 2.5% from current levels.  Keep in mind that the Fed has begun to shed some of the bonds it bought in earlier, multiple bond-buying sprees of Quantitative Easing less than a decade ago.

If inflation ticked upward, that could put additional pressure on long-duration bonds.

Bond investors might be in for interesting times ahead…

Let us help your family to navigate through this challenging environment.

Download the White Paper

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