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Barrett recognizes that no one investment approach works in all economic climates, but we do believe that certain processes can lead to successful long-term results. As much as we value experience, our investment managers understand that one of the keys to successful investing is to be open-minded and objective. An open-minded manager is more likely to successfully invest in an ever changing world where competitive forces continually produce new winners and losers. An experienced investment manager has to have the confidence to implement strategies, but also the humility to react with speed to unforeseen, changing events that are bound to occur in today's global economy. We believe stocks will outperform bonds over the very long term, but the very long-term may not coincide with the client's time horizon. Therefore, it is important to compare current relative values in stocks versus bonds and acknowledge that there may be times when a Barrett manager needs to actively redeploy capital to the market segments where the risk/reward is most favorable.