In our letter for the 3rd Quarter of 2015, we focus closely on three themes that we believe are likely driving market volatility:  China, commodities and the Fed. First, we are watching China for signs that the recently burst equity bubble has not affected its broader economy and for signs that the Chinese government has the appropriate tools to manage its domestic economy. Second, we continue to monitor commodities to determine when supply and demand dynamics might mark the end of the commodity supercycle. Finally, we are watching for signs that the Fed is approaching or has arrived at an inflection point in its monetary policy posture.

 To read the full letter, please follow this link.