We believe in the long-term power of broad market exposure. We also believe that markets are mean reverting in the long run and market outliers are not sustainable or persistent over time. The combination of our beliefs in market efficiency and mean reversion is key to what drives long-term investment success: capturing market returns over time. We strive to achieve long-term investment success by minimizing investment costs (transaction fees, fund expenses, and taxes) and reducing risks of volatility, loss of purchasing power, and permanent loss of capital. We believe diversification across multiple asset classes will reduce downside risk and benefit portfolios across a full market cycle. By controlling excessive investment costs and employing a well-constructed, diversified portfolio, we expect to capture market-like returns over time with less downside risk, delivering higher risk-adjusted returns for the investor.