What stocks or sector would your sell or avoid right now? Marcus: I would avoid the most cyclical stocks, pulp and paper, and those that are oil-related. We would rather focus on company-specific special situations where we can value the assets as opposed to hoping a commodity trades higher. What is your outlook for 2013? Marcus: Our outlook for the stock market is generally better as corporate profits continue to surprise us with higher than expected results. The election outcome will have ramifications for the economy and the markets, but the first year after an election is usually a period of assessment and not big changes regardless of who wins.