Investing is emotional. Think for a moment about the range of emotions you have experienced over time as they related to various investments. In an everchanging world, the market ups and downs can elevate investor emotions and spark both fear and greed. Understanding what influences markets helps to create an investment framework that reconciles emotions with the realities of risk and return. Recklessly embracing risk is imprudent, but it is equally irresponsible to ignore long-term investment opportunities. Consistent and methodical risk management through the cycle is the best way to protect and grow capital over time.