In this issue’s feature article, Scott Clemons discusses why passive investing has succeeded, examines where the shortcomings are and opines on what active investors can learn from passive investors’ success. In addition, Investment Strategy Analyst Tom Martin and Investment Analyst Brian Nelson provide a market update along with an overview of our current portfolio positioning and priorities and anticipated short- or medium-term changes. As always, Core Select Co-Managers Tim Hartch and Michael Keller discuss how the Core Select portfolio companies performed last quarter. We also sit down with Jeff Hakala – CIO at Clarkston Capital Partners – to discuss founding the firm, its “quality value” investment approach and the opportunity set in SMID-cap investing. Finally, Wealth Planner Brad Dillon examines a key component of many of the presidential candidates’ platforms: tax reform.