Valuation, valuation, valuation. Granite Group has consistently talked about valuation. We don’t want to repeat ourselves, but…the market is trading at over 16 times next year’s earnings. With the promise of a slightly higher 10 year, moderate growth, we question the current premium valuation being assigned to the market in the short term. We would exercise caution on new equity allocations and wait for a better valuation to enter the markets in the short term. Granite Group believes the markets can go higher next year, but not at the same rate experienced in the last two years.