The philosophy of creating value over the long term also drives our approach to product innovation and entering new businesses. We focus on areas where we believe we have the potential to create returns consistently year after year. This philosophy is evident in the disciplined approach we take to managing the firm's risk, as demonstrated by the low volatility in our quarterly trading results. Seeking to avoid the pitfalls of following passing fads, we may forgo short-term reaction for what we believe is a more sustainable future.



Backlit color transparency in light box

138.7 x 60.8 cm / 54.6 x 23.9 in