At this time, we do not believe cryptocurrency is a suitable investment for our clients and we cannot recommend a significant allocation to cryptocurrency in any diversified portfolio. This is because of the highly speculative nature of cryptocurrency and the many risks, both known and unknown, that would accompany such an investment. Some factors leading to this recommendation include: wild and unpredictable swings in price, an apparent lack of any utility or other source of value, and a significant risk of regulatory intervention in the cryptocurrency market.

Although we cannot recommend an investment in cryptocurrency, we do believe that underlying blockchain technology shows great promise as a tool for innovation and problem solving in a wide range of industries. As businesses begin to use the technology, we expect their securities will find their way into our portfolios as they become attractive and suitable investments that meet our investment goals and constraints.