Cornerstone Investments seeks to achieve a long-term balance of solid total returns while maintaining reasonable risk levels.  As stated in our Investment Philosophy, we track both short and long-term investment factors, but the primary focus is on an investment horizon of at least 3-5 years.  Short-term economic data reports and volatile market moves first need to be placed within a longer-term perspective so that current headlines do not dictate the long-term focus.  Short-term factors can be used for tactical adjustments.  Corporate earnings are critically important for determining long-term investment performance, and economic growth is critically important in driving corporate earnings.  As a result, we track corporate earnings, valuation levels, and economic growth.  Finally, we seek to provide a global perspective.