Posted 11/2/18. The opinions referenced are as of the date of publication and are subject to change at any time due to changes in the market or economic conditions and may not necessarily come to pass. Holdings may change at any time. Torray disclaims any responsibility to update the opinions or information contained in this publication. This material should not be relied upon as investment, tax or legal advice, does not constitute a recommendation to buy or sell a security or other investment and is not intended to predict or depict performance of any investment. To request a complete list of all recommendations made in the past year, contact tawney@torray.com. Neither Torray nor the Torray speakers can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Investors must consult their investment advisers, tax advisors, or legal counsels for advice and information concerning their particular situations.  Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. Past performance does not guarantee future results. Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.