Our worst performer for the quarter was Newfield Exploration, down 15%. It was our only double-digit decliner. When a portfolio has two stocks up over 20% and only one down more than 10%, it will usually be a pretty good quarter. Though we are disappointed with Newfield's stock performance, we are pleased with management's decision to decrease spending on natural gas reserve development and instead spend that money on its oil properties.

We believe Newfield sells at a very large discount to the field-by-field asset value of its properties.