RTT Growth Partners LP best fits into a long only fund category, and although we can hedge, that technique is only used in volatile times and/or turning points in the markets. The methodology is a combination of quantitative technical chart pattern evaluation and market sentiment (the intangible), defined as the stock market's reaction to changing variables, and often more telling, the market's reaction to the same variable (think Fed interest rate campaigns.) Valuations do not enter into trading decisions, although we are aware of them, if for no other reason that it is advantageous to buy stocks that have the so called "wind at your back". We do not try to time the market per se, but use a market sentiment filter to know when to increase exposure and when to decrease it. We do not "ride out" corrections. We do put on a "working" hedge, roughly beta neutral, when the market quickly changes, as a tool to decrease loses and/or lock in profits.