Yesterday I purchased Gilead Sciences, Shopify, and Cognizant Technologies. Though I believe in all three companies I elected to assume exposure to only half of the target allocation for each company. Two reasons led me to be more cautious with these investments: first our portfolio still contains several legacy positions that are soon due to mature and a two step approach to assuming our target allocation enables exposure to these companies with less strain on liquidity; second, the equity markets are near record levels, the U.S. labor market is near full employment, and these companies may be more attractively valued in six months if investors become more pessimistic.