The PAD (Patience and Discipline) System Report is based on Dan Seiver’s book Outsmarting Wall Street (3rd ed, Probus/McGraw Hill, 1994), which was a Fortune Book Club Alternate Selection. Earlier editions of the book won praise from Nobel Prize winners Paul Samuelson and James Tobin, and legendary investor John Templeton. The PAD System Report applies rigorous stock-selection rules and a long-term timing system, described in Outsmarting Wall Street, to an actively managed portfolio, Model Portfolio–C. The Hulbert Financial Digest, leading rater of investment newsletters, reports that Seiver’s Model Portfolio-C outperformed the Wilshire 5000 on a risk-adjusted basis for its entire 21-year rating period, January 1989 – December 2009. This portfolio has also far outpaced the market over the last 10 years. The philosophy of the PAD System can be summarized as “growth at a reasonable price.” The PAD System Report also includes expert commentary on the economy and economic policy, and their long-term effects on the stock market. Full issues of the report appear quarterly, with briefer monthly updates.