  The PAMELA satellite has observed an excess in the positron to electron ratio
above theoretical predictions in the range 10 - 100 GeV that increases with
energy. We propose that the excess is not due to a change in the local
interstellar spectrum, but is due to heliospheric modulation. We motivate this
from the known form of the heliospheric magnetic field and predict that the
excess will disappear when we enter a period of solar maximum activity.
