3Q 2017 Market Letter

Ever since we were little, we’ve been told that all good things must come to an end.

And so it is, inevitably, with economic expansions and bull markets as well (if it’s any consolation, the same is also true of recessions and bear markets, too, although we’re reasonably confident these would fail to meet most people’s definition of a “good thing”); nonetheless, based on our Investment Committee’s assessment of global economic and financial market conditions, we do not yet believe the time for a regime change is at hand.

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