4Q 2017 Market Letter

Here’s to 2018! Have some more punch but don’t get too comfortable.

Although we are likely getting late in the cycle, our Investment Committee does not yet believe global central bankers are going to “take away the punchbowl” just yet. Thus, despite having closed out a remarkably good year for both the economy and financial markets in 2017, our outlook for the coming year projects some additional room to run on both counts, although we would not be surprised to see 2018 deliver investors a bumpier ride than that to which they may recently have become accustomed.

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3Q 2017 Market Letter