Q1 2017 Investment Review

David W. Lemons, CFA
Senior Managing Director, Portfolio Manager

“A man who tells lies, like me, merely hides the truth. But a man who tells half-lies, has forgotten where he’s put it.” Mr. Dryden – played by Claude Raines – in Lawrence of Arabia (1962)

In large part, the first few months of this year have been a continuance of the post-election rally last year. Global stock markets have generally been positive performers, as seen in the exhibit below. The bulk of these returns, however, occurred in January and February (+5.9% for the S&P 500 and +5.7% for the MSCI All Country World Index), with relatively little progress in March. The momentum that had built up in most U.S. stock indices, and many abroad, fizzled as March unfolded… Read more >