Q3 2017 Quarterly Investment Review

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

“Socrates used to call the opinions of the many by the name of Lamiae, bugbears to frighten children.” Marcus Aurelius: Meditations – Book XI: passage 23 

“The universe is transformation: life is opinion.” IBID – Book IV: passage 3 

This quarter was essentially a continuation of trends established during the first half of 2017; persisting growth in equities, with no appreciable summer pullback. Once again, the emerging world saw the greatest gains and since the U.S. Dollar declined in relation to international currencies, the stock gains for U.S. (dollar-based) investors outpaced those experienced by local investors. Notably, bond yields edged down (again), as bond prices rose. Oil rose on supply and demand developments from OPEC and gold climbed – perhaps due to the ratcheting up of tensions between the U.S. and North Korea. All in all, it was a relatively quiet summer with generally positive results. Read more >