- Reform – At the start of 2017, consumers and businesses were excited by the prospects for an aggressive, pro-growth fiscal agenda coming from Washington. Optimism was tempered by a mix of potential impediments to future growth expectations.
- Market Notes – The S&P 500® Index earnings growth rate for the first quarter is estimated to be +8.9%. If this growth rate materializes, it will be the highest year-over-year earnings growth for the index since the fourth quarter of 2013.
- Equity & Fixed Income Comments – We did not make any large changes to portfolios in the first quarter because our outlook has not changed meaningfully.
- Research Focus – There is nothing wrong with the methodology of the Morningstar Star Rating. The flaw is how it is used.
- Client Focus – Dynamic Total Return is our most recent investment management offering. An overview of the investment strategy is included in our newsletter.