"The fourth quarter of 2017 closely resembled much of the first three quarters – global markets continued to grow steadily, resulting in positive returns for many strategic domestic and global equity investors..."
Q3 2017: "Glide Path"
"In economics as in real life, nothing comes without cost. The U.S. monetary stimulus program resulted in $4.5 trillion in Treasury debt. As the debt level is drawn down, a return to more normal long-term rates and a slowdown in economic growth is likely to result. The U.S. is far from alone..."
Q2 2017: "On A Knife's Edge"
"In hindsight, it is strange that political turmoil since the beginning of the year did not affect the market. An extremely toxic political climate fostered by twitternomics and grim one-party rule policies is no safe road to a well-functioning economy. Yet the U.S. market seems to have hardly noticed..."
Q1 2017: "March Madness"
"The difficulty for understanding the current state of global capital markets is how to parse eight years of grinding, largely globally coordinated, central bank monetary macroeconomic policy relative to the release of political stalemate sentiment resulting from the Brexit vote and the 2016 Presidential election..."