2017 was a strong year for stocks with the S&P 500 up almost 19%, as stock valuations broadened out. We had been overweight stocks going into 2017 and remained overweight through the year. Bonds, however, returned only nominal returns, based predominantly on yield, as the Fed increased the Fed Funds Rate 3 times in the year. Bond yields traded in a tight range. As we look forward to 2018 we believe that the stock and bond markets continue to enjoy good liquidity. Sentiment is strong at this writing, but we are aware that there might be a drawdown at any
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