Our most recent quarterly comments
  First Quarter 2018
Markets experienced new challenges during the first quarter, and we continue our defensive positioning.
  Fourth Quarter 2017
Stock markets finished the year strong as corporate earnings and economies continued moving in the right direction during the quarter and a tax bill perceived to be pro-business was passed into law. Sentiment among individual investors appeared optimistic and the Federal Reserve raised funds rates for the third time in 2017.
  Third Quarter 2017
Economic growth and stock markets were positive for the quarter and market volatility remained low, even in the face of numerous risks including: Geopolitical risks such as nuclear threats from North Korea; the unknown effects of unwinding hugely accommodative and experimental monetary policy that arguably helped propel asset prices higher since the Great Recession; government difficulties passing potentially pro-growth legislation; cybersecurity issues; and a nation more divided politically and socially than at any time in recent memory.
  Second Quarter 2017
During the quarter, U.S. equity markets shrugged off the impact of delayed pro-business legislation, as well as increased tension with North Korea and potential trade wars. At the same time, corporate earnings grew and equity market volatility remained quite low.