Investment Highlights - April 2017

Was it Really a 'Trump' Rally?' The 1st quarter of 2017 started out optimistically on the part of investors as the surprise “Trump Rally” paused and then resumed in hopes of (on the part of the stock market) deregulation and tax cuts. After a nice run, the S&P 500 peaked on March 1 and drifted lower into the end of the first quarter. Much of the blame for lower prices in March was placed on the inability of the Trump Administration to repeal and replace the Affordable Care Act. But we aren’t buying that. While it is true that hopes of a pro-growth legislative agenda probably sparked the rally, we do not think the rally was just a “Trump Rally”. We think that the reason the stock marke

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