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Market Commentary

Our portfolio managers give you their analysis of current economic trends
within their targeted area of investment

Core Strategy
Will Wurm
Will Wurm

PDF download Q1 2017 : Improved Future Prospects

Summary: US economic data points indicate a tighter labor market putting upward pressure on wages. Rising inflation expectations are firming most energy and raw material prices and they continue their upward trend. Underlying economic strength has emboldened the Federal Reserve to once again raise the effective rate to a 1% upper bound. Forecasts for nominal GDP and corporate revenues have increased. S&P 500 earnings are projected to grow a healthy 9.1% year over year at the latest report.

Past issues:     Q4 2016     Q3 2016     Q2 2016     Q1 2016    

Aggressive Growth Strategy
John Preston
John Preston

PDF download Q1 2017 : What the Robots Knew

Summary: There are undoubtedly benefits that large fund managers could realize from the sagacious use of artificial intelligence. After all, sorting through the reams of data and fundamental research is a daunting and expensive job when funds own one hundred or more stocks. However, there have been many times in the past when indexing or using passive vehicles has outperformed the average mutual fund, only to have active managers outperform passives in subsequent periods.

Past issues:     Q4 2016     Q3 2016     Q2 2016     Q1 2016    

Municipal Fixed Income
Stephen Steglitz
Stephen Steglitz