In our fourth quarter letter, we advised clients to remain invested in the market despite the temptation to sell and go to cash. Since that time, the S&P 500 recouped much of the fourth quarter sell-off and closed the first quarter of 2019 2% below the all-time high that was reached around the end of the third quarter. The quarter proved excellent for domestic and global risk assets as the S&P 500 and the MSCI World ex-US indices were up 13.6% and 10.6%, respectively. 

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