EIGHT YEARS AND COUNTING
What a difference a year can make. The market is off to a promising start in 2017 as the S&P 500 has gained roughly 5.5% in the first quarter with surprisingly little volatility. Looking back over the past 70 years, a gain of over 5.0% in the first quarter has often led to a second quarter with about twice the customary 1.7% rise. It has also signaled a full year advance of 9.6%, on average, versus a 6.4% gain in years with a sub 5% first quarter increase. We would strongly caution that while those figures are encouraging, there is certainly no guarantee that the pattern will repeat itself in 2017.
Click here to read more: EWM Quarterly Letter 1Q17