Quarterly Commentary: TINA - There Is No Alternative

The S&P 500 moved ahead in 2014, registering 53 new highs throughout the year and closing with an impressive 11.4% gain. Despite sputtering results from several major economies and numerous geopolitical flare-ups, U.S. equities continued to be driven by Fed Policy while playing out the theme of TINA, or perhaps more appropriately stated, there was no alternative. While there is no denying that the S&P Index led the day, returns across varying indices were not as notable. The Dow Jones Industrials Average underperformed the S&P with a positive 7.5% return, the Russell 2000 Index was up 4.9%, but the MSCI EAFE and Emerging Markets Indices were both down more than 5% for the year. Read More

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