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Oct-2017 Equity Market Commentary

Chief Investment Officer, Eugene Yashin, provides perspectives on the economy, financial markets, and strategies for stock investors. Hurricane-related disruption could reduce economic growth in the near-term. The prospect of tax reform helps fuel a rally in equity markets. Bond yields can rise without hurting stock prices, in our opinion.

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Sept. 2017- Market Commentary

Healthy earnings growth suggests to us that there is still upside in U.S. equities. We are encouraged that markets have shown a surprising level of stability given geopolitical and economic risks. Our quantitative assessment shows stocks that blend growth and value characteristics (growth at a reasonable price, or GARP) are well positioned for the late phase of economic expansion.

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Sept. 2017- Quick Points

In a time of accelerated global growth, we believe investors can benefit from foreign exposure. Valuations in Europe, Japan, and emerging markets (EM) all look cheap relative to the U.S.

Despite the US Federal Reserve (Fed) raising rates, we believe bonds may prove resilient.

We expect the risk of a pullback in equity markets to continue, but we also believe the odds of a new bear market are low – PIMCO estimates 10% or less chance on recession over the next 12 months.

The importance of having an asset allocation well suited for your objectives and risk tolerance, as well as being able to focus on the long term, cannot be overemphasized.

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Aug. 2017

US Economics:

We believe the economy is still very constructive and growing. However, the US economy may have lost some momentum recently. Consumption seems to be weakening. Car sales were weaker than expected in June, and retail sector activity declined with slippage in receipts at restaurants, sporting goods outlets, and department stores. However, in other parts of economy the situation is much brighter. Not only has manufacturing and non-manufacturing data strengthened, but industrial production, factory capacity utilization, housing starts, and building permits increased in June as well. Our sense is that business activity should strengthen during the third and fourth quarters. This could enable GDP growth— even with some retracement on the consumer side—to average 2.5%, or so. We think this solid performance will continue into 2018.

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July 2017

US Economics:
The economy is still growing. Unemployment is low, inflation is tame, long- term interest rates are near their low-point for the year, and US equity markets remain near-record highs. Looking ahead, we see no reason to change our out- look. We expect the stable-growth economy to continue, as consumer spending should continue to support economic growth along with rising business invest- ment.

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IMPORTANT DISCLOSURE

Past performance may not be indicative of future results.

Different types of investments and investment strategies involve varying degrees of risk, and there can be no assurance that their future performance will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.

The statements made in this newsletter are, to the best of our ability and knowledge, accurate as of the date they were originally made. But due to various factors, including changing market conditions and/or applicable laws, the content may in the future no longer be reflective of current opinions or positions.

Any forward-looking statements, information and opinions including descriptions of anticipated market changes and expectations of future activity contained in this newsletter are based upon reasonable estimates and assumptions. However, they are inherently uncertain and actual events or results may differ materially from those reflected in the newsletter.

Nothing in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice. Please remember to contact Signet Financial Management, LLC, if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and/or services. No portion of the newsletter content should be construed as legal, tax, or accounting advice.

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