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February 2017

Modest Global Growth - The global economy continues along a low-growth path, and there are a number of bright spots. In the US, strengthening consumer demand is driving stronger growth. Potential new fiscal stimulus could well provide a boost to the US economy. US markets aren’t cheap, but with a pickup in earnings, we believe markets may have more room to rise.

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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The statements made in this newsletter are, to the best of our ability and knowledge, accurate as of the date they were originally made.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.

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