The bull market turns seven. During that seven-year period,
the S&P 500 nearly tripled, gaining 194% in price and producing a total return
The latest Beige Book suggests that the U.S. economy is still growing near its longterm
trend, but that the drag from a stronger dollar and weaker..
We see enough factors supporting gold to justify a modest allocation
in suitable portfolios.
International factors can help explain the relative resilience of longerterm
bonds from mid-February to the start of March.
Despite the modest size of the energy sector (typically less than 10% of
total market capitalization), crude oil and the broader stock market, as
measured by the S&P 500, have had very high correlation during the past