Second Quarter 2017 Market Letter

More of the Same


The political, international and economic trends that have been in place, continue

unabated. We have seen:

  • More Tweets from the President

  • More Congressional grid‐lock

  • More Middle East violence

  • More Improvement in the U.S. Economy

  • More job growth

  • More improvement in the U. S. Stock Market


The S&P 500 Stock Index rose 3.1% during the second quarter, raising the return for

the first six months to 9.3%. The index moved to a new all‐time high during the

quarter, primarily driven by improved corporate earnings, which were up 15% year

over year. The Federal Funds rate has risen, as the Federal Reserve increased

interest rates for the second time this year, and raised the expectations of another

increase by year‐end.


For our part, we continue to look for new, high quality investment opportunities.