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Climbing the Wall of Worry


We saw considerable worry and not much progress in the first quarter of 2015. In the past, we have mentioned that we believe the S&P500 Index is a reasonable reflection of what has transpired for the last few months for investors. For the first quarter of 2015, the total return of the Index was +0.95%. This suggests to us a balanced view of the economic and the geopolitical environments. After a number of years of gradually improving equity fundamentals, we think…

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