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Quarterly Commentary March 2018


The New Year rang in with an ebullient run of 7% in January, capping off a full year’s steady march upward of a market marked by slow consistent gains. Across our many years of investing we have rarely seen such low volatility and smooth sailing. The steady, low volatility climb of 2017 seemed to terminate in a vertical ascent in January yet ended abruptly in February’s volatility rout.

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