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THE WAITING GAME – BACKING & FILLING



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The first quarter should be viewed in the context of the postelection reflation trade. As I mentioned in our year-end newsletter, risk-assets are likely to outperform in 2017, however, sentiment indicators portended a possible correction in Q1. That correction has not happened, albeit broad market indices did experience a 3% drawdown toward the end of the quarter. Whether this will morph into something more pernicious remains to be seen.

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