What a year it has been. US equities appreciated 21.9%, surpassed by international developed and emerging market stocks, which returned an astonishing 25.0% and 37.3% respectively. Furthermore, the markets extraordinary gains were generated without even the slightest of hiccups. The S&P 500 rose 14 months straight without a single monthly decline. For reference, that has never occurred in the history of US indices. Or consider another record breaking statistic, the S&P 500 went 289 days without a 3% peak-to-trough decline. Simply put, 2017 was a great time to be an investor in the stock market. Download Q4 2017 commentary.