Tradition Monday 1/16/18
- Stocks up 1.6% last week, 4.25% year-to-date.
- Bonds down 0.5%, with a yield of 2.83%.
- Investors should shorten duration, take very little interest rate risk, and diversify.
- Expect S&P 500 earnings of about $144/share with a PE ratio of 19.4.
- We feel stocks are reasonably valued versus interest rates.
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