The growth in the equity markets has been far greater than the growth in our economy since President Trump was elected. The S&P 500 logged another quarter of growth with the index advancing 3.1% in the quarter and advancing 9.3% year to date. MACM's dynamic growth portfolio also logged another good quarter of growth advancing 4.4% in the quarter and 13.5% year-to-date. This is not unusual as markets seem to perform the best during periods of slow growth with low inflation and friendly monetary policy. While this is true, we must note that the equity market rally paused in 2014 and 2015 when corporate America fell into an earnings recession and slow growth was replaced by no growth.Read more
