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2015 Third Quarter Commentary

For printable version which includes all graphs and tables, please click here. Bargains galore? Not so much, yet. Who would have thought that cash yielding 0% would have outperformed U.S. stocks and corporate bonds for the first nine months of 2015? During the third quarter, many U.S. stock indices finally had their first official correction (defined as a 10% decline from top to bottom) in almost four years, an event that usually occurs every 12-15 months. So during the third quarter, we began to hear from clients, “I’ll bet you are starting to see some real bargains now that we have had a correction.” Our answer was generally, “Not so much yet, especially in new areas.” Since 2013, we have

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