Nearly all asset classes are up this past quarter, everything up together in a last hurrah for the global post-crisis stimulus. Of course asset prices go up when money is pumped to Wall Street and rates kept ultra-low, allowing the wealthy to borrow and buy. Global markets overtook the U.S. in growth, and money has been flowing into emerging markets. Bonds, gold and real estate all rose. Many commodities—even iron ore!—were up. The U.S. stock market is showing internal signs of stress, and we expect a rotation out of the U.S. market into some lagging global markets, emerging markets, and gold in the period ahead. But with monetary policy globally moving, albeit hesitantly, to a more restrictive stance, it will be a more subdued period ahead for most assets. Finish reading here: Portfolio Review 2017 2Q