Recently, Jerry Chafkin, CIO of AssetMark, Inc., released his third quarter market commentary, entitled 'Making Hay'. Here are the key points that are addressed in the attached Market Update:
- US stocks returned 4.5% in the third quarter 2017
- Realized volatility for the stock market, during the quarter, remained low
- Stock valuations, as a function of forecasted earnings, continue to be higher than their historical average, but can be rationalized given low interest rates and where we are in the economic cycle
- Bonds provided positive returns during the quarter, despite the Fed's bias to a tighter monetary policy
- Global diversification benefited US investors during the quarter
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