Investment Perspectives 3Q October 2014

Good fortune has certainly shined on investors, particularly those investing in the equity markets. For the past five years many equity markets have performed well above historic averages. While we believe that conditions remain positive for equity markets, we also believe repeating these elevated results for the next five years may be a challenge. In this paper we address the recent performance of the U.S. Equity markets within an historic perspective and review expectations for the coming years.