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2017 Q2 Vital Signs: Cycling Through

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The rally continues. In the first half of 2017, global markets extended their long streak of solid gains with limited volatility. Beneath the headline gains, however, market leadership changed periodically. Owners of a broadly diversified portfolio wouldn’t have been too concerned with shorter-term rotations, but those who moved with the herd toward recent winners would have been whipsawed. Diversification, not prognostication or performance chasing, can work for those who can resist the hot dot.

Past performance is not a guarantee of future results.

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