The market recovery began late last summer despite headlines and investor sentiment still being gloomy: “bull markets climb a wall of worry.” The collective market narrative today has shifted toward optimism, which may be reason for caution: “be fearful when others are greedy and be greedy when others are fearful.” Large companies like Apple, Microsoft and Amazon have rallied approximately 40-60% this year1 and look to be fairly priced, at best: a good company and a good investment aren’t always the same thing. If the economy continues to advance, we expect the rally to continue broadening to other asset classes such as small cap, value, and foreign equities, though the future direction of the economy is still uncertain.