We favor large caps as the business cycle ages, though recent small cap strength suggests large cap leadership may have been stretched…

We have maintained our S&P 500 Index year-end fair value target of 3,000 despite our lowered economic and earnings growth forecasts amid trade uncertainty…

Stock valuations remain favorable in our view even with the S&P 500 Index near our year-end fair value target of 3,000…

We maintain our year-end 2019 fair value target for the S&P 500 Index of 3,000. Despite a slight reduction in our 2019 S&P 500 earnings forecast and heightened trade tensions…

We expect a transition to large cap market leadership and away from small cap stocks in 2019 as the economic cycle ages.

We maintain our slight preference for value due to attractive relative valuations after a sustained period of growth out performance.

Expectations for solid but slower growth in the U.S. economy and corporate profits support our year-end 2019 fair value target for the S&P 500 of 3000.

Expectations for solid but slower growth in the U.S. economy and corporate profits support our year-end 2019 fair value target for the S&P 500 of 3000.*