There is an expression in our business - "Don't fight the tape"!
So, while it was a surprise to some, we ended Q1 on a positive note. This sets a tone for the rest of the year from a momentum standpoint. Keep in mind though that the wide variety of potential policy outcomes will cause uncertainty for the year. Uncertainty may result in increased volatility and can provide opportunities for buying on dips and selling into rallies. Global equities and inflation-resistant assets should do well, but a tilt toward smaller capitalization stocks both home and abroad are merited at this point in the business cycle. This is a time to keep a sharp eye on the ball for both opportunities and for protection.