QMR – 2014 Q4

  • 2014 was the 6th straight year of gains for the S&P 500 (13.69%)
  • Since 1928 there have only been three other occurrences of six or more yearly consecutive gains
  • Global stocks had a poor year (EAFE index -4.90%)
  • Intermediate and Long Term interest rates nearing all-times lows
  • Federal Reserve terminates Quantitative Easing in the Fall of 2014
  • Economists worry about Global Deflation
  • US Economy building momentum
  • S&P 500 Shiller P/E ends the year at 27

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