by Scott Ronalds

From our Quarterly Report:

From an investing perspective, 2017 was not normal. It was a year when everything went right. We had economic and employment growth, strong corporate profits, near-zero interest rates, extremely low volatility, and an ambivalence to negative socio-economic events. As a result, stock portfolios that were diversified across geographies and industries did well.

Our funds were no exception. The Small-Cap Fund was at the top of its category and the Equity and Global Equity Funds had solid years. Only the Income Fund was so-so after a string of superb years.

Read Tom's full Brief and the rest of our Report here.