In this issue:

Economic and Market Overview

As fourth quarter 2018 came to a close, equity investors around the globe were tending to the wounds inflicted upon them by a brutal decline in stock prices.

Fixed Income Commentary

The Fed Yields
Interest rates declined and inverted along the yield curve during the first quarter as domestic and global economic outlooks signaled slower growth ahead.

Equity Commentary

Through the Rain
One of the significant attributes of humans is irrationality. It is both an aid and an anathema to investors. Without this irrationality, it would be close to impossible to generate excess returns, and without it, losses would also be less likely.