Consistently forecasting the future of financial markets is a difficult task, if not impossible. This letter attempts to review a few points for consideration.  Does the length of a cycle matter? Will tax reform have a lasting economic impact? Are valuations more favorable in markets outside the U.S.? What will the Fed do and what does inflation look like? Clink the link below to access our December 2017 quarterly update for more information.

Disciplina 4Q17 Letter