As the market moves upward it appears to be well deserved because the market value is now within 1.8 points of fair value. We sometimes wonder if the overwhelming amount of “concern” that has been published recently by the investment industry about a “crash” has dampened expectations? Large Cap stocks remain extremely close to fair value at 99.5% as does Mid Cap at 97.4%. Only Small Cap is just under 100% fair value at 93.7%. This is a significant improvement over last year when Small Cap expectations were well under fair value. Our conclusion is that the market has a reasonable expectation about the future given current revenue, earnings and dividend performance.
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