In last month’s Private Client Letter I discussed how the current bull market now ranks as the longest running bull market on record (without experiencing a 20% correction); surpassing the 1990-2000 technology uptrend. With U.S. equities near all-time highs, globally diversified investors have seen their portfolios underperform the S&P 500 over the past year and understandably question the logic of their foreign holdings.
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