01 Oct Quarterly Letter to Clients – September 2018
The U.S. economy is now into its tenth year of expansion, just eight months shy of matching the longest period of increase on record and showing few signs of slowdown. Economic strength has been broad-based with no segments showing major weakness. Corporate profits have been expanding nicely in this environment, helped also by lower corporate tax rates. Overall economic metrics have been impressive. Growth of GNP was a strong 4.2% in the second quarter. ...