The market has continued to move to new all-time highs on the back of surging optimism following the U.S. presidential election. Since the election, small business sentiment jumped to one of its highest readings in 43 years and consumer confidence unexpectedly surged to a 16-year high. In the stock market, small company stocks performed superbly, as well as banks and oil companies. All of this optimism has been triggered by expectations for major policy shifts, particularly when it comes to healthcare, tax reform, and reduced regulations. While this jump in optimism is reflected in confidence surveys, it has not yet resulted in an acceleration of economic activity. We are concerned that over the coming months this optimism, based on future expectations, will be forced to confront hard reality. As such, we do not presently have plans to shift client portfolios into more aggressive investments on the hope economic growth will suddenly accelerate. Our strategy is to continue moving to less expensive, higher-quality investments as opportunities emerge.