Investment returns in 2014 were modest and mixed and it appears 2015 may also deliver mixed returns but with a different cast than 2014. US stocks did reasonably well, though most of the returns were concentrated in larger capitalization stocks. The majority of the gains were delivered by a relatively few companies and a relatively few industries. Apple Computer and Biogen helped the larger capitalization indices such as the S&P 500 and the NASDAQ, but not so much Exxon-Mobil or Caterpillar. Smaller companies barely delivered middling single digit returns. This year’s modest mix appears to be changing. Newsletter 3-31-2015
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