While I have been investing for over 30 years, which I guess still makes me a youngster compared to one other here at Cumberland, I must admit that coming to work has never been more interesting than it is now. While the S&P500 total return index (“S&P500 Index”) being up 11.3% since the election certainly is interesting, in reality it is the US President that is keeping us, and the rest of the world, on our toes.. Even the TSX index has increased 7.3% on a total return basis over the same time period.

During the first quarter of 2017, the S&P500 Index was up 6.1% . Adjusting for currency, the S&P500 Index returned 5.3%, as the Canadian dollar appreciated by about a half of a cent, closing the quarter at US$0.75.