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January 12, 2015 | Weekly Commentary

Where will the stock market end 2015? We do not know; but, it is likely investors in high quality stocks will be happy at the end of 5 years. This prognostication agrees with Wharton School of Finance professor Jeremy Siegel. His research finds, over the long term, there is a pronounced tendency for periods of better-than-average to follow worse-than-average (and vice versa). Accordingly, the above par performance of the past several years suggest that over the next several, performance will run somewhat below par but still in the black.

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