2017 was an extraordinary year for equity investors, with the S&P 500 up 21.6%, and international and emerging markets up 25% and 37% respectively. Not only were the broad market returns strong from an absolute level, in the US we saw all sectors (with the exception of energy) post double digit returns with little volatility. In fact, the S&P 500 posted gains in all 12 months for the first time in history and there were only eight days when the index lost or gained 1% or more.