Reality Bites – “Snap back to reality, oh there goes gravity” *

We think the above hip-hop lyric succinctly sums up the first quarter of 2018. The market’s ode to the genre is timely as Kendrick Lamar just wrapped up the first Pulitzer Prize in music ever won by a hip-hop artist. The first quarter of 2018 was a battle. With the hype of tax cuts, stashed offshore dollars coming home and all other things Trumpian, equity market participants chose their sides, suited up, and entered the ring.