When we call for 2-5% correction, people wonder why we bother given such a high S&P 500 (SPX) 2018 year-end target of 3200. The answer is always the same – because even small corrections only feel “natural, normal and healthy” until they actually happen.  Then when they happen outside of recession, there is an inappropriate perception of fundamental change that makes people scared.  Given our positive fundamental thesis, we want to look to add risk as prices correct, not lessen risk.

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