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2017 Q1 - Investment Letter (Estee Lauder)
During the first quarter, the S&P 500 index posted a 6.07% return, adding three more months and substantial additional gains to what is already one of the longest and most profitable bull markets in history.[1],[2] Since bottoming roughly eight years ago at 666, the S&P 500 has, almost without interruption, climbed to 2,363, a stellar …