Opening Statement from the May 2017 Intelligent Investor

Opening Statement from the May 2017 Intelligent Investor

Originally published on May 4, 2017 

The recent Q1 2017 GDP growth rate of 0.7% is a bit worrisome, given that the U.S. economy continues to benefit from very strong consumer confidence.

While this was the slowest year-over-year rate of economic growth in three years, the April 27th announcement of the GDP data barely caused the stock market to move, most likely due to the focus by most investors on earnings. 1

Thus far, first quarter earnings growth for 2017 has come in stronger than expected. With close to two-thirds of S&P 500 firms having reported earnings, approximately

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