Since our post on Feb 12, the markets are up an amazing 8-9%. The S&P is now down about 3% on the year. We have repeatedly spoken about valuation, stating that 14-16 earnings is a more reasonable valuation given the low growth environment. The markets may climb the wall of worry, but at 16.5% times 2016 earnings, we believe there is not much room for error.
Granite Group Advisors
We are a new breed of consulting firm with a defined and proven process to protect and grow our clients' wealth
Granite Group Advisors 
agreed
Andy Lester
Chief Operating Officer
646 350 4113 o
917 509 4828 c
Convector Capital Management LP
645 Madison Ave, 5th Fl
New York NY 10022
http://www.convectorcapital.com
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