Discounts in the Marketplace

Despite a year consisting of commodity market volatility, worldwide currency concerns, interest rate adjustments, a growing threat of international violence, and political uncertainty, the S&P 500 realized a 19.42% increase in the twelve months ending December 31, 2017 to a closing price of 2,673.61. In the fixed income markets, the 10 and 30 year treasuries generally decreased over the past year to closes of 2.40% and 2.74%, respectively, as of December 31, 2017. 3-month LIBOR increased from 0.998% at the end of 2016 to 1.694% as of December 31, 2017, and the United States prime rate increased by 75 basis points to 4.50% over the same period.