Global stock markets rewarded investors handsomely in 2017, with the S&P 500 up 21.8%, the MSCI All Country World Index advancing 24.0% and the MSCI Emerging Markets Index rising 37.8%. While global equity returns were impressive, there were large return deviations within market sub-segments. In the US, value underperformed growth by over 1,600 basis points, 29.6% to 13.2%. The same pattern held true internationally. Likewise, US companies with larger market capitalization meaningfully outperformed their smaller counterparts. Only real estate and energy-related MLPs disappointed. What went right in 2017 and more importantly, what could go wrong in 2018?