Global stock markets rewarded investors handsomely in 2017, with international stocks (MSCI World ex US) up 27.77%, the MSCI Emerging Markets Index rising 37.8% and the S&P 500 up 21.8%. 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. What sectors did well in the US? Technology stocks led the way at 38.8%. Not so well? Real estate investment trusts continued to struggle with returns in low single digits and energy-related MLPs actually recorded negative returns, as they have for the past 3 years. Now for a quick review of 2017 and then a look forward to 2018.