The year 2014 was one of many contrasts, particularly between the S&P
500 and most other asset classes. Returns of the S&P 500 are likely to be
well above the results of investors with diversified portfolios. This
variance in returns can create doubt regarding the benefits of
diversification and active management but we encourage patience. Our
Quarterly Market Report reflects a hypothetical conversation with Mr.
and Mrs. C, long-time clients of Hefren-Tillotson. In the year-end
investment review, we discuss these contrasts and issues top-of-mind for
many investors today.