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July 2017 Outlook

Our Summer Outlook comes a bit late this year as we were traveling in the weeks after July
4th. Our itinerary included the San Francisco area, the Washington DC area, Castle Rock and
Colorado Springs. While we travel a bit every year for business, it struck us that each of these
locales displayed a skyline that was bespeckled with cranes and other equipment generally
found in abundance when economic sentiment is sound, and investor risk appetite is strong.
Of course, our own city of Boston’s Seaport District continues to show dramatic growth as
well. Perhaps it was the more relaxed pace of vacation that freed our senses to notice. We
thought about the gloom which was very present in the market narrative as recently as last
year, and the multitude of cranes, construction equipment and growth presents a very
different, and vibrant picture.

July Outlook