It was a good quarter overall with our model portfolios, from 40% to 100% stock, earning 1.5% to 4%. That would be an annual pace of 6% to 16%. See the Model Portfolio 2 page performance summary here.The notable results for the quarter is that in the USA which is over 50% of the stock capital in the world, large cap and growth stocks outperformed. The S&P500 index was up 7.7%. Large and growth outperforming small/value occurs less often. As you may recall we take advantage of the small and value premiums, by overweighting our portfolios in that direction, which are in place more often and at greater returns than large/growth. Like every aspect of the market, trends ebb and flow over time. Small & value will have its time and it will be fun.Also notable was emerging markets down 1%. There's been a lot of talk among "experts" that try to guess future market direction, that emerging markets are "due" and are undervalued compared to USA stocks. They are not outperforming the USA yet.See the entire Quarterly Market Summary here.When you look at our Model Portfolio Summary here, note the blue S&P500 line, over the last 1-2 years which was performing below ALL of our model portfolios has now zoomed up to pass our two most conservative portfolios at 40% and 47% stock. It's amazing that our Model 53 (only 53% stock) is outperforming the S&P500 (100% stock) since 1/1/1999! Long live diversification!