First American

S&P 500 Falls Short of Record Despite Weekly Gain

“Our concern is with market valuations, especially right at record highs, when the economy is not as strong as it was,” said Jerry Braakman, chief investment officer at First American Trust. 

He said the Santa Ana, Calif. firm has trimmed its exposure to the technology stocks that drove last year’s rally for fear that they have become too expensive relative to their forecast profits. It has built up positions in healthcare firms. 

“That’s a pretty defensive stance,” Braakman said." 

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