As we closed out the third quarter of 2016, the volatility of the first quarter seemed a distant memory. Despite the Brexit blip at the end of June, which caused the S&P 500 to fall 5% in two business days, the market has steadily risen since mid-February and has continued to reach new highs. Equities around the world have been supported by accommodative monetary policies, steady economic data, and rising oil prices. Through September, oil was up 30% year-to-date, the S&P 500 was up 7.8%, and, despite fears surrounding a slowdown in China that had plagued financial markets at the beginning of the year, emerging markets were up 16%. When the Great Recession ended in June 2009, an economic expansion began. That expansion has now lasted seven years and a quarter, outpacing the post-World War II average of approximately five years. The longest expansion on record lasted 10 years, spanning March 1991 until March 2001.1 If the current expansion were to last through the President-elect’s first term, it would become the longest in history.