Market Commentary
The Dow Jones Industrial Average hit an all-time high as larger cap equities remain relatively attractive from a price-multiple perspective. The rotation from growth to value stocks continued in April, with investors rebalancing from high-growth tech stocks to more defensive sectors that trade at more attractive valuations and pay higher dividends (e.g., utilities, healthcare, staples). This is a healthy development that somewhat diffuses any concern of a "tech bubble." European equities continue to benefit from a pick-up in manufacturing activity and economic growth. Interest rates continued their decline, further benefitting the recovery in fixed income, as the Barclays Aggregate again beat the S&P 500 for the month and remains ahead YTD.                                    

The United States health-care system has been impacted by the Affordable Care Act (ACA). But how does delivery of health care in the United States compare to that of other nations? And where does the United States rank with respect to the cost of health care per capita and as a percentage of gross domestic product?