Global equities rebounded in March after declining for most of 2016, led by larger US stocks. The S&P 500 has finished higher in 10 of the past 15 sessions and crossed its 100-day moving average. However, flows still favor less risky assets and higher quality stocks. Corporate earnings will likely dictate future market direction, with expectations of losses in the first half of 2016 but growth resuming in the second half. Owning quality stocks at discount prices may provide above-average returns in the long run.

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Global equities have been under intense pressure for most of this young year, but
a spring-time resurgence has provided encouragement to beaten-up investors. U.S.
equity markets have lead the way, particularly larger cap issues, not surprising given
firmer economic footings here at home. e S&P 500 Index, while still slightly in
negative territory this year, has finished higher in 10 of the last 15 trading sessions
and recently crossed its 100-day moving average for the first time in 2016. You
may have forgotten, but the benchmark U.S. index was off to its worst ever start to
the year, yet by mid-March it was officially out of “correction” territory, down just
6% from its May 2015 peak. Half of the S&P sectors ramped back into the black,
including energy, which is now outpacing broader market returns. e Dow recently
closed up for the fourth straight day, the longest such streak since last October,
and the Dow Transports have finally started to show some life (up 2% YTD) after
dramatically underperforming since last September.
Despite the feel-good rebound, capital flows still favor risk-off asset classes and
higher quality equities. Small cap stocks (Russell 2000) and the more tech-heavy
Nasdaq, both perceived as riskier baskets, are off mid-single digits. S&P A-rated
“quality” stocks have outpaced their low quality brethren by about 15 ppt, while
high-ROE stocks have bested low-ROE stocks by a similar amount. Gold continued
to melt up higher, almost 20% this year, its best start to any calendar year. Long-
term treasury returns are also positive, having adjusted to better match volatile
interest rate expectations. us while it follows that investor sentiment surveys
suggest investor confidence is higher, capital flows suggest a much more cautious
investment approach.
Looking ahead we suspect corporate earnings trends will dictate investor
sentiment and market direction. While near-term expectations are lackluster at
best, conditions are expected to improve in the second half of the year. e S&P,
according to Factset consensus forecasts, will post its third and fourth consecutive
quarterly losses in Q1 and Q2 of this year driven in large part by the energy collapse
and its trickle-down impact. e magnitude of that year/year energy impact should
abate in the coming months easing comparisons and softening the drag. By Q4, EPS
growth is estimated to ramp back up to 10%. Time will tell.
Regardless of periodic shifts in investor sentiment, we believe owning “quality”
stocks at discount prices increases the odds of achieving above-average, risk-adjusted
returns. Flexible balance sheets, consistent growth and attractive internal margin
profiles are characteristics that should prevail in time.
1
Source: Google Finance
2
Source: www.standardandpoors.com
3
Source: www.russell.com
4
Source: www.wilshire.com
Unsettled by your 2015 tax return?
Now is the time to start planning to
ensure next year's tax season is a bit
more palatable. Call our office today
to discuss your options.
Price YTD 1 Month 3 Months
Dow Jones 1
17,229 -1.12% 7.86% -0.80%
S&P 500 2
2,019 -1.19% 8.30% -0.11%
NASDAQ 1
4,750 -5.13% 9.52% -4.08%
Russell 2000 3
2,694 -4.55% 11.55% -2.83%
Wilshire 5000 4
20,658 -1.53% 8.82% -0.32%
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Data as of 3/14/16
Source: Sterling Capital Management—3.14.16

2. The information and statistics have been obtained from sources believed to be reliable, but we do not guarantee their accuracy or completeness. We do not undertake to advise the reader as to any changes in figures or our views.
marketSHARE was prepared by the BB&T Scott & Stringfellow Marketing Department for use by the firm’s financial advisors. Comments regarding tax implications are informational only. BB&T Scott & Stringfellow and its associates do
not provide tax advice. You should consult your individual tax professional before taking any action that may have tax consequences. Diversifying investments does not ensure against market loss and asset allocation cannot eliminate the
risk of fluctuating prices and uncertain returns. Past performance does not guarantee future results. Bonds may not be suitable for all investors and you should consider specific risks such as credit risk, default risk and volatility prior to
investing. BB&T Scott & Stringfellow is a division of BB&T Securities, LLC, member FINRA/SIPC. BB&T Securities, LLC, is a wholly owned nonbank subsidiary of BB&T Corporation. Securities and insurance products or annuities sold, offered
or recommended by BB&T Scott & Stringfellow are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may lose value.
A P R I L 2 0 1 6
CHANGES TO SOCIAL SECURITY STRATEGIES
Are you one of the many Baby Boomers confused about the two Social
Security strategies that are ending due to the Bipartisan Budget Act of 2015?
If so, you are not alone! e following will explain how the two strategies
work as well as their two different ending dates.
File and Suspend – If you will be at least 66 by April 29, 2016, you will be
able to file and suspend by that date so your benefit continues to grow at 8%
per year, while your spouse takes a spousal benefit off your record.
Here is an example of a typical File and Suspend strategy:
¡ Jack and Jane are both 66 (full retirement age)
¡ Jack files and suspends and allows his benefit to grow at 8% per year
until age 70
¡ Jane takes the spousal benefit, which is 50% of Jack’s benefit
¡ Jack begins taking his benefit at age 70, which is now 132% of his full
retirement age benefit
Restricted Application – If you were at least 62 by the end of 2015, you
have the ability to collect a spousal benefit at age 66 and allow your own
benefit to grow at 8% per year until age 70.
Here is an example of a Restricted Application strategy:
¡ John and Mary are both 66 (full retirement age)
¡ John files for his benefit (or files and suspends)
¡ Mary restricts her application and takes the spousal, which is 50% of
John’s benefit
¡ Mary switches to her own benefit at age 70, which has grown at 8%
per year
Whether you implement these strategies or not, deciding on when to file for
your Social Security benefits should be determined when looking at your
overall retirement picture. At BB&T Scott & Stringfellow, we offer a goal-
based retirement process called FP&S EMPOWERSM
. is process allows us
to analyze your nest egg along with your income sources, like Social Security,
to determine if you are on track to meet or exceed your retirement goals. In
addition, EMPOWER monitors your progress to determine if you remain
on track or if adjustments need to be made.
Please call my office today if you would like to learn more about
EMPOWER.
ADDITIONAL FACTS ABOUT
SOCIAL SECURITY
Your full retirement age (FRA) is based on the
year you were born:
1943 to 1954 – Age 66
1955 to 1959 – Between 66 and 67
1960 and later – Age 67
Your benefit is calculated by averaging your
highest 35 years of earnings (indexed for
inflation) and if you did not work 35 years,
those missing years are counted as zeros in the
calculation.
e Earnings Test Amount for 2016 is $15,720.
If you file before your FRA, every $2 you earn
over this threshold, $1 in Social Security benefits
will be withheld.
¡ During the year in which you reach your FRA,
the threshold increases to $41,880 (every $3
above this amount, $1 in benefits is withheld)
¡ Once you reach your FRA, there is NO
earnings limit
¡ Any benefit withheld will be recalculated back
into your benefit at your FRA
Resources:
Social Security Website: www.socialsecurity.gov
Online Statements: www.socialsecurity.gov/mystatement
Social Security Phone Number: 1-800-772-1213