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  • The average annualized total return for the S&P 500 index over the past 90 years is 9.8 percent.
  • Yet from 1928 to 2016, only six years finished with a gain within 5 and 10 percent, according to LPL Financial.
The S&P 500 has already met its average return for a full year, but don't expect it to stay here

The average annualized total return for the S&P 500 index over the past 90 years is 9.8 percent. For 2017, in just under half a year, the S&P 500's total return is 9.7 percent.
Looking at these facts side by side, it might seem the market has been twice as generous as usual so far this year, tempting a wary investor to back away from stocks or expect next to nothing more over the coming six months.
Yet equity returns come in waves, not in metered doses. The market gets on a roll, overshoots, retrenches, and sometimes—as in the 18 months that ended last November — just slides sideways.
One of the market's more intriguing and mischievous traits is that it rarely produces the long-term 'average' return in a given calendar year.
Looking now only at price returns (not counting dividends), a gain of 5 to 10 percent is one of the rarest results for stocks. According to data furnished by LPL Financial senior market strategist Ryan Detrick, in the 89 years from 1928 to 2016, only six finished with a gain in that range that we think of as a 'typical' annual return.

Source: LPL Financial
More than a quarter of all years saw better than 20 percent appreciation. And Detrick notes that the S&P 500 advanced 9.5 percent last year — and has never seen two straight years of gains of 5 to 10 percent.
So, if the historical odds are against stocks just idling near this level for the next several months, which way are they likely to go?
Strictly looking at past periods that closely resemble this one — quiet years in an uptrend, with plenty of new highs and good market breadth — the evidence points toward further gains in the second half. Yet the calm is increasingly likely to be interrupted by the sort of more noteworthy downdraft that we haven't had in quite a while.
When the S&P 500 was up at least 7.5 percent on its 100th trading day of a year, as it was this year, it added to those gains through year-end 20 out of 23 times.
And since 1950, when the S&P 500 has made at least 15 new all-time highs through May, it was far more likely to keep rising through December, and the average further gain over the final seven months was 7.7 percent, far better than the 4.5 percent average for June-December in all years.
A slightly different screen by Sam Stovall of CFRA — testing for years with as many new highs and similar lack of volatility as 2017 — found a similarly heavy probability of generous further upside.
The largest and most significant exception to these patterns came in 1987, which began with powerful upside momentum, faltered in mid-summer, then crashed in October to wipe out the early-year gains. It's a scary year to come up in the comparative analysis.
But it's also important to note the market was up a whopping 40 percent in the first seven months of that year — a ferocious blow-off rally. And stocks got very jumpy and started losing altitude badly in August. The crash did not blindside an otherwise placid tape.
Still, this market has gone so long without even the sort of routine 5 percent pullback that visits even the best of years that even bullish investors should be checking their mirrors and blind spots.
The recent wobble in big-cap tech stocks that dropped the Nasdaq 100 (NDX) index by 4.5 percent could foreshadow at least a mild gut check for the broader market. Investor Urban Carmel of the Fat Pitch blog notes, 'In the past seven years, falls of more than 4 percent in NDX have preceded falls in SPY of at least 3 percent. That doesn't sound like much, but it would be the largest drop so far in 2017.'
Seasonal patterns, which have an iffy record in the past year or so, also suggest the market should get choppier pretty soon, for what that's worth. The best way to prepare for what an inherently unpredictable market might deliver is to assess the weight of the evidence and remain open to a range of outcomes.
Maybe if the market does keep chugging a good deal higher, it will finally deserve the 'bubble' label (which it really doesn't right now), and perhaps it will grow more unstable as it does so, and be hounded by a collicky credit market rather than the current stoic one. None of this is observable yet.
One of the least welcome messages in the latter part of a bull market, with more than enough discomfiting headlines to go around, is 'Don't worry so much.' But, for better or worse, this is what the probabilities are suggesting at the moment.
Sure, stout valuations today imply so-so returns over the long term. But, remember, the market bestows its returns in unpredictable gulps, not measured sips.

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WATCH: Why Wall Street's most accurate analyst urged traders to buy the tech wreck
Why Wall Street's most accurate analyst urged traders to buy the tech wreck
The Last Five Years
MusicJason Robert Brown
LyricsJason Robert Brown
BookJason Robert Brown
Productions2001 Chicago
2002 Off-Broadway
2005 Germany
2006 London
2007 Edinburgh Fringe
2009 Barcelona
2010 Sweden
2012 Denmark
2013 Off-Broadway revival
2014 Film
2014 Norway
2015 Finland
2015 Denmark
2015 Ireland
2016 Madrid
2016 Poland
2016 West End
2017 Melbourne
2017/2018 Mexico
2018 Barcelona revival
2018 Israel
2018 Stockholm
2018 Dallas, Texas
2018 Edinburgh Fringe
2018 Kearney, NE
2018 São Paulo, Brazil
2019 Syracuse, NY
2019 Edinburgh

The Last Five Years is a musical written by Jason Robert Brown. It premiered at Chicago's Northlight Theatre in 2001 and was then produced Off-Broadway in March 2002. Since then it has had numerous productions both in the United States and internationally.

The story explores a five-year relationship between Jamie Wellerstein, a rising novelist, and Cathy Hiatt,[1] a struggling actress. The show uses a form of storytelling in which Cathy's story is told in reverse chronological order (beginning the show at the end of the marriage), and Jamie's is told in chronological order (starting just after the couple have first met). The characters do not directly interact except for a wedding song in the middle as their timelines intersect.

The Last Five Years was inspired by Brown's failed marriage to Theresa O'Neill. O'Neill sued Brown on the grounds that the story of the musical violated non-disparagement and non-disclosure agreements within their divorce decree by representing her relationship with Brown too closely. Brown, in turn, sued O’Neill for interfering with his creative work and his creative process. As part of the legal settlement for both suits, Brown removed all references to the character being Irish Catholic, and changed the song 'I Could Be in Love With Someone Like You' to 'Shiksa Goddess' in order to reduce the similarity between the character, Cathy, and O'Neill.[2][3]

The Last Five Years cast album was released by Sh-K-Boom Records in April 2002.[4] A film adaptation starring Anna Kendrick and Jeremy Jordan was released in February 2015.[5]

  • 4Production history

Synopsis[edit]

Cathy is sitting alone lamenting the end of her marriage ('Still Hurting'). We shift to meet Jamie. It is five years earlier and he has just met Cathy. Jamie is overjoyed to be dating outside his Jewish heritage ('Shiksa Goddess').

Cathy and Jamie are in Ohio. It is her birthday and he has come to visit her as she works in a show there ('See I'm Smiling'). She is anxious to fix any problems in their marriage but she becomes angry when Jamie tells her he has to go back early to New York. During breaks in the music, we see a younger Jamie, talking to a literary agent about his book.

Jamie is moving in with Cathy. He comments on how lucky he is that everything is going right for him; his book is being published and his life with Cathy seems too good to be true ('Moving Too Fast'). Elsewhere an older Cathy is making a call to her agent: it seems her career isn't going the way she planned it.

Cathy is attending Jamie's book party. She sings about how he ignores her for his writing but she will always be in love with him ('I'm a Part of That').

Jamie and Cathy celebrate their second Christmas. He tells her a new story he has written about an old tailor named Schmuel and he gives her a Christmas present: a watch, promising to support her as she follows her dreams of acting. ('The Schmuel Song').

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The duet between Jamie and Cathy in 'The Next Ten Minutes', as performed by Sherie Rene Scott and Norbert Leo Butz on the 2002 Off-Broadway cast recording.
Problems playing this file? See media help.

Cathy is in Ohio and writing to Jamie. She describes to Jamie her disappointing life in Ohio among her eccentric colleagues ('A Summer in Ohio').

Jamie is sitting with Cathy in Central Park. Jamie proposes to her and, for the first time in the musical, they sing together ('The Next Ten Minutes'). They get married, exchanging vows to stay together forever.

Jamie is facing temptation from other women, especially now his career as a writer has escalated ('A Miracle Would Happen'). Cathy, meanwhile, is auditioning for a role('When You Come Home to Me'). She is getting down about the rejection she faces as an actress and complains to Jamie ('Climbing Uphill').

Jamie speaks to Cathy on the phone, trying to convince her that there is nothing going on with him and his editor, Elise. He wants to celebrate a book review but Cathy refuses to go out.

Jamie is fighting with Cathy, trying to get her to listen to him. He accuses her of being unsupportive of his career just because hers is failing. Though his words are harsh, he promises her that he believes in her ('If I Didn't Believe in You').

A younger Cathy is in the car with Jamie, who is going to meet her parents. She tells him about her past relationships and hopes not to end up in a small town life like her friend from high school ('I Can Do Better Than That'). She asks Jamie to move in with her.

Near the end of the relationship Jamie wakes up beside another woman ('Nobody Needs to Know'). He tries to defend his actions and blames Cathy for destroying his privacy and their relationship. Jamie promises not to lie to this woman and tells her that 'I could be in love with someone like you,' just as he does to Cathy in 'Shiksa Goddess.'

Cathy is ecstatic after her first date with Jamie. She sings goodbye ('Goodbye Until Tomorrow'). She proclaims that she has been waiting for Jamie her whole life. Simultaneously but five years forward, Jamie sits in their shared apartment writing laments over the relationship ('I Could Never Rescue You'). As Cathy waves Jamie 'goodbye until tomorrow', Jamie wishes Cathy simply 'goodbye'.

Music[edit]

The musical style draws on a number of musical genres, including pop, jazz, and classical, klezmer, Latin, Rock, and Folk. The orchestration consists of piano, acoustic guitar, fretless bass, two cellos, one doubling on celesta and tubular bell, and violin, doubling cymbal.

  • 'Still Hurting' - Cathy
  • 'Shiksa Goddess' - Jamie
  • 'See I'm Smiling' - Cathy
  • 'Moving Too Fast' - Jamie
  • 'I'm A Part of That' - Cathy
  • 'The Schmuel Song' - Jamie
  • 'A Summer in Ohio' - Cathy
  • 'The Next Ten Minutes' - Jamie & Cathy
  • 'A Miracle Would Happen/When You Come Home to Me' - Jamie/Cathy
  • 'Climbing Uphill/Audition Sequence' - Cathy
  • 'If I Didn't Believe in You' - Jamie
  • 'I Can Do Better Than That' - Cathy
  • 'Nobody Needs to Know' - Jamie
  • 'Goodbye Until Tomorrow/I Could Never Rescue You' - Jamie & Cathy
Source: [6]

Original casts[edit]

The Last Five Years Trailer

CharacterChicago (2001)Off-Broadway (2002)Off-Broadway (2013)Film Adaptation (2014)West End (2016)São Paulo (2018)
Jamie WellersteinNorbert Leo ButzAdam KantorJeremy JordanJonathan BaileyBeto Sargentelli
Cathy HiattLauren KennedySherie Rene ScottBetsy WolfeAnna KendrickSamantha BarksEline Porto

Production history[edit]

Original Chicago production[edit]

The show debuted at Northlight Theatre in Skokie, Illinois in 2001, running from May–July 1. The production starred Lauren Kennedy as Cathy and Norbert Leo Butz as Jamie.[7] Kennedy had a previous commitment (a role in South Pacific in London) and was replaced by Sherie Rene Scott.[8] Scott, therefore, performed the vocals on the cast recording.

Off-Broadway[edit]

The show opened Off-Broadway at the Minetta Theatre on March 2, 2002 and closed May 5, 2002. Directed was by Daisy Prince, and Butz and Scott again starred.[9] The production won the 2002 Drama Desk Award for Outstanding Music and Lyrics, as well as receiving Drama Desk nominations for Outstanding Musical, Outstanding Actor, Outstanding Actress, Outstanding Orchestrations, and Outstanding Set Design.[10] It also received the Lucille Lortel Award nomination for Outstanding Musical and Outstanding Actor, and the Outer Critics Circle Award nomination for Outstanding Off-Broadway Musical.

Off-Broadway revival[edit]

The show was revived in 2013 Off-Broadway at the Second Stage Theatre for a limited engagement with Adam Kantor and Betsy Wolfe in the roles of Jamie and Cathy, respectively. Brown himself directed.[11] In March 2015, Kantor and Wolfe reprised their roles in a two-night-only concert production of the show at the American Conservatory Theatre in San Francisco.[12]

European Premieres[edit]

The show premiered in Paris, France[13] in 2013 presented by American Musical Theatre Live featuring Jonathan Wagner as Jamie and Miranda Crispin as Cathy. [14]

The show was given its Northern Irish premiere at The Lyric Theatre, Belfast in 2015, running for a limited engagement. It starred Fra Fee as Jamie and Amy Lennox as Cathy. The production was directed by Stephen Whitson.[15]

The show premiered in Stockholm, Sweden at Teaterstudio Lederman in April 2018. It starred Emil Nyström as Jamie and Cilla Silvia as Cathy. The production was directed by Robin Karlsson, with music direction by Johan Mörk.[16]

There will be a premiere of the show in Basel, Switzerland presented by Boutique Theatre Basel in June 2019.

In Concert[edit]

On September 12, 2016, Jason Robert Brown, along with SubCulture, presented a one night only benefit for the Brady Center to prevent gun violence. The Town Hall in New York City hosted this event. Cynthia Erivo played Cathy and Joshua Henry played Jamie. Jason Robert Brown conducted the orchestra.[17]

West End[edit]

On October 29, 2016, Samantha Barks and Jonathan Bailey took on the roles of Cathy and Jamie in the West End, London.[18]

Film adaptation[edit]

Last

An adaptation starring Anna Kendrick and Jeremy Jordan was directed by PS, I Love You director Richard LaGravenese.[19] The film premiered at the 2014 Toronto International Film Festival.

The Last Five Years Cast

References[edit]

  1. ^Brown, Jason Robert (22 May 2012). 'The Schmuel Song'. Jason Robert Brown. Retrieved 4 July 2014.
  2. ^Vogel, Scott (June 17, 2005). 'Young Composer's Wonder 'Years''. Washington Post. Retrieved May 4, 2019.
  3. ^[1]New York post, March 6, 2002
  4. ^'The Last Five Years Original Off-Broadway Cast'. Cast Albums. Retrieved 2007-10-16.
  5. ^Harp, Justin. 'Anna Kendrick, Jeremy Jordan for 'Last Five Years' musical adaptation'. Retrieved 2013-03-04.
  6. ^MTI Shows song list MTI shows
  7. ^Jones, Kenneth.Marriage Dissected: Brown's Musical, Last Five Years, Opening May 23 in IL' Playbill.com, May 23, 2001
  8. ^'Talkin' Broadway - Sound Advice: 4/16/03'. Talkinbroadway.com. Retrieved 2015-04-05.
  9. ^Brantley, Ben.Novelist and an Actress Sharing a Leaky Boat'The New York Times, March 4, 2002
  10. ^Jones, Kenneth; Simonson, Robert.'Drama Desk Awards Announced; Goat, Metamorphoses Tie for Best Play, Millie Scores'Archived 2014-07-14 at the Wayback Machine Playbill.com, May 20, 2002
  11. ^Hetrick, Adam (May 30, 2012). 'Jason Robert Brown's The Last Five Years Will Get Off-Broadway Revival at Second Stage'. Playbill.com. Retrieved September 29, 2012.
  12. ^'Betsy Wolfe and Adam Kantor Reprise Roles in THE LAST FIVE YEARS, Beginning Tonight at A.C.T'. Broadwayworld.com. Retrieved 2015-04-05.
  13. ^Andrew Gans (June 7, 2013). 'Jason Robert Brown's The Last Five Years and Benj Pasek and Justin Paul's Edges. Will Make Paris Debuts for Limited Engagement'. Playbill.
  14. ^Bryan Pirolli. 'The Last 5 Years'. TimeOut Paris.
  15. ^'The Last Five Years – Lyric Theatre, Belfast'. Musical Theatre Review. 1 July 2015.
  16. ^Stolt, Annette. 'BWW Review: THE LAST 5 YEARS at TeaterStudio Lederman'. BroadwayWorld.com. Retrieved 2018-04-23.
  17. ^Fierberg, Ruthie. 'What Happened at Last Night’s 'Last Five Years' Concert?' playbill, September 13, 2016
  18. ^'Samantha Barks and Jonathan Bailey Lead The Last Five Years starting October 28th' broadwayworld, October 27, 2016
  19. ^Gioia, Michael. 'Jeremy Jordan and Anna Kendrick Will Explore The Last Five Years On Screen in Richard LaGravenese Adaptation'. Archived from the original on 2013-02-24. Retrieved 2013-03-08.

External links[edit]

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The Last Five Years Watch Online

  • The Last Five Years at the Music Theatre International website


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