Quarterly Commentary: The Grind

The stock market’s resilience continues to take center stage. First quarter gains were preserved this spring as stocks rose by another 5% in the second quarter, bringing the first half equity advance to 7%.

The good news is that the market could grind higher from here as recent economic data have been supportive. The worrisome news is that daunting economic and geopolitical risks abound, oil prices continue to rise, and investor complacency, as measured by equity volatility, remains remarkably low. Our intermediate view of the market continues to be positive, but we have begun to take some profits in selected equity holdings where valuations appear full. Read More

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