More of the Same
The political, international and economic trends that have been in place, continue
unabated. We have seen:
More Tweets from the President
More Congressional grid‐lock
More Middle East violence
More Improvement in the U.S. Economy
More job growth
More improvement in the U. S. Stock Market
The S&P 500 Stock Index rose 3.1% during the second quarter, raising the return for
the first six months to 9.3%. The index moved to a new all‐time high during the
quarter, primarily driven by improved corporate earnings, which were up 15% year
over year. The Federal Funds rate has risen, as the Federal Reserve increased
interest rates for the second time this year, and raised the expectations of another
increase by year‐end.
For our part, we continue to look for new, high quality investment opportunities.