“One of the important factors behind the fluctuation between bull and bear markets, between booms and crashes and bubbles, is that investor memory has to fail us – and fail universally – in order for the extremes to be reached.” - Howard Marks, renowned American investor

The Through Line: Equity and fixed income markets navigated a minefield of potentially damaging disruptions during the second quarter before ending on solid footing. In fact, stocks advanced by double digits in many parts of the world. Sturdy fundamental underpinnings were a frequent focus of our commentary in Q2. We also took issue with the widely held fear that robust market advances automatically implied a bubble about to burst. This week’s piece revisits key Q2 themes, hunting for clues they might offer for the months ahead.

To read the full report, click here.