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July 2023
Resilient Economy, Nervous Markets: Rounding the Bend
“Well done is better than well said.”
– Benjamin Franklin
The market advance extended into the halfway point of the year with resilient economic growth, and we suspect a healthy dose of FOMO (fear of missing out), leaving the frustrated bears in the dust. The worry list remains long, justifiably so. However, if the last six months taught investors anything, it’s that the less discussed optimistic scenarios should not be overly discounted. Good first halves tend to be accompanied by further gains. Can the re-rating continue?