The second quarter of this year certainly presented noteworthy headlines, most of which led to downward market pressure. The S&P 500 Index ended down 11.43% and the 10-Year Treasury note rallied sharply as yields fell from 3.83% and settled below 3%, demonstrating a desire for less risky assets. Looking forward, if earnings expectations are met in Q3 and Q4 we believe the market has strong upside potential. Our letter this month will review Q2 and discuss market positioning and thoughts for the remainder of the year.
Read the complete Quarterly Investor Letter.