Our most recent quarterly comments
  Second Quarter 2020
Key takeaways for the quarter include: Equities rebounded strongly off first quarter lows; a few ultra-large companies are driving cap-weighted indexes; fixed-income yields declined and credit spreads tightened during the quarter; and COVID-19 continues to have a profound negative impact on our country.
  First Quarter 2020
Key takeaways for the quarter include: COVID-19 stole the show; stimulus programs lessened the impact; volatility was the greatest since 2008, and valuations improved notably.
  Fourth Quarter 2019
Key takeaways for the quarter include: The Fed had a pivotal role in 2019; the investment world was arguably turned on its head during the year; and equity markets aren't pricing in any missteps, in our view.
  Third Quarter 2019
Key takeaways for the quarter include: U.S. equities eked out modest gains, except small caps; volatility was elevated and geopolitical tensions remained high; the Fed cut interest rates twice and investors chased yield; and the Initial Public Offering market is showing signs of stress.