Quarterly Letter
Global stock markets delivered robust gains thus far in 2019, outperforming all other asset classes. This strength continued during the second quarter as dovish central bank commentary outweighed the preponderance of weak economic data and tariff fatigue. Key developments during the second quarter included aggressive declines in bond yields, continued yield curve inversion in major markets, rallying equity markets led by US stocks, "growth" continuing to outperform "value," disparate performance among commodities, and reduced pricing of risk as indicated by narrowing CDS spreads in most countries.
