Q2 2020 Quarterly Update image
Who would have saw that coming? After experiencing a sudden and significant drop in March as the reality of COVID-19 set it, the S&P 500 logged a ~20% gain in Q2. Given that we're no way near out of the woods and economists are expecting defaults to surge (further), a lot of folks are asking (me) how long our markets will stay detached from economic reality. The Fed has certainly come to the rescue of the markets and have seem to put a floor under prices in many market segments such as stocks and high yield bonds. We treat the Fed like they're the firefighters when they're actually the arsonists As Jean de La Fontaine said, ...
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