The Road Ahead Revisited

Nearly five months ago, in mid-March, we shared our views on navigating the investment implications of the COVID-19 pandemic in a piece titled The Road Ahead. At the time, New York City was becoming the global virus epicenter and its health system was struggling to cope.

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Monthly Investment Update: August 2020

Risk assets rose sharply in July as investors digested US economic and corporate earnings data for the second quarter 2020 and tracked the progress of a potential new stimulus bill from Washington. The S&P 500 returned 5.6% during the month, led by the consumer discretionary sector, which is now significantly composed of e-commerce companies like Amazon, which returned 9.0% during the month.

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Monthly Investment Update: July 2020

The first half of 2020 has seen many unprecedented events, both in terms of the impact on society from the COVID-19 pandemic as well as the resulting extreme movements in risk assets. The year began on a relatively optimistic tone as US equity markets marched toward all-time highs in February, aided by tailwinds from stable economic conditions, an accommodative Federal Reserve, and substantive progress on the US-China trade dispute.

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