Despite a turbulent quarter in emerging markets, we continue to note an improving backdrop for stock selection and rising macro dispersion. This month’s commentary examines contributors and detractors from Q2 performance, as well as recent portfolio shifts, in greater detail.
Depressing weather jokes aside, Chicago has had a record setting string of weather so far in 2019. Abrupt transitions from one weather extreme to the next seem to have become the norm. During the first half of 2019, expectations regarding Federal Reserve policy exhibited a similarly extreme transition from hawkish to dovish.
You get a deal, and YOU get a deal, and YOU get a deal!
You get a rate cut, and YOU get a rate cut, and YOU get
a rate cut!
You get a goal, and YOU get a goal, and YOU get a goal!