Half Full or Half Empty

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Now that the year is half over, an appropriate question to ask would be, “Is the glass half full or half empty?” As equity investors, we might logically look at the S&P 500 Index as a proxy for the performance. On that basis, the Index is up 1.23% total return for the first half of the year and up 0.28% for the second period. Positive numbers are better than negative, of course, but neither number suggests a robust investment climate. As we progress through our commentary for the quarter, we will make the case for the economy to be back-end loaded with the expectation that the full year total return for the S&P 500 will be…

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