Quarterly Review & Outlook-2nd Quarter 2021

Our patience will achieve more than our force.
‐ Edmund Burke

It is a curious time for investors. The S&P 500 near all‐time highs feels at odds with the day‐today turmoil of life during the pandemic. High inflation combined with high unemployment echoes another era that featured nosebleed interest rates and single‐digit price‐earnings ratios, the opposite of today. Many are throwing up their hands and saying the markets are simply wrong.

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