Market Update - June 2020

Welcome to Summer! Following an impressive rebound in risk asset prices and valuations in April and May, June saw markets take a breather finishing relatively flat, unnerved by a re-acceleration in COVID-19 cases in the final weeks of the month. In fact, the second quarter of 2020 (Apr-Jun) saw the strongest performance for the S&P 500 index in the U.S. in over 20 years (1998). Like many investors, we continue to try and make sense of this outstanding stock market performance in the face of such negative headline news. The chart above, which attempts to gauge the sentiment/confidence that investors have in the markets, still suggests indifference. We see this neutrality as a positive, as

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