Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Q&A on Five Mega-Forces That May Define Market Returns in Second Half of Decade: We expect the investment landscape to continue to be dominated by questions related to artificial intelligence, war, globalization, debt, and the climate.
  
  
• Market View — Summertime Market Action Pays Credence to Diversification: While so much was made of the concentrated performance of the first half, July's market action pays credence to a well-diversified portfolio.
  
  
• Thought of the Week — Don't Concentrate Too Hard—Market Breadth Is Improving: We've begun to see a gradual broadening out amongst sectors and different indexes, leaving room for new investor opportunities.