“The economic problem is that the material fruits of the United States’ engagement with China (and the post-1980 globalization more generally) have been very unevenly distributed…”
—Arthur Kroeber, Gavekal
The Quarter in Review
It was not a bad quarter! U.S. equity markets were very strong across all styles and sizes. We moved past the impact of February’s dive in this quarter, and although you can point to different reasons to justify calling it strong, clearly the economy was the primary factor, with the U.S. continuing to buck the trend of slowing growth in international markets.
On that note, the international economy has been missing