Investment Manager’s Report:
Putting $350 billion of tax cuts to work, with the Fed lowering interest rates seriatim, is as gentle as throwing Mont Blanc into Lake Geneva. It will start the world economy in the third quarter, but will it create the conditions for an enduring economic recovery? The jury may be out, but not me. No. The longer this orchestra plays, the fewer new tunes they show themselves to know. Evidence. This rally has been led by the technology sector. A bear market is only over when the rally is led by the financials.
