• Patience is a virtue for bull & bear alike; the bulls get a 10% ytd ACWI advance, the bears get to wait on the recession

  • We patiently await the rotation back into Cyclicals as the Fed meets in June, goes on hold & raises its growth estimates

  • We hold a US equity bar bell in our GMA model -Big Tech on one end & Cyclicals (Fin, Industrials, Homebuilders) on other
May 26th, 2023
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