May 2020 Commentary
Even as the American economy is reopening tentatively and gradually, the markets have come back with a fast and furious rush. This impressive rebound has occurred during one of the most widespread global pandemics in 100 years, the worst economic collapse since the Great Depression, and a rising wave of social unrest, leaving investors to question the rally’s sustainability.
But there is even more to this disconnect than meets the eye. We are in the midst of one of the most heated bull versus bear debates in our lifetimes.