Virtually all asset classes produced gains in the second quarter, although only precious metals and fixed income were positive for the year to date. After the “sell everything” decline in March, markets reflected a “buy everything” mood in the second quarter. In fact, financial markets have been moving in tandem more than any other time in the last two decades, in an investment environment dominated by pandemic economics and central bank stimulus.1 As noted in our last newsletter, April was the worst month in modern economic history, but the second-best month in 33 years for the S&P 500.2 By the end of the quarter, some economic metrics had improved, but major health and economic concerns remain.  READ MORE