Global Portfolio Strategy - Third Quarter
It is the best of times for equities. It is the worst of times for employment and interest rates. Cooling temperatures augur the imminent arrival of a resurgent virus that threatens further closures. The earnings season arrives with its insight into the durability of business during the Pandemic. Into this mercurial maelstrom steps a duplicitous debate on justice with a cost measured with integrity. To further heighten this noxious brew, a polarized election arrives with widely divergent outcomes for capital markets. The contest is the continued primacy of the return on capital at the expense of growth in the laboring economy. Even the probity of the election is impugned. These hallmarks assert that anarchy will usurp indifference with volatility reigning across markets. For the prepared, risk will offer opportunity.