Posted on July 1, 2025

Yes, we do think this bull market will continue and we do think it will continue to be led by non-US stocks. It has been a rocky year so far. We have just been through a period of significant correction both is US and non-US stocks. The market has done reasonably well so far this year. US stocks are lagging a bit so far, but European stocks are double digit positive for the year. We think now that we've been through this period of volatility, that not only is the recovery underway, we think it sets up a strong second half of the year.

So, as we talk about the state of the economy, we are not anticipating a big recession or anything like that coming here in the near term. As we look at the corporate results, which have been very positive, we compare all of that to investor sentiment, which remains still quite cautious. We think there's lots of room for both fundamentals, the economy and corporate results to drive this bull market but also increase comfort amongst investors. We think there are a lot of underappreciated positives that will come to light over the remainder of the year and will drive positive performance in stocks.