IN THIS ISSUE

• Macro Strategy – The Five Shocks of 2026 — And the Extraordinary Resilience of the U.S. Economy: Despite a series of unexpected economic, policy, energy, earnings, and political shocks, the U.S. economy and corporate sector have remained remarkably resilient.
  
  
• Market View – 2026 Has, So Far, Defied the Traditional Midterm Year Playbook: Amid policy, geopolitical, inflation, fiscal, and Artificial Intelligence-related uncertainties, resilient markets, strong fundamentals, and historically favorable post-election trends suggest investors may benefit from maintaining a long-term focus through periods of volatility.
  
  
• The Ticker Tape – Top Questions Answered Directly by Our Chief Investment Officer (CIO).