
Market Update, Third Quarter 2021 – Entering the Chicane…
What Did We See? U.S. Large Cap stocks, or the S&P 500 index, was up less than 1% in Q3. The developed markets of Japan was up more than 5%. Europe was almost flat, the U.K. up more than 2%.

What Did We See? U.S. Large Cap stocks, or the S&P 500 index, was up less than 1% in Q3. The developed markets of Japan was up more than 5%. Europe was almost flat, the U.K. up more than 2%.
"That’s the lesson worth sitting with more than any single data point below: being rightfully defensive during Q1 did not help you during Q2. Markets can quickly move from one regime to the next and back again."
Please read my market commentary for 2Q26!
"Markets were being held up by four factors heading into the year: solid Goldilocks economic data, AI enthusiasm, expected Fed rate cuts, and a tolerant attitude toward policy noise. All four came under pressure simultaneously in Q1."
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