Happy 250th birthday to America, and Happy Independence Day to my American colleagues. The summary today has a table for 1H2026 performance across indices and asset classes, as well as an update for the week.

I am going to start the update this week by focusing on markets, which is probably what most of my readers care most about. The table below is a summary of the week. As far as equities, portfolio allocations so far this year have favoured value stocks over growth stocks in the U.S., and international stocks over US stocks on a macro global basis. U.S. stock rotation: out of growth and into value : As far as U.S. stocks, the culprit continues to be tech shares. As the “l

There was enough sad news this week, but it certainly didn’t make a dent in sentiment as stocks and bonds continue to rally hard.