With housing weakening, investors bringing out their “2008 hammers” again. Cognitive bias in full force. 2H rally intact.

Sentiment among our clients has not changed much. The plurality of our clients remain skeptical and see a multitude of problems ahead (see discussion below). But our view remains that we see a 2H rally leading to new highs for the S&P 500. We believe this will be led by FAANG/Large-cap Technology and Growth. And while we like Energy for next 2-5 years, we see headwinds unless oil recovers strongly.

This tweet shared by @krugermacro Alex is hystericalBut actually reflects our viewInflatio...

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