“These are bullets, cannonballs and missiles of an economic war waged against our country” President Recep Tayyip Erdogan of Turkey.
Market Commentary
The S&P500 was up over August, delivering its fifth consecutive monthly gain. Equity valuations in developed markets – particularly the US- remain high, yet stock prices continue to rise. We maintain a defensive approach to our investing, steering towards sectors we believe will hold up better if markets turn. While the USequity prices have continued their relentless rise, emerging market have struggled.