IN THIS ISSUE

• Macro Strategy — Decoupling from China Won't Be Easy: Here Is One Way to Think About It: While successful negotiations with select countries may offer temporary reprieve for investors, we remain primarily focused on U.S.-China tensions. An extended deterioration in bilateral relations poses a longer-term headwind for both U.S. businesses and consumers, in our view.
  
  
• Market View — What's Next for the Hibernating Bear?: Investors should keep in mind that no two bear markets are created equal, recoveries have followed past downturns, and diversification has historically helped to limit downside on the road to recovery.
  
  
• Thought of the Week — Investor Escape Velocity: Considering the ongoing backdrop of extreme investor bearishness with the current nine-week stretch in bearish American Association of Individual Investor readings being the longest on record.​