IN THIS ISSUE

• Macro Strategy — The Doomsayers Are Wrong: America Is Not Going the Way of a High-Risk Emerging Market: The U.S. is a highly diversified, innovative-driven economy, awash in capital, driven by entrepreneurialism, geographically blessed, and better demographically positioned than most nations in the world.
  
  
• Market View — Is this Rally Running on Froth or Fundamentals?: While this uptick in risk appetite has been enough to raise some eyebrows, the foundation currently does not show any major signs of cracks.
  
  
• Thought of the Week — All Aboard the Muni Train?: We believe muni credit remains generally solid, thanks to still near-record state Rainy-Day fund levels.​