IN THIS ISSUE

• Macro Strategy — America at 250: The Greatest Startup in History: The U.S. began as a high-risk startup against overwhelming odds and, fueled by enduring traits of innovation and resilience, has evolved over 250 years into the world's most powerful economic and entrepreneurial force.
  
  
• Market View — America at 250: Ten Reasons to Celebrate: The U.S.' unique combination of economic scale, innovation leadership, capital attraction, global influence, and enduring entrepreneurial culture supports a constructive long-term outlook and continued overweight in portfolios.
  
  
• The Ticker Tape — Top Questions Answered Directly by Our Chief Investment Officer