IN THIS ISSUE

• Macro Strategy — The United States: Still the World's Greatest Economic Dynasty: For investors, some of the best market returns have been generated by the consistent, high-performing, talent-laden, cutting-edge, adaptable teams—think America, the world's greatest economic dynasty.
  
  
• Market View — Foreign Financing Matters to U.S. Finances: It's our conclusion that foreigner investors have broadly continued to hold and, in some cases, bid up U.S.-based assets.
  
  
• Thought of the Week — Q2 Earnings Preview: 5 Variables Investors Should Watch: We highlight five variables to watch: corporate guidance, loan loss provisions, mentions of higher costs, capital expenditures spending, and breadth in earnings.​