IN THIS ISSUE

• Macro Strategy — Wealth Effects Increasingly Driving the U.S. Economy: As the U.S. economy transitions from growth in the physical world to more growth in the virtual world, wealth accumulation has begun to accelerate and is increasing the role of the equity market for sustaining consumer spending.
  
  
• Market View — 5 More Considerations for Building Resilient Portfolios: Recent market volatility highlights the importance of diversification, as concentrated positions can amplify both gains and risks, and with the innovation cycle still early, future portfolio resilience requires balancing potential transformative growth opportunities with stability amid ongoing uncertainty.
  
  
• Thought of the Week — A Thriller on Steroids: Taking Stock of the S&P 500 and the “Roaring and Roiling 2020s": The S&P 500 has defied numerous global challenges this decade, continuing its upward trajectory as U.S. companies leverage innovation to boost productivity and profits, suggesting the “roaring 2020s" may persist despite intermittent volatility.​