IN THIS ISSUE

• Macro Strategy — Setting the Stage for 2027: In our view, the economy and equity market are following the typical midterm-year pattern, with slower but still healthy profit growth that may support a more tempered bull market in 2027.
  
  
• Market View — China, the WTO and the Great Convergence No One Expected: Twenty-five years after China joined the World Trade Organization (WTO), its state-led model has endured while the West has moved closer to it, leaving investment returns shaped as much by geopolitics and national security as by earnings.
  
  
• The Ticker Tape — Top Questions Answered Directly by Our Chief Investment Officer (CIO).