June 2023 Commentary: The Running of the Bulls (and Bears)


  • The first half of 2023 has been anything but ordinary—from a banking crisis in March and a near-miss with a U.S. debt default to the flurry of excitement in Artificial Intelligence and anything related to it.
  • On the surface, U.S. stocks continued to push higher during the quarter. The S&P 500 ended the first half of the year up 16.9% and is now up 24.4% since its October lows, but small cap stocks, banks, and public real estate have been left behind.
  • Although several signs suggest this is a bull market, key industries and markets are grappling with telltale bear market issues.
  • Looking forward, both bull and bear scenarios are possible, but given market strength, growing optimism and rising real interest rates, the downside should not be dismissed.

Read and download the commentary here.

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