Update from May memo: Reflections on the sharp rally, distinctions between S&P500 and the general economy and fully-valued technology and other quality stocks

We hope everyone is enjoying summer, taking care and staying healthy. As equity markets have de-coupled from near-term economic fundamentals and continued to rally through the summer, we wanted to brief you on market and economic developments, highlight a wide range of increasing risk factors including an unusually uncertain economic, political and health backdrop, and update you on our views going forward.