Second Quarter Recap and Outlook 2025

After a volatile start to the year, the stock market staged a

strong rebound over the last three months. In Q1, market

sentiment was cautious due to rising policy uncertainty,

concerns about slower economic growth, and questions

about the longer-term outlook in the artificial intelligence

industry. In Q2, caution gave way to renewed optimism as

tensions eased, tariffs had a limited economic impact, and

companies posted stronger than expected Q1 earnings. The

dramatic shift in sentiment across the quarters created two

distinctly different market environments.

Read the full letter here.