The Independent Investor
Strategies for Managing Your Assets
Dear Clients and Friends:

As we move into June, the path to economic normalcy is speeding up. While I feel like I'm saying this every month, the stock market is (again) at an all-time high. It also bears repeating that the road ahead for investors is likely to be rockier, with inflation, a bear market in bonds, and more volatility in stocks. As long-term investors, most of you have been here before, and will have no trouble in staying the course. Ok, enough with the hiking analogies! I wish you a happy June and satisfying escape from your bubbles.

The U.S. economy continues to open up faster than even the most optimistic economists expected at the start of the year. The U.S. economy has likely already recovered all of its lost output from 2020, with U.S. gross domestic product (GDP) expected to grow close to 10% in the second quarter of 2021. But how long will it last?

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This research material has been prepared by LPL Financial LLC. To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial LLC is not an affiliate of and makes no representation with respect to such entity. Securities and Advisory services offered through LPL Financial LLC, a Registered Investment Advisor Member FINRA/SIPC.

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