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.