This month's investment comment deviates from the norm by a wide margin. The markets are all pretty much continuing to do what we've commented on recently. Stocks continue to move up with some signs of a more balanced market, but in general momentum has been, and continues to be the driver. U.S. bonds are in a trading range, with our best thinking still being that a rally will happen in the balance of the quarter. Some of the more beaten up sectors like emerging markets and distressed debt are quietly coming back.
Volatility remains high.
Same old, same old. The lack of burning investment news gives me the opportunity to extend the range of these comments a bit. I am somewhat reluctant to go down this path, but ultimately there is an important investment theme, so I shall. But I'll give the punch line first. America's center has drifted to where we can be characterized as a lottery culture.