The resiliency of the US equity market again was evident in the second quarter of 2019. The trade concerns of May faded quickly and the market rallied as the Federal Reserve and the European Central Bank both indicated easier monetary policy may be forthcoming. For the three-month period ended June 30th, the US stock market rose over 4% and has now entirely recovered all of the fourth quarter 2018 drawdown. The S&P 500 now sits near all-time highs. And it wasn’t just the stock market. US bonds also posted extraordinary gains too, confounding the interest rate normalization crowd. The US 10-year note yields approximately 2% currently, down 50bps in the last 6 months. The total return of the Bloomberg Barclays Aggregate Bond Index exceeds 6% for the year, which is quite remarkable. However, not all investors participated in this recent rally as virtually all other asset classes underperformed US large cap stocks and US fixed income, some by a material amount. This recent rally has truly been highly focused between US Large Cap and Fixed Income.