Q2 marked a sharp reversal from the volatility of Q1, with global stocks up roughly 11% year to date and emerging markets leading the way at over 22%. Large growth staged the biggest turnaround, rebounding nearly 17% in the second quarter after a difficult start to the year, while small caps also posted strong gains. In this quarter's update, we break down what drove the recovery, address whether it still makes sense to invest at all-time highs, and share a look at the new Fed chair's approach to rates, plus a note on why manager selection matters even more in private markets than public ones.

In this week’s video, I walk through how different the outcomes were depending on where you were invested in Q1 2026. To conclude the video, I cover how bonds have moved past a historic diversification slump, and how they can be structured to complement a portfolio.