We hope this letter finds you well and enjoying the summer. Accounting for losses in both stocks and bonds, the first half of 2022 was perhaps the worst first half for financial markets in history. However, since mid-June, stocks have rallied sharply, with the S&P 500 rising more than 15% since its June 14th low, retracing more than 50% of its losses since its January 3rd all-time high as of August 16.

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