Perspectives Newsletter: Q3 2026
If markets like to climb the proverbial “wall of worry,” the third quarter left investors feeling like they summited Kilimanjaro. July saw a widespread sell-off in tech/growth/AI stocks as the massively levered Situational Awareness hedge fund collapsed. An orderly digestion of the fund gave way to a powerful rally that had the S&P hitting new all-time highs by the middle of August, before a multitude of headwinds became too much for the market and pushed indices lower over the final five weeks of the quarter.
