The Dog Days of Summer

This week in the podcast, we provide an end of summer update on our earnings transcript review and the high frequency economic, sentiment, and virus indicators that we track. We also offer a few thoughts on what tapering means for US equity markets. Three big things you need to know: (1) Last week’s earnings calls provided an important reminder about the strength of the consumer. (2) The reflation trades remain tethered to COVID trends. (3) We think equity investors have already priced in tapering to a significant degree, given the underperformance of Value and Small Cap that we saw earlier this summer.