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2019 Q3 - Investment Letter (Disruptor Hype)
The S&P 500 Index returned 1.70% and the S&P Global Broad Market Index returned -0.12% in the quarter ended September 30, 2019.[1] Over the last three months, one of the most notable developments in the markets has been the rapid weakening of the initial public offering (IPO) market. Until recently, persistently low interest rates, strong …