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2021 Q3 Investment Letter (Portfolio Adjustments)
https://vimeo.com/651170618 The S&P 500 Index returned 0.58% and the S&P Global Broad Market Index returned -1.03% in the quarter ended September 30, 2021.1 From an overall market return perspective, the third quarter proved uneventful. However, under the surface, we saw a continuation of the substantial year-to-date outperformance of cyclical sectors such as financials and real …