GKV Capital Management was founded by Peter Vogel in 1975. Thank you to all of our clients for your trust in us for the last 50 years. We look forward to being able to continue to work for you in the years to come.

Corporate earnings and earnings growth are the most important drivers for stock prices. Second quarter earnings results were very good, pushing the U.S. equity markets higher.

Given the fiscal policy backdrop and relatively expensive stock prices at the beginning of the year, we expect stocks to remain stuck in neutral until we have more clarity on earnings growth. In the meantime, bond yields continue to push higher, offering the most compelling returns in nearly 20 years. And as the dollar continues to weaken, stocks of companies outside the U.S. look increasingly attractive. We are actively increasing investment in non-U.S. stocks.