As the second summer post-Covid comes to an end, the markets seemed to follow everyone’s lead and take a vacation. To be short, our outlook hasn’t changed since our last note in April. We still feel very constructive moving into the middle stages of this new cycle. Job gains are strong, wages are high, and demand is still running hot. We know supply chains are a mess (probably continuing into 2022), but we see that as “demand shifted into the future” rather than lost altogether. Market valuations are high – some volatility here wouldn’t be surprising – but the runway in front of the real economy still looks very positive and that’s what ultimately drives the bus. So instead of writing the same thing in a different way, our fall note is backward-looking about why we saw such a fast recovery from the Covid recession, with a football twist. It is fall after all!