How to Be a Successful Private Wealth Practitioner While Remaining Tax Aware

Valuations have been the one and only driver of returns for the S&P 500 this year. As we look into the back half of the year, what we see is that we've already rerated the market. So it's now back at these high valuations. We probably just by definition have less room to move upward. Liquidity isn't going to be the same tail when it was likely as it was at the beginning of the year. And now positioning is much more overweight compared to the deeply underweight where we started the year. But it certainly has been a year of surprises. It's nice to be upside and said to the downside like 2022, but certainly divergence is about