DFAC - Taking Stock: Q3 2021 Equity Market Outlook

• The breakneck pace of the COVID-driven decline and restart has made for one unprecedented economic and market cycle. We begin the second half positioned for recovery, while also safeguarding against potential bouts of market angst.
• We remain constructive on U.S. stocks as the economic restart gains pace. A chief concern is inflation, and whether the rising prices seen in some pockets of the economy are transitory or the first signs of an enduring new regime.
• Markets are forward looking. While we still see upside in deep value and cyclicals, we think it is prudent to start rotating to higher quality in both the value and growth arenas.

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