By David Chung, CFA
Transcript
David Chung: Q2 earnings season is underway. We're about halfway through, and so far I'd really describe it as a tale of two cities. So on one hand, you have companies with long-cycle businesses, longer visibility, aerospace and defense, or more consumer-facing. So, airlines, e-commerce, residential, non-residential, construction, those have been pockets where you've seen pretty good growth and it's been quite resilient. On the other hand, you have short-cycle businesses, less visibility, lower backlogs that are more tied to the trends within the general industrial and heavy manufacturing end