This week’s Bespoke Report newsletter is now available for members.

It’s a turbulent and frustrating time in American society and financial markets alike. But amidst the chaos, there are reasons for optimism. Lower valuations mean higher forward returns, all else equal, and underlying earnings continue to rise at a robust pace. Economic activity is slowing, but from a high level, while some of the tightest commodity markets with the most dramatic price action have been pulling back over the last few months amidst very high volatility across commodities. The dollar is also pulling back broadly against almost all foreign currencies, with implications for relative performance of stocks that have international exposure. We also take a deep look at manufacturing and services sector activity indices for May released this week and the results of Friday’s employment situation report. We also discuss background checks for firearms purchases, jobless claims data, trends in interest rates, equity valuations, and more in this week’s Bespoke Report.

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