In this month’s investment commentary, we take stock of our views at the mid-point of the year, the companies we own in portfolios and discuss the issues that will effect them throughout the remainder of 2015. These include the recovery of the U.S. Economy and pending rise in interest rates, the savage market correction in China, the volatility in the oil price and the decline in the Euro and the struggle for competitiveness in the Euro zone.
The first half of the year ended on a weak note for global stock markets as fears of a Greek exit from the Euro zone and the apparent reversal of the Chinese stock market bubble undermined investor sentiment.
“May you live in interesting times” is an apocryphal Chinese curse. The past half year could hardly be more interesting than it was. It is also a good time to take stock of our views, the companies we own in our portfolios and on the issues that will affect them throughout the remainder of the year.