It’s All Good for the Quarter!
The only way to see this past quarter is as remarkable. Everything appeared to be up. Intermediate term bonds: up. Short term bonds: up. International bonds: up. U.S. equities: up. International equities: up. Real estate investment trusts: up. Natural gas prices: up. Natural gas pipelines: up. I may have missed a category or two, but the likelihood is that they, too, were up. The point is we have been in an unusual phase since the beginning of this year. The tide seems to have come in and floated all the boats.