Equity Performance Undercurrents

From the end of May through August, the S&P 500 advanced 1.4%, not much to write home about. Yet, wild swings in semiconductor and momentum stocks, serious wobbles at the top of the capitalization structure, and a washout and then recovery in the software space, packed those months with excitement. Air pockets were filled quickly as we cruised along and, in the end, passive investors ended up pretty much where they started.