There are bull markets, there are bear markets and there are smiling mules. However, since the current U.S. bull market set a longevity record when it turned 10 years old this past March, equities have moved back and forth, sticking stubbornly to a narrow range. Rather than a bull or a bear, we think this market is more accurately described as a mule with a mind of its own.

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Slowing global growth, an escalating trade war, emerging-market political risk and a less-accommodative-than-anticipated Federal Reserve (Fed) have conspired to generate a sharp pullback in the price of riskier investments. This has led to an unprecedented global bond rally as investors have sold out of stocks and searched for safety.

Recently, SEI Private Trust released a Research Commentary entitled, “Hawks, Doves and Greater Fools,” which we thought would be of interest. A summary of the conclusions is provided below:

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What’s the value of tax-managed investing?

It’s funny, because it’s something we adopted and have been doing for our clients since 2002, but we still get this question a lot. The answer is simple: Tax-managed investing can be of immense value to high-profile clients in arts, entertainment and professional sports. In fact, thanks to relatively high capital gain rates, investment taxes can represent a larger drag on investment returns than fees or trading costs. The timing of cash flows and the gains or losses embedded in the portfolio can also affect the amount in taxes investors owe.

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Developed-market stocks crept higher in July, while emerging markets slid amid continued signs of slowing global economic growth. Regionally, the Middle East delivered some of the best country-level returns—Turkey and the United Arab Emirates were the month’s top performers; Israel and Qatar also registered among the best returns—while Europe and Asia lagged the rest of the world.

Second-quarter earnings for companies in the S&P 500 Index appeared on track for the second consecutive quarter of year-over-year declines, which hasn’t happened since early 2016.

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