For the second time this year, the S&P 500 Index has experienced a near 10% dive from its short-term peak. As those short-term peaks were also all-time peaks, the plunges have generated an extra amount of drama in regard to their meanings. A range of obvious pressures remain: healthy-at-the-present but unknown future macroeconomic performance against a backdrop of growing global trade burdens, local- and geo-political angst and historically stretched domestic stock valuations. And we can point to those troubles as rationale for recent market throes. But, we believe still generally healthy global macroeconomic growth, steady-handed global central bank policy efforts and reasonably good corporate fundamentals should prove more informative in regard to medium-term market movements.