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The past month has reminded us that international investing is never simply a matter of finding a cheap stock market and waiting for investors to notice. Politics, energy, trade policy, currencies, and interest rates all affect corporate earnings. The Middle East conflict has made that especially clear as it has disrup
Income investors have spent much of the past month dealing with a market that refuses to make life simple. Equities remain resilient, but they are also increasingly concentrated in a handful of large technology companies. Credit markets remain open and broadly functional, but the easy money has been made in many of the