Groundhog in July | Steve Henderly, CFA
Printer Friendly PDF: August 2026 Commentary
Most are familiar with the movie Groundhog Day. In the film, Bill Murray’s character, Phil, is doomed to repeat the same day over and over. Every morning he wakes up to Sonny & Cher’s “I Got You Babe”, the same weather report, the same conversations, and the same problems. Entering the month, it seemed many of the biggest worries facing investors were beginning to fade into the background, only to return simultaneously and in full. In fact, while trying to think of a clever title for this month’s commentary, I realized several we used in recent months could easily be recycled and would be just as fitting today. Instead of celebrating “Christmas in July”, the market felt a bit like celebrating “Groundhog in July”.