June 30, 2017

Bernstein Head David Barnard's second quarter letter, "Silver Linings," focuses on the sometimes-surprising positives in the face of the unexpected-whether in life, business, or the markets.

His letter notes how recent leadership transitions at the firm-and the fresh perspectives that come with them-have occurred during a time of strength in our business and have been filled by a deep bench of internal talent. David also addresses the markets, which have defied expectations of late, delivering positive returns despite an increasingly uncertain backdrop.