July 2019 was “marginally” the warmest month on record. Meanwhile, the stock market was also inching to new highs, and the real, sweltering evidence of climate change continues to let clean energy income stocks turn in a blistering performance.

In hindsight, early June looks like it was a good buying opportunity. The broad market of dividend stocks (represented by my benchmark SDY) falling six percent in May, only to rebound a similar amount in June.

The big winner was Valeo SA, which shot up 25%.

During bear markets, most investors reassess their willingness to take risk. Some sell all their stocks, while others reallocate their investments to less risky stocks.

I continue to be very concerned about stock market valuation and expect the correction that started last summer to continue in 2019.