Global stocks rose for a fifth consecutive month in August, led by the S&P 500 +7.2% return (more like what you’d expect in a full calendar year), ranking as the 5th best August on record since 1930 and culminating the best five month stretch for the S&P 500 since August 1938. International stocks (+5.1%), U.S. small caps (+5.5%), and emerging markets (+2.2%) produced very nice results as well.