Sep. 14, 2025 7:55 PM ETGabelli Funds41 FollowersThe S&P 500 regained its footing in May and June, on the way to rising 10.9% and 6.2% for the second quarter and the first half.The Federal Reserve remains a key determinant of the direction of markets, with Jerome Powell so far reluctant to ease financial conditions.The case for domestic-facing small caps remains strong: generally, less exposure to the "bad" and more exposure to the "good".We emphasize three elements before adding a company to portfolios: a defensible business model, aligned management, and a discount to Private Market Value.We Are/DigitalVision via Getty ImagesTaken as a whole, the first half of 2025 looked like any other semester over the last three years: stocks went up, led by a narrow group of global technology-driven companies. This seemingly benign summary belies a staggeringlyThis article was written byGabelli Funds41 FollowersGAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use GAMCO Investors' official channels.CommentsRecommended For You