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Quarterly Client Letter – Q1 2024
Last year’s holiday season cheer continued into the first quarter of 2024 for investors, as global stocks surged 8% to close out the quarter at a new all-time high.
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Quarterly Client Letter – Q4 2023
The holiday season proved to be a cheerful time to be an investor. Persistently softer inflation, coupled with a shift in stance by the Federal Reserve (Fed) to an easing bias for 2024, led to a sharp rally in both stocks and bonds during the final two months of the year.
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Quarterly Client Letter – Q3 2023
After a solid start to the year, investors have taken a step back from asset markets since August, resulting in the first down quarter for both stocks and bonds since 3Q 2022. The main culprit behind this market pullback appears to be a relatively staid corner of the investment universe: U.S. treasures.
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Quarterly Client Letter – Q2 2023
For much of last year the market was in a deep funk, seeing only headwinds from Federal Reserve tightening and what must surely be recessionary storm clouds blowing in fast. During the depths of this malaise, the market was down -25%. But since those depths, the Fed has slowed its pace of tightening and as a result, the valuation of our stocks has surged over 25%.
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Quarterly Client Letter – Q1 2023
The more things change, the more they stay the same. Although we began the quarter on a positive footing, our outlook is not without a cautionary note.
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Quarterly Client Letter – Q4 2022
After three quarters of declines, markets rallied into year-end on the back of slowing inflation and a deceleration in the pace of Federal Reserve interest hikes. 2022 was a challenging year to be an investor.
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Quarterly Client Letter – Q3 2022
The third quarter of 2022 has passed and the frustration for investors has continued, with every major asset class declining again – and stocks and bonds down for a third consecutive quarter.
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Quarterly Client Letter – Q2 2022
Following a phenomenal three-year run through the end of 2021, the performance of global markets has frustrated investors here in 2022. Many of the dynamics that have unfolded – such as stocks (and even bonds) retrenching ahead of a sharp shift in Federal Reserve (Fed) policy towards tightening – are not unprecedented. The magnitude, speed, and simultaneity, of those retrenchments, however, are much rarer.
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Quarterly Client Letter – Q1 2022
The past several months have seen a volatile pullback in most asset markets, largely driven by the Federal Reserve (Fed) tightening cycle and the war in Ukraine. The war in Ukraine has been a humanitarian catastrophe, and we continue to wish for the safety and peace for everyone that has been impacted. But probably the biggest contributor to market volatility has been the ambiguity around the outlook for the Fed.