As mentioned in last week’s letter, 2022 was a difficult year for investors as rising inflation, rising interest rates, geopolitical tensions, a conflict in Europe and persistent Covid restrictions in China took their toll. Volatility in asset prices rose and investor sentiment plunged as we experienced the unusual phenomenon of negative returns in both stocks and bonds. This is a rare occurrence when in “normal times”, weakness in stocks is normally offset by gains in bonds. This wasn’t the case in 2022.
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By Charles Marleau CIM® and William Mitchell CIM®
By Charles Marleau CIM® and William Mitchell CIM®