Global equity markets posted strong gains for the fourth quarter, as declining long-term interest rates and easing inflationary pressures lifted prices of both stocks and bonds.  The solid quarterly returns…

Despite a promising start to the third quarter, the reality of higher-for-longer interest rates, given a slower-than-expected decline in inflation, soured investors’ outlook in September and October.  Furthermore, while reported…

Global financial markets delievered mixed results during the second quarter.  Risk assets built strongly on their robust first-quarter returns.  The equity market rally, which since March had been dominated by…

Global financial markets extended their recovery during the first quarter of 2023, despite global instability and elevated volatility.  January saw a strong rally in risk assets and risk-free bonds as…

2022 was a difficult year for investors.  It was also an unusual year.  Over the twelve months to December, U.S. equities declined 19% and non-U.S. equities declined 16%.  Even the…

Global financial markets endured significant volatility during the second quarter, following sharp swings in inflation and the path of the U.S. Federal Reserve’s interest rate hikes.  Having recovered most of…

Global financial markets were impacted by several negative catalysts in the first quarter that weighed on the returns of risk assets and left few safe harbors for investors to hide. …

Global financial markets delivered mixed performance in the fourth quarter, finishing off a year that saw strong gains for U.S. equities, respectable returns for developed markets, and small declines for…

After a strong start to the year, global equity indices took a small step back in the third quarter as a variety of risks (some existing, some new) converged (see…

The continued economic re-opening and successful vaccine distribution in many regions (especially in the U.S.) allowed for a release of pent-up consumer demand.  However, global supply lines remain somewhat dislocated…

The continued recovery from the Covid recession translated into strong returns for global equity markets and negative returns for bonds in the first quarter.  The “risk-on” reflation trade is under…

To say 2020 was a challenging year would be a major understatement, and to say it was unprecedented has become cliché.  We were all tested last year.  Some of us…