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…

  How did the markets do? Equity markets rallied as re-openings in many economies exceeded expectations and hopes grew for a Covid-19 vaccine. Volatility picked up in September and into…

  How did the markets do? Stocks around the world rebounded strongly from their March 23 lows, as massive fiscal and monetary stimulus packages came into force. Investors looked passed…

  How did the markets do? All major equity indices across geographies, market caps, and sectors exhibited significant declines in the first quarter.  The rapid spread of the COVID-19 virus…