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Recap Last year was generally risk on in most asset classes, headlined by the S&P 500 up over 20%. Indices tracking Small and Mid-Cap U.S. companies were up in the mid-high teens, while international equities ended the year at similar mid-teens returns. Growth stocks bested value stocks in the U.S., though not overseas. The risk on sentiment spilled over to fixed income where riskier fixed income (high yield, floating rate loans) outperformed “core” fixed income (treasuries, U.S. Investmen

Recap The third quarter brought back volatility after a first half rebound, with stocks and many bonds giving up some, and in many cases, all year-to-date gains. Pain came towards the second half of the quarter, post-earnings season. This recalls a common refrain from a mentor and former colleague who would quip in various ways at the start of any quarter that the best time for stocks was when focus was on fundamentals and actual reported earnings. Market attention wanders toward other headlin

It would be avant-garde if we had ChatGPT write this quarterly letter. Alas, we did not. Humans still write this (for now!). Speaking of things that are not happening, we take comfort in writing a quarterly letter without need to use the word “unprecedented.” Each of the calendar years 2020, 2021, and 2022 were rife with events and markets which best were characterized as such. Fast forward to mid-2023 and the overriding sentiment is one of markets healing – equity valuations mean revert and i