Looking Back and Looking Forward Q1 was stellar for equites. The S&P/TSX Composite Index, for example, was up 6.6% in Q1, while the S&P 500 was up an even better 10.6% – moves that would be fine for a full year, let alone a single quarter. However, results were not so stellar for bonds in …
Looking Back and Looking Forward Glass half full or glass half empty? Glass half full = despite a large, rapid increase in interest rates, rampant inflation, wars in Europe and the Middle East and everything else, the market indices aren’t much off where they were two years ago. Glass half empty = we’ve made essentially …
Looking Back and Looking Ahead In Q3, the market narrative quickly shifted away from the hype around AI, and its levitating effect on “the Magnificent Seven” U.S. mega-cap stocks, to an intense focus on rising government bond yields, not just in the U.S. but across the developed world. U.S. 10-year Treasury yields touched 4.79% this …
The Rear View and the Front View The first half of 2023 is squarely in the books. On a price basis, year-to-date results have varied considerably across capital markets. In the U.S., for example, the S&P 500 was up 16% in H1, the Dow was up 4% in H1, and the NASDAQ Composite was up …
The Rear View and the Front View The first quarter of 2023 can be summarized in one word: VOLATILITY. Enthusiasm about China’s post-COVID re-opening, together with largely defensive investor positioning entering the new year, drove a strong January for equity markets. February brought a spate of hotter-than-expected inflation and employment data, stoking renewed fears of …
