
Market Update, Fourth Quarter 2022 – Phase Out, Phase In…
What Did We See? U.S. Large Cap stocks, or the S&P 500 index, were up about 8% in Q4, down about 18% in 2022. The developed market of Japan was up about 3%. Europe and the U.K. were up about

What Did We See? U.S. Large Cap stocks, or the S&P 500 index, were up about 8% in Q4, down about 18% in 2022. The developed market of Japan was up about 3%. Europe and the U.K. were up about
"That’s the lesson worth sitting with more than any single data point below: being rightfully defensive during Q1 did not help you during Q2. Markets can quickly move from one regime to the next and back again."
Please read my market commentary for 2Q26!
"Markets were being held up by four factors heading into the year: solid Goldilocks economic data, AI enthusiasm, expected Fed rate cuts, and a tolerant attitude toward policy noise. All four came under pressure simultaneously in Q1."
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