It is always darkest before the dawn

Market will come back

It is no secret that many portfolio managers kicked back their 2023 outlooks for as long as they could.

Some seasoned advisers might chalk this up to investment procrastination which the industry is famous for but alas, in this instance, it is more to do with the velocity of change in headlines and the markets' sequential and often volatile reaction to that change. Bond markets have been truly unprecedented in the scale of their losses. Last year will go down as one of the worst years for clients invested into "protected" portfolios of government and high-quality corporate bonds. Sadly, the 2022 losses in bonds are arguably a simple reversal of the gains these clients saw from the hu...