Waiting for something to break: Q1 reflections

No time for complacency

Historically, every time the Fed brakes, something goes through the windshield. A grim analogy, but one that has held true.

If 2022 was the year of inflation that forced global central banks to hike at the fastest pace in decades, 2023 was the year we expected to feel the economic impacts. The most telegraphed recession in history seemed inevitable; the question was one of timing. Reflecting on the first quarter of 2023, it has been a rollercoaster as the market narrative has gyrated between bullish and bearish narratives. Despite the stomach-churning rotations, the MSCI AC World index and the S&P 500 end the quarter up 7.4% and 7.5% respectively.  The portfolios that rallied and sank in Q1 2023 In ...