Easing inflation and resilient economic growth allowed markets to continue the recovery that began in Q4. While the collapse of Silicon Valley Bank (SVB) was a temporary setback, most major asset classes still ended the quarter higher.

All market cycles are unique, but the last 3 years have been a roller coaster like nothing we’ve seen before. The pandemic prompted the S&P 500 to experience the fastest 30% correction in history, then the second fastest recovery of all time. Exorbitant stimulus and rock-bottom inte...

Volatility picked up in Q4 as the underlying strength of the economic recovery was challenged by Omicron and persistently high inflation, which has prompted central banks to discuss interest rate increases. Meanwhile, existing government stimulus measures have been winding down and renewed stimulus ...

Coming into this quarter, markets had already priced in much of the good news. Support from governments and central banks, effective vaccines, economic reopening, strong consumer balance sheets and an expectation this money would unleash a wave of spending. We believe this thesis is still intact, bu...