During 4Q22, virtually all asset classes posted positive returns; however, with few exceptions they all produced negative returns for the full year.  Even bonds produced positive returns in 4Q, but it didn’t help much - bonds posted their worst year on record by more than 1000 basis points! It’s palatable to weather a bear market in stocks when bonds are performing and vice versa. That’s what made this year so difficult – bonds had their worst year ever and stocks endured their 7th worst year since 1926. The 2022 Capital Markets were impacted by several factors, but we believe the most impactful determinant was (and continues to be) the Fed’s aggressive fight to tame inflation.

Click for full Capital Market Review