2022 Market Commentary

Global equity markets ended with a modest fourth quarter rally that reduced the pain somewhat, but still resulted in the worst calendar year performance since

The quarter began with an 11% gain for the S&P 500, but the rally quickly faded, leaving stock and bond markets to plumb new lows

With a -20.0% return during the first half of the year, the S&P 500 officially met the somewhat arbitrary criteria for a bear market.  An

During a volatile start to 2022, investment strategies that outperformed during the last few years struggled in a market where energy and mining stocks provided