1st Quarter 2022 Market Commentary

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 the only significant sources of return. Adding insult to injury, the bond market underperformed the S&P 500, delivering its worst calendar quarter on record, with a 6% decline for the Bloomberg Aggregate Index – which comprises the entire universe of dollar – denominated, investment grade bonds.

Peruvian guano has become so desirable an article to the agricultural interest of the United States that it is the duty of the Government to employ all the means properly in its power for the purpose of causing that article to be imported into the country at a reasonable price. – President Millard Fillmore, 1850 State of the Union Speech

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