4th Quarter 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 2008 Global Financial Crisis.

Alone among the various forms of larceny, fraud has a time parameter. Weeks, months or years may elapse between the commission of the crime and its discovery. This is a period when the fraudster has his gain and the man who has been defrauded… feels no loss. There is a net increase in psychic wealth. At any given time there exists an inventory of undiscovered fraud in… the country’s business.
– John Kenneth Galbraith (paraphrased)

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