Rearview to Windshield, December 2023

November ’23 Market Recap: After a 20% drawdown in many stocks between July and October, equities staged an impressive rebound in November thanks to the sharp reversal in interest rates. A good portion of this reversal was due to the pricing of a much more...

Magnificent Seven

Many came into 2023 expecting a recession, and accordingly, bearish on equities. While the economic data has been much better than expected (particularly employment), it hasn’t reflected the robust return profile seen in the S&P 500 year-to-date. At +20.8% through...

Rearview to Windshield, November 2023

October ’23 Market Recap: In a part of the year, in which the market tends to witness some seasonal weakness, the S&P notched its first negative three-month performance since 2020. The S&P 500 was down -2.10%. This has been a stressful few months for...

Rearview to Windshield, October 2023

September ’23 Market Recap: As the weakest seasonal period for equities historically, September is doing what September does. The S&P 500 was down -4.8%. This was a stressful quarter for investors with few places to hide amidst the market pullback that weighed on...

Rearview to Windshield, September 2023

August ‘23 Market Recap: The S&P 500 reversed course in August, falling 1.6% after jumping 10% in June-July on a total return basis. Higher rates, more positioning risk, and seasonality were likely headwinds to equities, despite solid macro data and earning....

Rearview to Windshield, August 2023

July ‘23 Market Recap: The S&P 500 gained 3.2% in July on a total return basis, the fifth month of gains and the ninth straight positive July. Less favorable seasonality in late summer has investors cautious, but lately, it appears that the path of least...