Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:
Dave: Not many places to hide in 2022
Source: JP Morgan as of 12.31.22
Dave: and the only group of equities helping portfolios were those with defensive characteristics
Source: JP Morgan as of 12.31.22
Dave: and the broader market outperformed mega-caps after lagging in most recent years
Source: Strategas as of 12.30.22
John Luke: 2022 wasn’t one of the better years for stocks, and it’s hard to point to any clear direction for 2023
Source: Bespoke as of 12.30.2022
Dave: and the recurring bear market rallies have given investors false hope on 5 occasions
Source: PSC as of 01.05.2023
Dave: The Taylor Rule fell out of favor in the Fed’s zero-interest rate regime, but has actually been out in front of conditions
Source: PSC as of 12.30.2022
John Luke: and the market is no longer believing the Fed will persist in its hiking cycle
Brad: Earnings estimates continue to leak lower
Source: Strategas as of 01.04.2023
John Luke: with margins the driver of the earnings weakness
Derek: On a positive note, lower prices across asset classes can set up for higher long-term returns
Source: Mutual Fund Observer as of 01.03.2023
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