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:


Joseph: In any given year, the leaders and laggards change but a diversified portfolio can get clients where they need to be


Data as of 12.29.2023


Dave: but it’s also worth noting that large variance from year-to-year can be a serious drag on compounded returns



Brad: On top of that, the relationship between stock and bond prices swings wildly depending on the inflation regime


Source: Aptus via Bloomberg


JD: and when a high % of your equity holdings are moving in tandem with bonds you have a lot less diversification than you might think


Data as of December 2023


Mark: We all know technology dominated performance measures in 2023


Data as of 12.29.2023


Brett: but it’s important to be aware of how sector weightings contribute to the performance of large vs. small and value vs. growth


Source: Goldman Sachs as of December 2023


Dave: 2023 was a year of big streaks of up and down index moves


Source: PSC as of 01.02.2024


John Luke: with valuations being the primary contributor to returns in a flat earnings period


Data as of December 2023


Dave: and small caps finally catching a nice bid in the final two months of the year


Source: Raymond James as of 01.02.2024


Dave: Bonds had an equally historic rally to end 2023


Data as of 12.29.2023


John Luke: following the historical tendency for yields to fall upon recognition of a Fed policy “pivot”


Source: PSC as of Dec 2023


John Luke: but it remains to be seen if the stickier services inflation will come down enough to allow a rate-easing cycle


Data as of December 2023


Beckham: Another way to see just what contributed stock market returns in 2023


Data as of 12.29.2023


Dave: and a reminder that what worked in 2023 was wildly different than what worked in 2022, and the combination looks different than many would guess


Source: Bespoke as of 01.02.2024








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