This past year has undoubtedly been challenging for the markets. Every asset class we track is in the red, and the normal correlations between them didn’t hold up. In our view, this weakness was attributed to the ongoing normalization of the economy post-Covid. The reopening boom of 2021 was followed by "the big unwind" of 2022. The good news? We expect the markets to finally begin to return to normal in '23. This means interest rates should stop going up and inflation should start coming down - a setup that can be constructive for stocks and bonds! As you’ve come to expect, we detail out that scenario in our note - link below in blue.
No matter what scenario takes hold next year, our long-term strategy and focus on quality portfolios remains as important as ever, and one we are confident will have success going forward. The wisdom of legendary investor Bill Miller rings true: "It's time, not timing, that builds wealth in investing.”
Also, something new for 2023 – we’ve hopped on the podcast bandwagon. I’ve teamed up with a colleague in the Charlotte area to host “Doxa Takes”, where we’ll talk about markets, the economy, and have a few interviews of different folks in the industry. We’re targeting around 10 episodes this year, as a trial run of sorts. It’s definitely not something I’ve ever done so there is plenty of room for improvement, but I have to start somewhere! We welcome all your feedback and if it’s popular, we’ll keep it going. The link below in gold takes you to Spotify, but you can also find it on Apple Podcasts & Overcast, just search “Doxa Takes”. Enjoy!
