Every year since Doxa Capital began in 2015, this email was accompanied by our end of year note - except for this one. Instead we took the same format and put it into episode 11 of our podcast, Doxa Takes [blue link below]. We start off with the popular segment “what we got right & what we got wrong”, followed by 2024 planning FAQ’s, then end with our market outlook for next year.
Speaking of our outlook, it can be summed up in one sentence: “boring, with the chance of a growth scare.” Over the past few years markets have focused on the (volatile) dynamics of inflation, interest rates, and growth. And while these variables are still front and center, it’s now much easier to see the path forward on two of them. Inflation is on a steady trek back to normal and rates are moving lower from the high levels this past fall. That leaves growth as the last unknown variable and while we still see good fundamentals underpinning the economy, we wouldn’t want to rule out a slow patch of data causing a “scare”. But as markets close out 2023 near highs, it does appear that the boring and as-expected base case is being priced in - meaning a consolidation period may be in front of us.
As always, reach out to anyone at Doxa to talk markets, get help with financial planning, or to set new goals for 2024. Happy Holidays to you and your family and thank you for another successful year!
Click the link below or search "Doxa Takes" on Apple Podcasts, Google, Spotify, or Overcast. Enjoy!
